The following information relates to Herp Company's Accounts receivable for 2011:Account receivable, January 1,2011Credit sales for 2011P975,000.00P4,050,000.00Sales returns for 2011P112,500.00Impairment of receivable 2011Collections from customers during 2011Estimated future sales returns at December 31, 2011Estimated sales discounts accounts at December 31, 2011P60,000.00P3,225,000.00P75,000.00P25,000.00What amount should Hero report for accounts receivable at December 31, 2011 statement offinancial position? On December 31, 2019 accounts receivable and allowance for doubtful accounts haveP675,000 and P30,000 respectively. The following are some transactions that occurred during2020.Sales on account, terms 2/10, 1/15. n/603,000,000Collections3,200,000Collections include the following:W/in the 10 day discount periodW/in the 15-day discount periodBeyond the discount periodRecovery of accounts written ofAccounts receivable written off as worthless1,764.000990,000?6,00022,000Estimated sales returns at year end12,000The company's policy is to provide for uncollectible accounts equal to 1% of gross sales.Compute the net realizable value of accounts receivable on December 31, 2020? A

Sales means the amount recorded in books as revenue earned by selling the goods or services.…

The following information relates to Herp Company's Accounts receivable for 2011: Account receivable, January 1,2011 P975,000.00 Credit sales for 2011 P4,050,000.00 Sales returns for 2011 P112,500.00 Impairment of receivable 2011 Collections from customers during 2011 Estimated future sales returns at December 31, 2011 Estimated sales discounts accounts at December 31, 2011 P60,000.00 P3,225,000.00 P75,000.00 P25,000.00 What amount should Hero report for accounts receivable at December 31, 2011 statement of financial position?

The following information relates to Herp Company's Accounts receivable for 2011: Account receivable, January 1,2011 P975,000.00 Credit sales for 2011 P4,050,000.00 Sales returns for 2011 P112,500.00 Impairment of receivable 2011 Collections from customers during 2011 Estimated future sales returns at December 31, 2011 Estimated sales discounts accounts at December 31, 2011 P60,000.00 P3,225,000.00 P75,000.00 P25,000.00 What amount should Hero report for accounts receivable at December 31, 2011 statement of financial position?

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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Reproduced below from Farthington Supply's accounting records is the accounts receivable subledger along with selected general ledger accounts.
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Interpreting the Accounts Receivable FootnoteHP Inc. reports the following in its 2018 10-K report. October 31(in millions) 2018 2017 Accounts receivable $5,113 $4,414 Footnotes to the company's 10-K provide the following additional information relating to its allowance for doubtful accounts. For the fiscal years ended October 31(in millions) 2018 2017 2016 Allowance for doubtful accounts-accounts receivable Balance, beginning of period $101 $107 $80 Provision for doubtful accounts 57 30 65 Deductions, net of recoveries (29) (36) (38) Balance, end of period $129 $101 $107 (a) What is the gross amount of accounts receivables for HP in fiscal 2018 and 2017? ($ millions) 2018 2017 Gross accounts receivable Answer Answer (b)What is the percentage of the allowance for doubtful accounts to gross accounts receivable for 2018 and 2017? (Round your answers to two decimal places.) ($ millions) 2018 2017 Percentage of uncollectible…
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se the following selected financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Year Net Credit Sales Ending Accounts Receivable 2017 $687,430 $332,250 2018 705,290 362,450 2019 769,500 403,650 A. Compute the number of days’ sales in receivables ratios for 2018 and 2019. Round your answers to two decimal places. 2018 fill in the blank 1 days 2019 fill in the blank 2 days B. Using the sales in accounts receivable, choose the statement that most closely describes the company's management of its receivables. a. The company collects its accounts slowly, and the days are increasing. b. This may be leave the company unable to pay current debt owed to a lender. c. The company may need to be more aggressive with its receivable collection procedures. d. All of the above statements may be correct.
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Selected data for the Erdin Corporation for the year ended Decmeber 31, 20x5 is provided below: Credit sales Accounts receivable written off Recoveries of previously written of accounts receivable Allowance for doubtful accounts balance, January 1, 20x5 Accounts receivable, December 31, 20x5 Erdin estimates that 0.8% of sales will be uncollectible. Required - $4,500,000 36,500 1,800 33,000 cr. 625,000 Write the journal entries to record the accounts receivable written off, the recoveries and the bad debt expense. Calculate the ending balance in the allowance for doubtful account at December 31, 20x5. Note that the accounts receivable and recoveries have been accounted for in the ending Accounts Receivable balance.
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