The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $8,919 Accounts receivable 72,922 Merchandise inventories 62,862 Prepaid expenses 4,600 Accounts payable 15,450 Notes payable 89,138 Other current liabilities 10,000 If net credit sales for the current year were $609,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.) a) 43.7 days b) 73.0 days c) 37.7 days d) 155.7 days e) 62.9 days

The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $8,919 Accounts receivable 72,922 Merchandise inventories 62,862 Prepaid expenses 4,600 Accounts payable 15,450 Notes payable 89,138 Other current liabilities 10,000 If net credit sales for the current year were $609,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.) a) 43.7 days b) 73.0 days c) 37.7 days d) 155.7 days e) 62.9 days

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?