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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Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. Record the year-end adjusting entry for 2018 bad debt using the income statement method. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Jars Plus recorded $865,430 in credit sales for the year and $493,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% 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 debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,670, 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. If required, round final answers to two decimal places. A. Dec. 31 To record bad debt, income statement method B. Dec. 31…
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The current assets and current liabilities sections of the balance sheet of Sunland Co. appear as follows. Sunland Co.Balance Sheet (Partial)As of December 31, 2017 Cash $ 17,900 Accounts payable $ 29,500 Accounts receivable $ 39,600 Notes payable 15,400 Less: Allowance for doubtful accounts 3,200 36,400 Unearned revenue 3,800 Inventory 61,100 Total current liabilities $ 48,700 Prepaid expenses 7,400 Total current assets $ 122,800 The following errors in the corporation’s accounting have been discovered: 1. Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company’s controller recorded the amount as revenue. 2. The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on…
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Jars Plus recorded $862,430 in credit sales for the year and $489,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% 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 debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, 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. If required, round final answers to two decimal places. A. Dec. 31 Bad Debt Expense 88 88 88 38 88 88 Allowance for…
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