The following information is related to December 31, 2021 balances. • Accounts receivable $3220000 • Allowance...
The following information is related to December 31, 2021 balances. • Accounts receivable $3220000 • Allowance for doubtful accounts (credit) (285000) • Cash realizable value $2880000 During 2022 sales on account were $892000 and collections on account were $501000. Also during 2022 the company wrote off $49500 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $322000. The change in the cash realizable value from the balance at 12/31/21 to 12/31/22 was a
A. $415000 increase.
B. $409000 increase.
C. $463000 increase.
D. $359500 increase.
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The following information is related to December 31, 2021
balances. • Accounts receivable $3220000 • Allowance...
The following information is related to December 31, 2021 balances. • Accounts receivable $1400000 • Allowance...
The following information is related to December 31, 2021 balances. • Accounts receivable $1400000 • Allowance for doubtful accounts (credit) (100000) • Cash realizable value 1000000 During 2022 sales on account were $350000 and collections on account were $200000. The company wrote off $20000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $140000. Bad debt expense for 2022 is: A. $60000. B.$140000. C.$20000. D.$40000.
At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were...
At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were $77,000 and $5,144 (credit), respectively. During the current year, credit sales were $463,000 and collections on account were $341,000. In addition, $3,800 in uncollectible accounts were written off, and $750 of accounts previously written off were collected during the year. If management estimates bad debts based on 3 percent of total credit sales, determine the net realizable value of accounts receivable at December 31,...
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable Less:...
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $620,000 42,000 During 2022, the company had the following transactions related to receivables. 1 Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2,810,000 63,000 2,510,000 44,000 15,000 Your answer is correct. Prepare the journal entries to record each...
The following information relates to the beginning of the year: Accounts receivable, $245,000 Allowance for doubtful...
The following information relates to the beginning of the year: Accounts receivable, $245,000 Allowance for doubtful accounts (credit balance), $12,250 During the current year, sales on account were $1,100,000 and collections on account were $990,000. Also during the current year, the company wrote off $14,000 in uncollectible accounts. At year-end, an analysis of outstanding accounts receivable indicated that the allowance for doubtful accounts should have a $17,000 credit balance so the company records the appropriate year-end adjusting entry. How much...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable $640,000...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable $640,000 Less: Allowance for doubtful accounts 41,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,060,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,760,000 4. Write-offs of accounts receivable deemed uncollectible 42,000 5. Recovery of bad debts previously written off as uncollectible 20,000 Prepare the journal entries to record each of these five transactions....
QUESTION 1 At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful...
QUESTION 1 At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were $77,000 and $5,144 (credit), respectively. During the current year, credit sales were $463,000 and collections on account were $341,000. In addition, $3,800 in uncollectible accounts were written off, and $750 of accounts previously written off were collected during the year. If management estimates bad debts based on 3 percent of total credit sales, determine the net realizable value of accounts receivable at...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less:...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $615,000 35,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,020,000 50.000 2,720,000 45,000 21.000 (b) Enter the January 1, 2022, balances in Accounts Receivable and...
On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of...
On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of $20,000 (debit) and $500 (credit), respectively. During the year, the company reported revenues of $100,000; 30% of which were cash sales. There were $550 of receivables written-off as uncollectible in 2009. Cash collections of receivables amounted to $74,550. If the company estimates bad debts expense to be 5% of the balance of A/R, determine the net realizable value of receivables appearing on the 2009...
At the beginning of the current period, Tamarisk Corp. had balances in Accounts Receivable of $202,700 and in Allowance...
At the beginning of the current period, Tamarisk Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,820 (credit). During the period, it had net credit sales of $880,000 and collections of $706,410. It wrote off as uncollectible accounts receivab $7,172. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,010 at the end of the period. (Omit cost...
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700...
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a $2,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,820 at the end of the period. (Omit...
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $620,000 42,000 During 2022, the company had the following transactions related to receivables. 1 Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2,810,000 63,000 2,510,000 44,000 15,000 Your answer is correct. Prepare the journal entries to record each...
The following information relates to the beginning of the year: Accounts receivable, $245,000 Allowance for doubtful accounts (credit balance), $12,250 During the current year, sales on account were $1,100,000 and collections on account were $990,000. Also during the current year, the company wrote off $14,000 in uncollectible accounts. At year-end, an analysis of outstanding accounts receivable indicated that the allowance for doubtful accounts should have a $17,000 credit balance so the company records the appropriate year-end adjusting entry. How much...
QUESTION 1 At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were $77,000 and $5,144 (credit), respectively. During the current year, credit sales were $463,000 and collections on account were $341,000. In addition, $3,800 in uncollectible accounts were written off, and $750 of accounts previously written off were collected during the year. If management estimates bad debts based on 3 percent of total credit sales, determine the net realizable value of accounts receivable at...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $615,000 35,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,020,000 50.000 2,720,000 45,000 21.000 (b) Enter the January 1, 2022, balances in Accounts Receivable and...
At the beginning of the current period, Tamarisk Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,820 (credit). During the period, it had net credit sales of $880,000 and collections of $706,410. It wrote off as uncollectible accounts receivab $7,172. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,010 at the end of the period. (Omit cost...
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a $2,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,820 at the end of the period. (Omit...
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