The following financial information for Annapolis Corporation for the fiscal years ending 2019 & 2018 (all balances are normal): Accounts Receivable Inventory Net Sales (all credit) Cost of Goods Sold Net Income 2019 2018 $32,000 $40,000 42,000 38,000 390,000 350,000 154,000 152,000 27,200 24,800 Use this information to determine the accounts receivable average collection period for FY 2019.
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- Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
- VishalVon Company had the following data relating to its Accounts Receivable: Accounts Receivable, December 31, 2019- P1,300,000 Allowance for uncollectible accounts, December 31, 2019- P25,400 2020 credit sales- P5,400,000 Collections from customers in 2020, including recoveries- P4,610,000 Accounts written-off on August 24, 2020- P125,000 Recoveries of accounts previously written off in prior years- P25,000 Estimated uncollectible receivables per aging, Dec. 31, 2020- P165,000 Von’s net accounts receivable at December 31, 2020 was A. P1,900,000 B. P1,800,000 C. P1,825,000 D. P1,850,000Please help me. Thankyou.
- The following information relates to Charleston Co.'s accounts receivable for 2021: Accounts receivable balance, 1/1/2021 $ 840,000 Credit sales for 2021 3,300,000 Accounts receivable written off during 2021 70,000 Collections from customers during 2021 3,100,000 Allowance for uncollectible accounts balance, 12/31/2021 210,000 What amount should Halloran report for accounts receivable, before allowances, at December 31, 2021?The following information relates to Halloran Company's accounts receivable for 2024: Accounts receivable balance, 1/1/2024 $ 841,000 Credit sales for 2024 3,450,000 Accounts receivable written off during 2024 51,000 Collections from customers during 2024 2,960,000 Allowance for uncollectible accounts balance, 12/31/2024 218,000 What amount should Halloran report for accounts receivable, before allowances, at December 31, 2024?General Mills reported the following information in its 2020 financial statements ($ in millions): Balance Sheet: 2020 2019 Accounts receivable, net $ 1,615.1 $ 1,679.7 $ 17,626.6 Income statement: Sales revenue A note disclosed that the allowance for uncollectible accounts had a balance of $33.2 million and $28.8 million at the end of 2020 and 2019, respectively. Bad debt expense for 2020 was $25.9 million. Required: Determine the amount of cash collected from customers during 2020. Note: All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Cash collections
- 31.Black Pink Company had the following data relating to its accounts receivable.Accts. Receivable, Dec. 31, 2020 - P1,300,000Credit sales for 2021 - P5,400,000Collections from customers during 2021, excluding recoveries - P4,750,000Accounts written off on Sept. 30, 2021 - P95,000Recoveries of accounts previously written off in prior years - P20,000Est. uncollectible receivables per aging, Dec. 31, 2021 - P165,000How much is the amortized cost of Black Pink Company’s accounts receivable at December 31, 2021?Ayayai Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division Note receivable from officer 1. Transactions during 2020 and other information relating to Ayayai's long-term receivables were as follows. 2. 3. $1,800,000 4. 414,300 The $1,800,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Ayayai's electronics division to New York Company. Principal payments of $600,000 plus appropriate interest are due on May 1, 2020, 2021, and 2022. The first principal and interest payment was made on May 1, 2020. Collection of the note installments is reasonably assured. The $414,300 note receivable is dated December 31, 2019, bears interest at 9%, and is due on December 31, 2022. The note is due from Sean May, president of Ayayai Inc. and is collateralized by 10,358 shares of Ayayai's common stock. Interest is payable annually on December 31, and…Find the amount of accounts receivables written off in 2019.