Homework Answers
| 3 | ||||
| Percentage of Receivables Method | Percentage of Credit Sales Method | |||
| Total assets | Decreased by | 3970 | Decreased by | 7560 |
| Net income | Decreased by | 3970 | Decreased by | 7560 |
| Workings: | ||||
| Bad Debts expense: | ||||
| Receivables method | 3970 | =(47000*11%)-1200 | ||
| Credit sales method | 7560 | =252000*3% | ||
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Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information...
Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) The following information...
Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) The following information applies to the questions displayed below.] A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 1 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates...
Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to...
Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.) A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 3% of credit...
Required information Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information...
Required information Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to the questions displayed below.) Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $ 250,000 45,000 1,000 (debit) Exercise 5-20A Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 2% of credit ales will not...
Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to...
Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to the questions displayed below.) Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $250,000 45,000 1,000 (debit) kercise 5-20A Part 1 quired: Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of ceivables will not be collected. (If no...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). 3 Credit Sales for 2021 $260,000 55,000 1,100 (Credit Accounts Receivable, December 31, 2021 Allovance for Uncollectible Accounts, December 31, 2021 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12 % of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal...
Required information The following information applies to the questions displayed below) Suzuki Supply reports the following...
Required information The following information applies to the questions displayed below) Suzuki Supply reports the following amounts at the end of 2021 before adjustment) Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 3240,000 35,000 1,200 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage of receivables method Suzuki estimates 11% of receivables will not be collected (f no entry is required for a particular transaction/event, select "No Journal...
0 Required information The following information applies to the questions displayed below Suzuki Supply reports the...
0 Required information The following information applies to the questions displayed below Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). $256,000 51,e00 1,000 (Credtt) Credit Sales for 2021 Accounts Recelvable, December 31, 2821 Allowance for Uncollectible Accounts, December 31, 2021 Required: he adjusting entry for uncollectible accounts using the percentage receivables method Suzuki estimates 10% of recelvables will not be collected (If no entry is required for a particuler transaction/event, select "No Journel Entry Required"...
Uncollectible Accounts—Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year...
Uncollectible Accounts—Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang's Gift Shop was $28,250. Credit sales for the year were $355,200. Required: Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of $345. a. The...
Which of these methods is required by GAAP? Aging of accounts receivables Percentage of credit sales Either the per...
Which of these methods is required by GAAP?
Aging of accounts receivables
Percentage of credit sales
Either the percentage of credit sales or aging of accounts
receivables
Assume that Simple Co. had credit sales of $290,000 and cost of goods sold of $170,000 for the period. It estimates that 2 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts...
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following...
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following information applies to the questions displayed below] At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24.900 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires...
Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) The following information applies to the questions displayed below.] A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 1 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates...
Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.) A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 3% of credit...
Required information Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to the questions displayed below.) Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $ 250,000 45,000 1,000 (debit) Exercise 5-20A Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 2% of credit ales will not...
Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to the questions displayed below.) Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $250,000 45,000 1,000 (debit) kercise 5-20A Part 1 quired: Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of ceivables will not be collected. (If no...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). 3 Credit Sales for 2021 $260,000 55,000 1,100 (Credit Accounts Receivable, December 31, 2021 Allovance for Uncollectible Accounts, December 31, 2021 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12 % of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal...
Required information The following information applies to the questions displayed below) Suzuki Supply reports the following amounts at the end of 2021 before adjustment) Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 3240,000 35,000 1,200 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage of receivables method Suzuki estimates 11% of receivables will not be collected (f no entry is required for a particular transaction/event, select "No Journal...
0 Required information The following information applies to the questions displayed below Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). $256,000 51,e00 1,000 (Credtt) Credit Sales for 2021 Accounts Recelvable, December 31, 2821 Allowance for Uncollectible Accounts, December 31, 2021 Required: he adjusting entry for uncollectible accounts using the percentage receivables method Suzuki estimates 10% of recelvables will not be collected (If no entry is required for a particuler transaction/event, select "No Journel Entry Required"...
Which of these methods is required by GAAP?
Aging of accounts receivables
Percentage of credit sales
Either the percentage of credit sales or aging of accounts
receivables
Assume that Simple Co. had credit sales of $290,000 and cost of goods sold of $170,000 for the period. It estimates that 2 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts...
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following information applies to the questions displayed below] At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24.900 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires...
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