Homework Answers
| b | |||
| Before adjustments | After adjustments | ||
| Net realizable value | 2380000 | 2380000 | |
| Book value | 2500000 | 2486000 | |
| Workings: | |||
| Before adjustments: | |||
| Net realizable value | 2380000 | =2500000-120000 | |
| Book value | 2500000 | ||
| After adjustments: | |||
| Net realizable value | 2380000 | =(2500000-20000+6000)-(120000-20000+6000) | |
| Book value | 2486000 | =(2500000-20000+6000) | |
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At the end of 2017, Perez Corporation has accounts receivable of $2.5 million and an allowance...
If you could please answer part (b) At the end of 2020, Marigold Corp. has accounts...
If you could please answer
part (b)
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At the end of 2017, BLANK #1 Company has accounts receivable of $874,600 and an allowance...
At the end of 2017, BLANK #1 Company has accounts receivable of
$874,600 and an allowance for doubtful accounts of $43,800. On
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from BLANK #2 Company of $7,940 will not be collected, and
management authorized its write-off.
Prepare the journal entry for BLANK #1 Company to write off the
BLANK #2 receivable. (If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts....
At the end of 2021, Skysong Co. has accounts receivable of $690,100 and an allowance for...
At the end of 2021, Skysong Co. has accounts receivable of $690,100 and an allowance for doubtful accounts of $25,090. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $3,913. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) What is the cash realizable...
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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...
Current Attempt in Progress At the end of 2021, Teal Mountain Co. has accounts receivable of...
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Exercise 7-8 At the end of 2017, Sandhill Company has accounts receivable of $868,300 and an...
Exercise 7-8 At the end of 2017, Sandhill Company has accounts receivable of $868,300 and an allowance for doubtful accounts of $48,100. On January 16, 2018, Sandhill Company determined that its receivable from Ramirez Company of $7,990 will not be collected, and management authorized its write-off. Prepare the journal entry for Sandhill Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles...
If you could please answer
part (b)
At the end of 2020, Marigold Corp. has accounts receivable of $2.65 million and an allowance for doubtful accounts of $115,500. On January 16, 2021, Marigold determined that its $21,300 receivable from Sunland Company will not be collected, and management has authorized its write off. On January 31, 2021, Marigold received notification that the company will be receiving $0.10 for every $1.00 of accounts receivable relating to Blossom Company The company had previously...
At the end of 2017, BLANK #1 Company has accounts receivable of
$874,600 and an allowance for doubtful accounts of $43,800. On
January 16, 2018, BLANK #1 Company determined that its receivable
from BLANK #2 Company of $7,940 will not be collected, and
management authorized its write-off.
Prepare the journal entry for BLANK #1 Company to write off the
BLANK #2 receivable. (If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts....
At the end of 2021, Skysong Co. has accounts receivable of $690,100 and an allowance for doubtful accounts of $25,090. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $3,913. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) What is the cash realizable...
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