Using the information provided for United Corp, and answer the questions that folow.Onited Corp. sells merchandise only on credit. For the year ended December 31, 2019, thefollowing data is available: Questions 6-9 are based on the accounts receivable method.Sales revenue$2,400,00060,000Sales returns & allowancesAccounts receivable, 1/1/19270,000Allowance for doubtful accounts Credit bal. 12/31/19(Before adjustment bad debts)Collections during 2019Accounts written off as uncollectible during 20191,9002,426,30023,700 9. Prepare the partial balance sheet at December 31, 2019, and show the net realizable value ofaccounts receivable assuming % of accounts receivable method.A) Accounts Receivable$270,00020,000$250,000Less: Allowance for Doubtful AccountsNet Realizable ValueB Accounts ReceivableLess: Allowance for Doubtful Accounts$300,00014,100$285,900Net Realizable Value000 $160,000Accounts Receivable16,000$144,000Less: Allowance for Doubtful AccountsNet Realizable Value$140,00017,900$122,100Accounts ReceivableLess: Allowance for Doubtful AccountsNet Realizable Value

Solution: Ending balance of gross receivables = Beginning accounts receivables + Net sales -…

Using the information provided for United Corp, and answer the questions that follow: Ohited Corp. sells merchandise only on credit, For the vear ended December 31, 2019, the ollowing data is available: Questions 6-9 are based on the accounts receivable method. Sales revenue $2,400,000 60,000 Sales returns & allowances Accounts receivable, 1/1/19 270,000 Allowance for doubtful accounts Credit bal. 12/31/19 (Before adjustment bad debts) Collections during 2010 1,900

Using the information provided for United Corp, and answer the questions that follow: Ohited Corp. sells merchandise only on credit, For the vear ended December 31, 2019, the ollowing data is available: Questions 6-9 are based on the accounts receivable method. Sales revenue $2,400,000 60,000 Sales returns & allowances Accounts receivable, 1/1/19 270,000 Allowance for doubtful accounts Credit bal. 12/31/19 (Before adjustment bad debts) Collections during 2010 1,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help me
Dog
A-5
Can you also send me how to do this one? 2. Refer to the data below for XYZ Corporation. Credit sales during 2018 850,000 Accounts Receivable—January 1, 2018 334,000 Collections from credit customers during 2018 725,000 Estimated uncollectible accounts based on an aging analysis 13,200 Customer accounts written off as uncollectible during 2018 12,000 Allowance for doubtful accounts 1,700(after write-off of uncollectible accounts) Answer the following questions using the above data: A. What is the balance of Accounts Receivable at December 31, 2018? B. If the aging approach is used to estimate bad debts, what should the balance in Allowance for Doubtful Accountsbe after the bad debts adjustment? C. If the aging approach is used to estimate bad debts, what amount should be recorded as bed debts expense for2018?
Vishano
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 $334,000 850,000 725,000 12,000 (this balance is given after writing-off uncollectible accounts and has a credit balance) Estimated uncollectible accounts based on aging analysis If the aging approach is used to estimate bad debts, what amount should be recorded as bad debts expense for 20X1? 1,700 13,200
Consider the following transactions for Z-Container Co.: April 4 Z-Container Co. buys $30,400 worth of merchandise from Can Makers Corp. on account with credit terms of 2/10, n/30. April 10 Z-Container Co. returns $4,800 of the merchandise to Can Makers Corp. What is the net amount of Accounts Receivable due if Z-Container Co. makes payment withing the discount period? $30,400 $25,088 $25,600 $29,792 Consider the following transactions for Grote's Shipping Materials: April 6 Grote's Shipping Materials buys $149,600 worth of merchandise inventory on account with credit terms of 3/10, n/30. Assuming Grote's Shipping Materials uses the periodic inventory system, which is the correct journal entry for this transaction? Accounts Payable $149,600 Debit Purchases $149,600 Credit Inventory $149,600 Debit Accounts Payable $149,600 Credit Purchases $149,600 Debit Accounts Payable $149,600 Credit Accounts Payable $149,600 Debit Inventory…
can you please help me answer these questions... Aardvark Company sells merchandise only on credit. For the year ended December 31, 2019, the following data are available: Sales (all on credit) $1,200,000 Accounts Receivable, January 1, 2019 225,000 Allowance for doubtful accounts, January 1, 2019 (credit) 15,000 Cash collections during 2019 1,050,000 Accounts written off as uncollected (default) during 2019 10,000 Determine the balance of Accounts Receivable at December 31, 2019. Assume that the company estimates bad debts at 2% of credit sales. What amount will the company record as bad debt expense for 2019? What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part 2)? Assume that the company estimates bad debts based on the aging method, and the aging schedule estimates that $30,100 of the year-end accounts receivable will be uncollected. What amount will the company record as bad debt expense for 2019? What…
Provide Correct
Based on the account balances shown below, calculate "Net Sales". Normal Account Balance Account Name Allowance for Uncollectible $5,000 A/R Deferred Revenue $15,725 Sales Revenue $114,139 Sales Discounts $2,000 Sales Returns $6,000 Fill in the blank with your calculated number. DO NOT include period, decimal points, etc., just enter the raw number. Webcourses will add commas to your nmas, $ sig answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f3 f4 f5 f6 f7 f8 f9 f10 f11 口/東 %24 3 5 7 9. 01 因 LO 图

On January 10, 2022, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30, On February 9, Robertsen Co. gave Cullumber Co.a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation) Date Jan 10 4 Feb. 9 # Debit Credit 1000
Please do not give solution in image format thanku