Provide solution this accounting question Tany Company has the following dataAccount ReceivableDecember 31, 2005 $90,000.00January 30, 2006 $120,000.00Sales during-December 2005 - xJanuary 2006-ySales collectionsDuring the month of sales - 40%Next month of sales - 60%Normally there is no bad debt.Find the sales made during December.A) $150,000.00B) $225,000.00C) $200,000.00D) $300,000.00

Step 1: Define Accounts ReceivableAccounts receivable indicate a company's credit sales. Credit…

Answered: Tany Company has the following data…

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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A company is getting ready to publish their annual financial statements. They have the following beginning balances: Beginning balance for gross accounts receivable (A) $2,000 beginning balance for Allowance for doubtful accounts (XA) $300 question: now supposed that the company recorded $50 in write-offs for the current accounting period. if the company makes $10,000 in credit sales in the current period. Assume that 1% of credit sales are typically not collectible, using the income statement method, what is the bad expense now? please show work so I can understand the problem
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X Company had credit sales of $700,000 during the year. End of year accounts receivable was $60,000 and beginning accounts receivable was $40,000. Compute the company's receivables turnover ratio. a. 0.07. b. 11.7. c. 14.0. d. 17.5. e. 35.0.
Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1 1,300,000Credit sales 5,500,000Sales return 150,000Accounts written off 100,000Collections from customers 5,000,000Estimated future sales return on December 31 50,000Estimated uncollectible accounts per aging at year-end 250,000 What amount should be reported as net realizable value of accounts receivable on December 31?
Please give me answer general accounting question
Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of $85,500. Doer uses the income statement method to report bad debt estimation. The estimation percentage is 3.5%. What is the estimated balance uncollectible using the income statement method? A.$29,925 B.$2,992.50 C.$13,650 D.$136,500
What is the companys average collection period?
Jay Company provided the following data relating to accounts receivable for the current year: Accounts receivable, January 1 650,000 Credit Sales 2,700,000 Sales returns 75,000 Accounts written off 40,000 Collections from customers 2,150,000 Estimated future sales returns at December 31 50,000 Estimated uncollectible accounts at 12/31 per aging 110,000 What is the amortized cost of accounts receivable on December 31? a. 1,200,000 b. 1,125,000 c. 1,085,000 d. 925,000
A company is getting ready to publish their annual financial statements. They have the following beginning balances: Beginning balance for gross accounts receivable (A) $2,000 beginning balance for Allowance for doubtful accounts (XA) $300 1.) They make $10,000 in credit sales in the current period. Assume that 1% of credit sales are typically not collectible. If the income statement method is used, -Ending balance for the allowance for doubtful accounts= $1,300 -Bad debt expense=$1,000 2.) assume that no cash collections were made during the accounting period and continue to assume that the $10,000 In credit sales were made in the current period. Suppose that 5% of accounts receivable are typically not collectible. If the balance sheet method is used, Bad debt expense= $300 Ending balance for the allowance for doubtful accounts= $600 QUESTION: From your analysis in question 1 and 2, which method will result in a higher net income? Why?
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