the net realizable value of accounts receivable? XYZ Corp.'s financial data for 2023 are as follows:Credit sales during the year: $4,500,000Accounts receivable (December 31, 2023): $400,000Allowance for bad debts (December 31, 2023): $50,000Bad debt expense for the year: $25,000What amount will XYZ show on its year-end balance sheet for the netrealizable value (NRV) of accounts receivable?A) $375,000B) $400,000C) $350,000D) $425,000

Step 1: Definition of Net Realizable Value (NRV) of Accounts ReceivableThe Net Realizable Value…

Answered: XYZ Corp.'s financial data for 2023 are…

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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Summit Gear has an accounts receivable balance at the end of 2022 of $412,650. The net credit sales for the year are $892,740. The balance at the end of 2021 was $389,200. What is the accounts receivable turnover rate for 2022?
Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. Compute 3M’s accounts receivable turnover. - Accounts Recievable turnover ratio=? (times) Compute 3M’s average collection period for accounts receivable in days - Average collection period =? (days)
-What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for 2021? (assume Accounts Receivable, net was $500,000 on December 31, 2020) -What is XYZ's Asset Turnover for 2021? (assume total assets were $14 million on December 31, 2020) Account Balance Data Debit Credit Cash 217,650 Accounts Receivable 545,000 Interest Receivable 1,200 Allowance for Doubtful Accounts 8,450 Merchandise Inventory 778,000 Prepaid Insurance 30,000 Notes Receivable Land 2,000,000 Office Building 4,000,000 Office Equipment 320,000 Store Building 9,000,000 Store Equipment 3,560,000 Accumulated Depreciation - office building and equipment 1,580,000 Accumulated Depreciation - store building and equipment 4,126,000 Goodwill 700,000
Hamad Corporation's total sales for 2022 were AED 800 million, and gross profit was AED 100 million, current assets AED 200 , cash AED 10 million, accounts receivables 90 million and account payable 40 million. Calculate accounts payable days , collection period, inventory days and accounts payable turn over.
Husemann Co.'s assets include notes receivable from customers. During fiscal 2019, the amount of notes receivable averaged $525,000, and the interest rate of the notes averaged 4.2%. b-2. Prepare a horizontal model to show the collection of this amount. (Use amounts with + for increases and amounts with – for decreases.)
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Compute average collection period
Calculate the account receivable turnover ratio
Answer? ? Financial accounting question
At January 1, 2024, Tarjee Inc. reported the following information on its statement of financial position: Accounts receivable $530,000 40,000 Allowance for expected credit losses ,40,000 During 2024, the company had the following summary transactions for receivables: Sales on account, $1,930,000; cost of goods sold, $1,061,500; return rate, 5% Selling price of goods returned, $76,000; cost of goods returned to inventory, $41,800 Collections of accounts receivable, $1,700,000 Write-offs of accounts receivable deemed uncollectible, $53,000 Collection of accounts previously written off as uncollectible, $12,000 After considering all of the above transactions, total estimated uncollectible accounts, $32,000 Prepare the journal entries to record each of the above summary transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account…
The 2022 balance sheet of Fast Auto Manufacturers, showed $1.4 million in long-term debt, $470,000 in the common stock account, and $4.15 million in the additional paid-in surplus account. The 2023 balance sheet showed $3.15 million, $755,000, and $6.2 million in the same three accounts, respectively. The 2023 income statement showed an interest expense of $280,000. The company paid out $500,000 in cash dividends during 2023. If the firm's net capital spending for 2023 was $330,000, and the firm reduced its net working capital investment by $265,000, what was the firm's 2023 operating cash flow, or OCF? O $-3,240,000 O $-4,130,000 O $4,530,000 $-3,400,000 O $5,155,000
Swifty Incorporated had average total assets in 2025 of $6343000. It reported sales for of $8209000 that year. Average liabilities for the year were $5187000. Net income for the year was $964136. What is Swifty' return on assets for 2025? O 15.20% 18.59% O 11.74% 6.60%

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