The smith company uses the cash basis of accounting. Smith Company collected $700,000 from its customers during the year. Smith had $50,000 in Accounts Receivable at the beginning of the year, and $90,000 in accounts receivable at the end of the year. What is Smith's Sales Revenue under the accrual basis of accounting?
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- The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% 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: 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.Steel Corporation uses the cash basis of accounting to record transactions. Steel collected $950,000 from its customers during the current year. Customers owed Steel $60,000 of accounts receivable at the beginning of the year and $80,000 of accounts receivable at the end of the year. What is Steel's sales revenue for the year converted to the accrual basis of accounting?
- Please answer it properlyThe 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?sanju
- i need the answer quicklyKmuThe companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
- Your Company earned $520,000 of revenue on account and $100,000 of cash sales during the year. It collected $425,000 of its receivables during the year. The beginning balance in the accounts receivable was $45,000 and allowance accounts beginning balance was $1,200. The company estimated that it will be unable to collect $18,200 of its current year's sales on account. What is the net realizable value of the receivables at year end? $120,600 mesoon $140,000 $220,600 GA $220,600 $159,400 $121,800Bailey Co earns $27,792 of revenue on account and in $6,256 cash revenue transactions in Year 1. Cash collections of receivables amount to $7,152 in Year 1 with the remainder being collected in Year 2. Based on this information alone the company’s financial statements would show Total Revenue in Year 1 of $_What are the gross sales for the month of December on these accounting question?