Problem 7. Single-entry bookkeeping (sales revenue during the year)The December 31, 2020 statement of financial position of YOYO Company showed accountsreceivable of P50,270. During 2021, accounts were written off in the amount of P6,200 and anaccount for P4,200, which was written off in 2020, was collected and recorded as a regularcollection of accounts receivable in 2021.Unpaid sales slips showed that the customers owed P64,320 as of December 31, 2021. Sales returnsfrom charge sales during the year amounting to P750. Also, YOYO received P584,190 fromcustomers after deducting P3,630 discounts.How much is YOYO’s net sales for the year ended December 31, 2021?

Net sales for the year = Ending accounts receivable +Amount collected + Accounts written off -…

Answered: The December 31, 2020 statement of…

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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Bricker Corp. estimates the allowance for uncollectible accounts at 3% of the ending balance of gross accounts receivable. During 2024, Bricker's credit sales and collections were $106,000 and $147,000, respectively. What was the balance of gross accounts receivable on January 1, 2024, if $90 in accounts receivable were written off during 2024 and if the allowance account had a balance of $630 on December 31, 2024?
At December 31, 2021, Skysong, Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. (a) (b) (c) (d) Sales on account Sales returns and allowances $620,000 42,000 Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible Accounts receivable turnover Compute the accounts receivable turnover and average collection period, assuming the expected uncollectibles information provided in (c). (Round answers to 1 decimal place, e.g. 25.2. Use 365 days for calculation.) Average collection period $2,810,000 63,000 2,510,000 44,000 15,000 times days
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Mckinney & Co. estimates its uncollectible accounts as a percentage of credit sales. Mckinney made credit sales of' $1,500,000 in 2019. Mckinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.
Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2021, Chez Fred's credit sales and collections were $ 125,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $180 in accounts receivable were written off during 2021 and if the allowance account had a balance of $750 on December 31, 2021? A) $5,820. B) $31,000. C) $31,180. D) None of these answer choices are correct.
The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Question 1 of 8 What follows is a fill in the blank question with 16 blanks. Prepare the journal entry for sales. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read…
The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Prepare the journal entry for collections. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11.…
On Dec. 31, 2021, Boss Company had a credit balance of $50,000 in its records pertaining to allowance for uncollectible accounts. Analysis of its accounts receivable on the same date revealed the following: Age Amount ％ collectible 0-30 days $5,000,000 95 31-60 days 600,000 85 61-90 days 450,000 70 Over 90 days 100,000 50 Total $6,150,000 The company has written off $20, 000 of accounts receivable during 2021. How much is the allowance for uncollectible accounts to be reported on Dec. 31, 2021?
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At January 1, 2024, Kennel Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for expected credit losses During 2024, the company had the following summary transactions for receivables: 1. 2. 3. 4. 5. 6. Show Transcribed Text Sales on account, $1.670,000; cost of goods sold, $935.200; return rate of 7% Selling price of goods returned, $83.000: cost of goods returned to inventory, $46,480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47,000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $29,000 (1) Bal v (4) $500,000 46,000 Your answer is partially correct. (1) Prepare T accounts for Accounts Receivable and Allowance for Expected Credit Losses, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances. (Post…

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