A company has an accounts receivable balance at the beginning of the month of $1,200. Budgeted...
At the beginning of Year 1, a company has a balance of $25,200 in accounts receivable. Because the company 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 Year 1, the company wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that the company now will need to use the allowance method. The following transactions...
Accounts Receivable Balance Beginning accounts receivable were $80,200, and ending accounts receivable were $83,700. All sales were on credit and totaled $562,900. Required: Determine how much cash was collected from customers. $
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $310,000; allowance for uncollectible accounts at the beginning of the year, $20,000 (credit balance); credit sales during the year, $1,000,000; accounts receivable written off during the year, $11,000; cash collections from customers, $900,000. Assuming the company estimates bad debts at an amount equal to 2% of credit sales. 1. Calculate bad debt expense for the year. 2. Calculate the year-end balance...
The comparative balance sheets of Sloan Company reveal that accounts receivable (before deducting allowances) increased by $15,000 in 2016. During the same time period, the allowance for uncollectible accounts increased by $2,100. If sales revenue was $120,000 in 2016 and bad debts expense was 1% of sales, how much cash was collected from customers during the year?
The balance in accounts receivable at the beginning of 2021 was $680. During 2021, $2,200 of credit sales were recorded. If the ending balance in accounts receivable was $140 and $200 in accounts receivable were written off during the year, the amount of cash collected from customers during 2021 was: 3.33 points (8 01:00:59
Castile Inc. had a beginning balance of $2,300 in its Accounts Receivable account. The ending balance of Accounts Receivable was $3,000. During the period, Castile recognized $37,000 of revenue on account. Castile's Salaries Payable account has a beginning balance of $1,800 and an ending balance of $1,200. During the period, the company recognized $33,800 of accrued salary expense. Required a. Based on the information provided, determine the amount of net income. b. Based on the Information provided, determine the amount...
The beginning balance in cash was $100,000. The beginning balance in accounts receivable was $50,000 and the ending balance was $45,000. The beginning balance in wages payable was $40,000 and the ending balance in wages payable was $41,000. During the year the company had credit sales of $120,000 and wage expense of $48,000. What was the ending cash balance
The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the year $300,000, allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000, cash collections from customers, $1450,000 Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable 1. Calculate the year-end balance in the allowance for uncollectible accounts 2. Calculate...
The Accounts Payable account has a beginning balance of $10.500 and the company purchased $46,000 of supplies on account during the month. The ending balance was $18,600 How much did the company pay to creditors during the month? M ele Choice Ο Ο Ο Ο
Assume the following information for Skysong Corp Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $151,000 11,370 932,000 918,000 5,600 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. ✓ Your answer is correct. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not...