Suppose Easton Company reported net receivables of $2,582 million and $2,260 million at January 31,2019, and 2018, respectively, after subtraction allowances of $72 million and $67 million respectively.Easton earned total revenue of $43,333 million (all on account) and recorded uncollectible accountexpense of $13 million for the year ended January 31, 2019. Use the following T accounts to sort outyour answer.1. Use this information to measure the following amounts for the year ended January 31, 2019.Write-off of uncollectible receivables.b. Collection from customers e webGamesACC101 Chapter 8 Mini Case - WordO Searchraquel rodriguezsertDrawDesignLayoutReferencesMailingsReviewViewHelpBody)v 11AaBbCcDd AaBbCcDd AaBbCU v ab x, x A三三I Normal1 No Spac. Heading 1EditingDictateSensiAv Aa vA A。田、刻TFontParagraphStylesVoiceSensitSuppose Easton Company reported net receivables of $2,582 million and $2,260 million at January 31,2019, and 2018, respectively, after subtraction allowances of $72 million and $67 million respectively.Easton earned total revenue of $43,333 million (all on account) and recorded uncollectible accountexpense of $13 million for the year ended January 31, 2019. Use the following T accounts to sort outyour answer.1. Use this information to measure the following amounts for the year ended January 31, 2019.a. Write-off of uncollectible receivables.b. Collection from customersAllowance for Uncollectible AccountsD FocusG

Accounts Receivable Debit Credit Date Particulars Amount (In $ million) Date Particulars Amount (In $ million) Jan'31, 2018 Balance b/d 2,327 2019 Allowance for doubtful accounts 8 ($ 2,260 million + $ 67 million) 2019 Cash (Balancing Figure) 42,998 2019 Net Sales 43,333 Jan'31, 2019 Balance c/d 2,654 ($ 2,582 million + $ 72 million) Total 45,660 Total 45,660 Allowance for Doubtful Accounts Debit Credit Date Particulars Amount (In $ million) Date Particulars Amount (In $ million) 2019 Accounts Receivable (Accounts Written off) (Balancing Figure) 8 Jan'31, 2018 Balance b/d 67 2019 bad debts expense 13 Jan'31, 2019 Balance c/d 72 Total 80 Total 80 (A) Accounts Written off during the year = $ 8 million (B) Amount collected from customers = $ 42,998 million

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Suppose Easton Company reported net receivables of $2,582 million and $2,260 million at January 31, 2019, and 2018, respectively, after subtraction allowances of $72 million and $67 million respectively.. Easton earned total revenue of $43,333 million (all on account) and recorded uncollectible account expense of $13 million for the year ended January 31, 2019. Use the following T accounts to sort out your answer. 1. Use this information to measure the following amounts for the year ended January 31, 2019. a. Write-off of uncollectible receivables. b. Collection from customers

Suppose Easton Company reported net receivables of $2,582 million and $2,260 million at January 31, 2019, and 2018, respectively, after subtraction allowances of $72 million and $67 million respectively.. Easton earned total revenue of $43,333 million (all on account) and recorded uncollectible account expense of $13 million for the year ended January 31, 2019. Use the following T accounts to sort out your answer. 1. Use this information to measure the following amounts for the year ended January 31, 2019. a. Write-off of uncollectible receivables. b. Collection from customers

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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se the following selected financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Year Net Credit Sales Ending Accounts Receivable 2017 $687,430 $332,250 2018 705,290 362,450 2019 769,500 403,650 A. Compute the number of days’ sales in receivables ratios for 2018 and 2019. Round your answers to two decimal places. 2018 fill in the blank 1 days 2019 fill in the blank 2 days B. Using the sales in accounts receivable, choose the statement that most closely describes the company's management of its receivables. a. The company collects its accounts slowly, and the days are increasing. b. This may be leave the company unable to pay current debt owed to a lender. c. The company may need to be more aggressive with its receivable collection procedures. d. All of the above statements may be correct.
How to calculate the total outstanding receivables?? For example if at the Dec 31 2013, total sales on account and invoiced during the year, the account receivable balance outstanding at the year end, the date when the invoice was issued and the date when the invoice was paid off was given!
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