Answer do fast and step by step calculation with explanation for this general accounting question The 2013 financial statements of BNSF Railway Company reported totalrevenues of $22,014 million, accounts receivable of $1,298 million for2013, and $1,168 million for 2012. The company's accounts receivableturnover for the year is:A) 17.0 days.B) 8.9 times.C) 18.8 days.D) 17.9 times.E) None of the above.

Step 1: Define Accounts ReceivableThe companies with cash reserves can grab customers with their…

Answered: The 2013 financial statements of BNSF…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF) Company. For Fiscal 2015 For Fiscal 2014 Provision for doubtful accounts $ 55 million $ 34 million At Fiscal Year- At Fiscal Year-end 2014 end 2015 Accounts receivable, net 13,453 million 13,651 million Accounts receivable, gross 13,922 million 14, 163 million Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Beginning Balance Ending Balance Allowance for Doubtful Accounts
The 2016 financial statements of Leggett & Platt, Inc. include the following information in a footnote. What are the company’s current gross accounts and other receivables at the end of 2016? (in millions) 2016 2015 Allowance for doubtful accounts $7.2 $9.3 Total accounts and other receivables, net $486.6 $520.2 Group of answer choices $493.8 million $452 million $479.4 million $486.6 million
The following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF) Company. For Fiscal 2015 For Fiscal 2014 $60 million $ 39 million Provision for doubtful accounts Accounts receivable, net Accounts receivable, gross Beginning Balance At Fiscal Year- At Fiscal Year-end 2014 end 2015 Ending Balance 13,503 million 13,706 million Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 13,972 million 14,218 million Allowance for Doubtful Accounts
Clark Company estimated the net realizable value of its accounts receivable as of December 31, 2016, to be $165,000, based on an aging schedule of accounts receivable. Clark has also provided the following information: • The accounts receivable balance on December 31, 2016 was $175,000.• Uncollectible accounts receivable written off during 2016 totaled $12,000.• The allowance for doubtful accounts balance on January 1, 2016 was $15,000. How much is Clark's 2016 bad debt expense? Answer: is 7,000 how do you get this?
The following information is taken from the 2015 annual report to shareholders of Hughe-Pockets (HP) Co. For Fiscal 2015 For Fiscal 2014 Provision for doubtful accounts 24 39 million %24 116 million At Fiscal Year-end 2014 16,487 million 17,031 million At Fiscal Year-end 2015 Accounts receivable, net Accounts receivable, gross 15,956 million 16, 368 million What is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, resp answers in millions (I.e., 10,000,000 should be entered as 10).) For Fiscal 2015 For Fiscal 2014 million million Allowance for doubtful acCounts < Prev. 46 of 87 Next
Provide Answer
The following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF) Company. For Fiscal 2015 For Fiscal 2014 $ 57 million $36 million Provision for doubtful accounts Accounts receivable, net Accounts receivable, gross Beginning Balance At Fiscal Year- end 2015 13,473 million 13,673 million Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Ending Balance At Fiscal Year-end 2014 13,942 million 14, 185 million Allowance for Doubtful Accounts
The following information is related to December 31, 2016 balances.Accounts receivable $1,400,000 Allowance for doubtful accounts 120,000 Cash realizable value 1,280,000 During 2017 sales on account were $390,000 and collections on account were $230,000. Also, during 2017 the company wrote off $22,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $144,000. Bad debt expense for 2017 is: a. $46,000b. $24,000c. $144,000d. $ 2,000
ST&C's financial statements for the 2015 and 2014 fiscal years contained the following information: Balance Sheets ($ in millions) 2015 2014 Current assets: Accounts receivable, net of allowances for doubtful accounts of $724 and $654 $ 16,732 $ 14,547 Income Statements ($ in millions) 2015 2014 Revenues $ 148,801 $ 132,667 In addition, the statement of cash flows disclosed bad debt expense of $1,436 million in 2015 and $1,052 million in 2014. Required:
ST&C's financial statements for the 2015 and 2014 fiscal years contained the following information: Balance Sheets ($ in millions) 2015 2014 Current assets: Accounts receivable, net of allowances for doubtful accounts of $724 and $654 $ 16,732 $ 14,547 Income Statements ($ in millions) 2015 2014 Revenues $ 148,801 $ 132,667 In addition, the statement of cash flows disclosed bad debt expense of $1,436 million in 2015 and $1,052 million in 2014. Required: Determine the amount of actual bad debt write-offs made during 2015. Note: Enter your answer in millions and not in dollars. Determine the amount of cash collected from customers during 2015. Note: Enter your answer in millions and not in dollars. Compute the receivables turnover ratio for 2015. Note: Round your answer to 2 decimal places.
Morgan company reported the following solve this general accounting question
Need help with this Question

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS