Homework Answers
5-20A
| Date | General Journal | Debit | Credit | |
| Dec 31 | Bad debts expense | 3500 | ||
| Allowance for Doubtful Accounts | 3500 | |||
| (45,000*10%) - 1000 |
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Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to...
Exercise 5-18A Calculate receivables ratios (LO5-8) Below are amounts (in millions) from three companies' annual reports....
Exercise 5-18A Calculate receivables ratios (LO5-8) Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable $1,735 5,766 549 Ending Accounts Receivable $2.682 6,294 585 Walco TarMart CostGet Net Sales $314,427 59,878 60,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio...
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 5-18 Calculate rece ivables ratios (LO5-8) Below are amounts (in millions) from three companies' annual re...
Exercise 5-18 Calculate rece ivables ratios (LO5-8) Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Ending Accounts Receivable $2,702 6,394 605 Receivable $1,755 5,866 569 Net Sales $316,427 WalCo TarMart 61,878 CostGet 62,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not m your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers Receivables Turnover Ratio Receivables turnover ratio WalCo times TarMart...
please explain ! :) Below are amounts (in millions) from three companies' annual reports. Beginning Accounts...
please explain ! :)
Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable $1,745 5,816 S59 Ending Accounts Receivable $2,692 6,344 595 Walco Tar Mart Costet Net Sales $315,427 60,878 61,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio Receivables...
Below are amounts (in millions) from three companies' annual reports. Walco TarMart CostGet Beginning Ending Accounts...
Below are amounts (in millions) from three companies' annual reports. Walco TarMart CostGet Beginning Ending Accounts Accounts Receivable Receivable $1,685 $2,632 5,516 6,044 499 535 Net Sales $309,427 54.878 55,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for Walco, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio Receivables turnover ratio times Walco TarMart...
Below are amounts (in millions) from three companies' annual reports Beginning Accounts ing Accounts Net Sales...
Below are amounts (in millions) from three companies' annual reports Beginning Accounts ing Accounts Net Sales $315,427 6,34460,878 61,963 iva $2,692 va WalCo TarMart CostGet $1,745 5,816 559 595 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intern und your "Average accounts recelvable" and "Recelvables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio Net sales Average accounts receivableReceivables turnover ratio WalCo$ TarMart $ CostGet 315,427 60,878...
Connect s reloaded because a problem occurred. Saved Below are amounts in millions) from three companies'...
Connect s reloaded because a problem occurred. Saved Below are amounts in millions) from three companies' annual reports Beginning Accounts Receivable Receivable $1,685 5,516 499 Ending Accounts Net Sales $309,427 54,878 55,963 WalCo TarMart CostGet $2,632 6,044 535 Required: 1. Calculate the recelvables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round Intermediate calculations. Enter your answers in millions. Round your "Average accounts recelvable" and "Recelvables turnover ratio" answers to one decimal place.) Receivables...
Check my work mode: This shows what is correct or incorrect for the work you have...
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to Accounts Receivable $1,785 6,016 599 Accounts Receivable $2,732 6,544 Walco Tartart Costet Net Sales $319,427 64,378 65,963 nes Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio...
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 5-19B 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 5-18A Calculate receivables ratios (LO5-8) Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable $1,735 5,766 549 Ending Accounts Receivable $2.682 6,294 585 Walco TarMart CostGet Net Sales $314,427 59,878 60,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio...
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 5-18 Calculate rece ivables ratios (LO5-8) Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Ending Accounts Receivable $2,702 6,394 605 Receivable $1,755 5,866 569 Net Sales $316,427 WalCo TarMart 61,878 CostGet 62,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not m your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers Receivables Turnover Ratio Receivables turnover ratio WalCo times TarMart...
please explain ! :)
Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable $1,745 5,816 S59 Ending Accounts Receivable $2,692 6,344 595 Walco Tar Mart Costet Net Sales $315,427 60,878 61,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio Receivables...
Below are amounts (in millions) from three companies' annual reports. Walco TarMart CostGet Beginning Ending Accounts Accounts Receivable Receivable $1,685 $2,632 5,516 6,044 499 535 Net Sales $309,427 54.878 55,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for Walco, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio Receivables turnover ratio times Walco TarMart...
Below are amounts (in millions) from three companies' annual reports Beginning Accounts ing Accounts Net Sales $315,427 6,34460,878 61,963 iva $2,692 va WalCo TarMart CostGet $1,745 5,816 559 595 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intern und your "Average accounts recelvable" and "Recelvables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio Net sales Average accounts receivableReceivables turnover ratio WalCo$ TarMart $ CostGet 315,427 60,878...
Connect s reloaded because a problem occurred. Saved Below are amounts in millions) from three companies' annual reports Beginning Accounts Receivable Receivable $1,685 5,516 499 Ending Accounts Net Sales $309,427 54,878 55,963 WalCo TarMart CostGet $2,632 6,044 535 Required: 1. Calculate the recelvables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round Intermediate calculations. Enter your answers in millions. Round your "Average accounts recelvable" and "Recelvables turnover ratio" answers to one decimal place.) Receivables...
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to Accounts Receivable $1,785 6,016 599 Accounts Receivable $2,732 6,544 Walco Tartart Costet Net Sales $319,427 64,378 65,963 nes Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio...
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 5-19B 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...
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