The following information is taken from the 2015 annual report to shareholders of Hughe-Pockets (HP) Co.For Fiscal 2015For Fiscal 2014Provision for doubtfulaccounts2439 million%24116 millionAt Fiscal Year-end 201416,487 million17,031 millionAt Fiscal Year-end 2015Accounts receivable, netAccounts receivable, gross15,956 million16, 368 millionWhat is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, respanswers in millions (I.e., 10,000,000 should be entered as 10).)For Fiscal 2015For Fiscal 2014millionmillionAllowance for doubtful acCounts< Prev.46 of 87Next

Provision for doubtful debts is not required for calculation of allowance for doubtful accounts

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 Accounts receivable, net Accounts receivable, gross At Fiscal Year-end 2015 15,956 million 16,368 million 16,487 million 17,031 million What is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, res answers in millions (i.e., 10,000,000 should be entered as 10).) For Fiscal 2015 For Fiscal 2014 Allowance for doubtful accounts million million

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 Accounts receivable, net Accounts receivable, gross At Fiscal Year-end 2015 15,956 million 16,368 million 16,487 million 17,031 million What is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, res answers in millions (i.e., 10,000,000 should be entered as 10).) For Fiscal 2015 For Fiscal 2014 Allowance for doubtful accounts million million

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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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
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 year-end financial statements of Rally Company for the current year, report total revenues of $19,829 million, accounts receivable of $1,145 million at the current year-end, and $1,078 million for the prior year-end. The company’s accounts receivable turnover for the year is: Select one: a. 17.3 times b. 18.8 times c. 17.8 times d. None of these are correct. e. 18.4 times
The statement of financial position of Larkspur Inc. at December 31, 2022, includes the following: Notes receivable Accounts receivable Less: Allowance for expected credit losses Transactions in 2023 include the following: 2. 3. $380,000 4. 282,700 1. Accounts receivable of $144,500 were collected. Customer accounts of $40,400 were written off during the year. In December, an additional $16,200 was received in payment of an account that was written off early in 2023. At year end, Allowance for Expected Credit Losses was estimated to need a balance of $52,400. This estimate is based on an analysis of aged accounts receivable. (47,200) $615,500
Adjusting Allowance for Doubtful Accounts and Bad Debt Expense Merck & Company reported the following in its financial statements. $ millions Accounts receivable, net Allowance for doubtful accounts 2016 2017 2018 2019 $8,773 $8,591 $8,839 $8,473 244 199 149 108 Adjust the balance sheet and income statement to reflect a 1.97874% of Allowance for doubtful accounts to Gross accounts receivables for each year. Assume a tax rate of 20%. • Round answers to one decimal. • Use a negative sign to indicate if the adjustment decreases an account balance. 2016 2017 2018 2019 Adjusted allowance for doubtful accts. $ $ $ $ Income Statement Adjustments Bad debts expense Income tax expense at 20% Net Income Balance Sheet Adjustments Allowance for doubtful accounts Accounts receivable, net Deferred tax liabilities Retained Earnings
Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing? 8. Using the information provided, compute the change in operating working captial
Funnel Direct recorded $1,341,780 in credit sales for the year and $699,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,588; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. A. Dec. 31 - Select - - Select - - Select - - Select - To record bad debt, income statement method B. Dec. 31 - Select - - Select - - Select - - Select - To record bad debt, balance sheet method C. Dec. 31 - Select - - Select -…
The financial statements of Calico Corporation, for the May 31 year-end, included the following information relating to their allowance for doubtful accounts: Balance in allowance at the beginning of the year $278 million, accounts written off during the year of $116 million, balance in allowance at the end of the year $271 million. What did Calico Corporation report as bad debt expense for the year? Select one: a. $155 million b. $109 million c. None of the above d. $162 million e. $123 million
Maple Leaf Foods Inc. reported the following selected information (in thousands) for the three years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 Trade receivables (gross) $109,945 $90,862 $90,463 Allowance for doubtful accounts 1,305 5 5 Sales 3,495,519 3,522,226 3,331,812 (a) Calculate Maple Leaf’s receivables turnover and average collection period for 2018 and 2017. (Round answers to 1 decimal place, e.g. 52.5.) 2018 2017 Receivables turnover enter number of times rounded to 1 decimal place times enter number of times rounded to 1 decimal place times Average collection period enter days rounded to 1 decimal place days enter days rounded to 1 decimal place days
The annual report for Fabeck Finishing Corporation contained the following information: (in millions) Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net 2021 $673 32 $641 Assume that accounts receivable write-offs amounted to $13 during 2021 and $3 during 2020, and that Fabeck Finishing did not record any recoveries. Bad Debt Expense 2020 $735 31 $704 Required: Determine the Bad Debt Expense for 2021 based on the above facts. (Enter your answer in millions.) million
Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2017 2016 Accounts receivable (gross) $ 3,302 $ 4,396 Accounts receivable (net) 3,273 4,367 Allowance for doubtful accounts 29 29 Sales revenue 32,226 39,472 Total current assets 6,758 6,532 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx Corporation. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)