The following information relates to Jack Company's accounts receivable for year 2: Accounts receivable, 1/1/year 2 P650,000 Credit sales for year 2 2,700,000 Sales return for year 2 75,000 Accounts written off during year 2 40,000 Collections from customers during year 2 2,150,000 Estimated future sales returns at 12/31/year 2 50,000 Estimated uncollectible accounts at 12/31/year 2 110,000 What amount should Jack report for accounts receivable, before allowances for sales returns and uncollectible accounts, at December 31, year 2?

The following information relates to Jack Company's accounts receivable for year 2: Accounts receivable, 1/1/year 2 P650,000 Credit sales for year 2 2,700,000 Sales return for year 2 75,000 Accounts written off during year 2 40,000 Collections from customers during year 2 2,150,000 Estimated future sales returns at 12/31/year 2 50,000 Estimated uncollectible accounts at 12/31/year 2 110,000 What amount should Jack report for accounts receivable, before allowances for sales returns and uncollectible accounts, at December 31, year 2?

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Description: l SUN LTE VPN10:45 AM13%A lair.educationThe following information relates to JackCompany's accounts receivable for year 2:Accounts receivable, 1/1/year 2P650,000Credit sales for year 22,700,000Sales return for year 275,000Accounts written off during

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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The Carhart Corporation sells on credit terms of net 25. Its accounts are, on average, 8 days past due. If annual credit sales are $6 million, what is the company's balance sheet amount in accounts receivable? Multiple Choice O $569,589.04 O $515,342.47 O $279,452.05
Financial statement data for the year ending December 31 for Flagg Co. are as follows: Sales $4,250,000 Accounts receivable: Beginning of year 600,000 End of year 630,000 Determine the number of days' sales in receivables for the year. a.50.0 days b.52.8 days c.54.1 days d.51.5 days
Please read and enter answers carefully using the table provided.
Information from the records of Stormfall Co. is shown below: Accounts receivable net of 8,000 credit 100,00 0 balance in customers' accounts Notes receivable (trade) 15,000 Notes receivable (non-trade), $15,000 30,00 0 2,000 2,000 collectible within one year Dividends receivable Subscriptions receivable Advances to officers and employees (due in 10 months) Accounts payable net of $10,000 debit balance in suppliers' accounts 23. How much are the following? Total trade receivables A. 132,000 B. 123,000 C. 143,000 D. 123,000 4,000 3,000 Total current receivables 154,000 154,000 162,000 145,000
Use the attachment to answer the following Accounts receivable days outstanding at the end of Year 2 is closest to: a) 30.6 days b) 26.0 days c) 27.0 days d) 6.1 days
Credit sales during the year were $425,000, the Allowance for Uncollectible Accounts had a beginning of year balance of $2,500 debit, accounts written off during the year were $2,200. It is estimated that 2% of all credit sales are eventually uncollectible. What is the ending balance in the Allowance for Uncollectible Accounts? $8,500 $8,800 $3,800 $8,200
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Logan Sales provides the following information: Net credit sales: $770,000 Beginning net accounts receivable: $45,000.00 Ending net accounts receivable: $22,000 Calculate the accounts receivable turnover ratio. (Round your answer to the nearest whole number.) A. 23 times B. 35 times C. 33 times D. 17 times
Use the following information about a company's receivable transactions to determine relevant balances. * Account balances at 1/1/x2 Accounts receivable $100,000 Allowance for doubtful accounts 7,000 Allowance for sales returns 2,000 During the year, 20x2, the company had the following transactions related to receivables: • Credit sales revenue of $350,000 recorded. • Cash collections from accounts of $370,000. • Customer account write-offs in the amount of $10,000 • Customer returns of credit sales in the amount of $3,500. • Bad debt expense of $5,000 recorded at the end of the period. • The company estimates sales returns at 2% of credit sales revenue for the period. Determine the net realizeable value of receivables at the end of the year as disclosed on the balance sheet.
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