Which of the following can have a VERY high amount of accounts receivable & long receivablescollection period?O BankO Retail B2B (Business to business)Retail B2C (Business to customer)O Utility company

The receivables collection period is the number of days the firm takes to collect its outstanding…

Answered: Which of the following can have a VERY…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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Similar questions

Morgan had net sales of $1,041,105 and average accounts receivable of $157,000. Its competitor, Stanley, had net sales of $1,090,600 and average accounts receivable of $142,100. (a) Calculate the accounts receivable turnover for both companies. (b) Which company is doing a better job of managing its accounts receivables? Complete this question by entering your answers in the tabs below. Required A Required B Compute accounts receivable turnover for both companies. Morgan Stanley Choose Numerator: 1 1 1 Accounts Receivable Turnover Choose Denominator: = = Accounts Receivable Turnover Accounts receivable turnover times times
Answer these MCQ's below.
What is the GL entry when a company receives a payment from a customer? Debit revenue, credit customer Debit customer, credit revenue Debit bank, credit customer, credit accounts reconciliation account Debit accounts reconciliation account, credit bank Debit accounts reconciliation account, debit customer, credit bank
Why did you select those customer accounts? also how to use a cell reference to enterthe answer for the 1st question? ( Whatis the dollar amount of total receivables? Use a cell reference to input your answer)
Practice Help
Match each definition with its correct term: Amounts owed by customers on account. [ Choose ] The analysis of customer balances by the length of time they have been unpaid. [ Choose ] A method of accounting for bad debts that involves estimating uncollectible accounts at the end of each period. [ Choose ] An expense account to record uncollectible [ Choose ] receivables. The net amount a company expects to [ Choose ] receive in cash. A method of accounting for bad debts that involves expensing accounts at the time they [ Choose ] are determined to be uncollectible. A note that is not paid in full at maturity. [ Choose ] The party in a promissory note who is making [ Choose ] the promise to pay. Written promise (as evidenced by a formal [ Choose ] instrument) for amounts to be received. Various forms of nontrade receivables, such [ Choose ] as interest receivable and income taxes refundable. The party to whom payment of a promissory [ Choose ] note is to be made. Management estimates…
Use the following T-account for Careful Corporation to answer questions 11 and 12: Accounts Receivable Beg. Bal. $ 187 18 150 6 64 15 19 End. Bal. $ ? The ending balance of Accounts Receivable for Careful is: Group of answer choices A. $401 debit B. $343 debit C. $343 credit D. $ 58 credit
Assuming HST is not charged, what will a POS Summary result in a credit to: * Bank O A/R O A/P O Revenue
What types of accounts are increased with a credit?
F SUM of Outstanding balance Status Customer C1003 C1004 C1006 C1010 C1012 C1013 C1026 C1028 C1029 C1036 C1037 C1045 C1048 C1051 G C1055 C1057 C1058 C1061 C1066 C1069 C1075 C1076 C1082 C1085 Grand Total H 0-Not Yet Due 30831 30831 I 1-30 Days 25579 3156 2353 31088 J 11791 26748 31-60 Days 61-90 Days 90+ Days 9367 10460 29297 K 25315 103611 25245 24713 L 49958 4115 1659 18793 12116 22957 20307 7791 30907 12102 12235 22997 25366 200712 M Grand Total 9367 25245 30831 24713 11791 26748 4115 1659 18793 10460 12116 22957 20307 25579 7791 3156 30907 12102 12235 2353 22997 29297 25366 25315 416200 N
Required information [The following information applies to the questions displayed below.] Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $46,000 on credit. b. On January 31, the company estimated bad debts using 1 percent of credit sales. c. On February 4, the company collected $23,000 of accounts receivable. d. On February 15, the company wrote off $100 account receivable. e. During February, the company provided services for $36,000 on credit. f. On February 28, the company estimated bad debts using 1 percent of credit sales. g. On March 1, the company loaned $2,400 to an…
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Which of the following can have a VERY high amount of accounts receivable & long receivables collection period? O Bank O Retail B2B (Business to business) O Retail B2C (Business to customer) O Utility company