Accounts receivable : Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business. Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense. To compute: The amount of accounts receivable due from customers at the end of 2015 and 2014.

Question

Please need answer the following requirements on these general accounting question

Answer 1

Question

Chapter 7, Problem 7.5P

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To compute: The amount of accounts receivable due from customers at the end of 2015 and 2014.

(2)

To determine

To compute: The amount of Accounts Receivable Written-off during 2015.

(3)

To determine

To compute: The amount of Gross Sales.

(4)

To determine

The amount of cash collected from customers during the year, assuming that all sales are made on a credit basis.

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Please need answer the following requirements on these general accounting question

The following costs were incurred in June: Direct Materials $25,000 Direct Labor $20,000 Manufacturing (Factory) Overhead $25,000 Selling and Administrative Expenses $40,000. A. What is the amount of the prime costs? B. What is the amount of the period costs? C. What is the amount of the conversion costs? D. What is the amount of the product costs?

General accounting problems

Answer 2

Question

Chapter 7, Problem 7.5P

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To compute: The amount of accounts receivable due from customers at the end of 2015 and 2014.

(2)

To determine

To compute: The amount of Accounts Receivable Written-off during 2015.

(3)

To determine

To compute: The amount of Gross Sales.

(4)

To determine

The amount of cash collected from customers during the year, assuming that all sales are made on a credit basis.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 7.5P

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To compute: The amount of accounts receivable due from customers at the end of 2015 and 2014.

(2)

To determine

To compute: The amount of Accounts Receivable Written-off during 2015.

(3)

To determine

To compute: The amount of Gross Sales.

(4)

To determine

The amount of cash collected from customers during the year, assuming that all sales are made on a credit basis.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 7.5P

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To compute: The amount of accounts receivable due from customers at the end of 2015 and 2014.

(2)

To determine

To compute: The amount of Accounts Receivable Written-off during 2015.

(3)

To determine

To compute: The amount of Gross Sales.

(4)

To determine

The amount of cash collected from customers during the year, assuming that all sales are made on a credit basis.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 7.5P

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To compute: The amount of accounts receivable due from customers at the end of 2015 and 2014.

(2)

To determine

To compute: The amount of Accounts Receivable Written-off during 2015.

(3)

To determine

To compute: The amount of Gross Sales.

(4)

To determine

The amount of cash collected from customers during the year, assuming that all sales are made on a credit basis.

Answer 6

Chapter 7, Problem 7.5P

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To compute: The amount of accounts receivable due from customers at the end of 2015 and 2014.

Answer 7

Chapter 7, Problem 7.5P

(1)

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Bad debt expense:

Bad debt expense is an expense account. The amounts of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, the estimated uncollectible accounts receivable are known as bad debt expense.

To compute: The amount of accounts receivable due from customers at the end of 2015 and 2014.

Answer 8

(2)

To determine

To compute: The amount of Accounts Receivable Written-off during 2015.

Answer 9

(2)

To determine

To compute: The amount of Accounts Receivable Written-off during 2015.

Answer 10

(3)

To determine

To compute: The amount of Gross Sales.

Answer 11

(3)

To determine

To compute: The amount of Gross Sales.

Answer 12

(4)

To determine

The amount of cash collected from customers during the year, assuming that all sales are made on a credit basis.

Answer 13

(4)

To determine

The amount of cash collected from customers during the year, assuming that all sales are made on a credit basis.

Answer 14

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Ch. 7 - Prob. 7.1Q Ch. 7 - Prob. 7.2Q Ch. 7 - Prob. 7.3Q Ch. 7 - Prob. 7.4Q Ch. 7 - Prob. 7.5Q Ch. 7 - Prob. 7.6Q Ch. 7 - Distinguish between the gross and net methods of...Ch. 7 - Briefly explain the accounting treatment for sales...Ch. 7 - Explain the typical way companies account for...Ch. 7 - Briefly explain the difference between the income...

Solution Summary: The author explains the amount of accounts receivable due from customers at the end of 2015 and 2014, and the calculation of gross sales.

To compute: The amount of Accounts Receivable Written-off during 2015.

To compute: The amount of Gross Sales.

The amount of cash collected from customers during the year, assuming that all sales are made on a credit basis.

Chapter 7 Solutions