This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts his balance is given after writing-off uncollectible accounts nd has a credit balance) imated uncollectible accounts based on aging analysis e aging approach is used to estimate bad debts, what amount should be ded as bad debts expense for 20X1? $334,000 850,000 725,000 12,000 1,700 13,200

This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts his balance is given after writing-off uncollectible accounts nd has a credit balance) imated uncollectible accounts based on aging analysis e aging approach is used to estimate bad debts, what amount should be ded as bad debts expense for 20X1? $334,000 850,000 725,000 12,000 1,700 13,200

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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Using the table, what is the average daily balance of the credit card for the November 1 - November 30 billing period? Round your answer to the nearest cent.Do not include a dollar sign or comma in your answer. For example, $5, 678.00 should be entered as 5678.00. Day Activity Adjustment Closing Balance 1 7500 11 Payment -500 7000 21 Payment -750 6250 30 Purchase +250 6500
Hunter, inc., analyzed it’s accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible. The company handles credit losses using the allowance method. The credit balance of the allowance for doubtful accounts is $820 on December 31, before any adjustments. A. Prepare the adjusting entry for estimated credit losses on December 31. B. Prepare the journal entry to write off the Rose company’s account on April 10 of the following year in the amount of $650.
Required information [The following information applies to the questions displayed below.] On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Age of Accounts Receivable Expected Percent Uncollectible 1.35% 2.10 6.60 33.25 69.00 Accounts Receivable $ 880,000 352,000 70,400 35,200 14,080 Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31. Accounts Percent Estimated Receivable Uncollectible (#.##%) Uncollectible Not due: 1 to 30: 31 to 60: X %3D 61 to 90: X Over 90: X Estimated balance of allowance for uncollectibles II
Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. $2,181,050 $3,134,000 Cash sales Credit sales In addition, its unadjusted trial balance includes the following items. $949,602 debit $10,550 debit Accounts receivable Allowance for doubtful accounts 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c. (Do not round intermediate calculations.) Current assets.
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Problem 4-9 (AICPA Adapted) Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1 Credit sales Sales return Accounts written off Collections from customers Estimated future sales return on December 31 Estimated uncollectible accounts per aging at year-end 1,300,000 5,500,000 150,000 100,000 5,000,000 50,000 250,000 What amount should be reported as net realizable value of accounts receivable on December 31? a. 1,550,000 b. 1,250,000 c. 1,300,000 d. 1,500,000