Homework Answers
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Bad debt expense = Beg allowance for Doubtful Accounts + write offs - End allowance for doubtful accounts = 33 + 14 - 30 = 17 million |
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The annual report for Fallon Holding Corporation contained the following information: 2015 2016 $675 $ 237...
The annual report for Fallon Holding Corporation contained the following information: (in millions) 2016 2015 Acc...
The annual report for Fallon Holding Corporation contained the following information: (in millions) 2016 2015 Accounts Receivable $ 657 $ 719 Allowance for Doubtful Accounts 24 24 Accounts Receivable, Net $ 633 $ 695 Assume that accounts receivable write-offs amounted to $13 during 2016 and $3 during 2015, and that Fallon did not record any recoveries. Required: Determine the Bad Debt Expense for 2016 based on the above facts. (Enter your answer in millions.)
Interpreting the Accounts Receivable Footnote Hewlett-Packard Company reports the following in its 2015 10-K report. October...
Interpreting the Accounts Receivable Footnote Hewlett-Packard Company reports the following in its 2015 10-K report. October 31 (in millions) 2015 2014 Accounts receivable $13,363 $13,832 Footnotes to the company's 10-K provide the following additional information relating to its allowance for doubtful accounts. 2015 2014 2013 For the fiscal years ended October 31 (in millions) Allowance for doubtful accounts-accounts receivable Balance, beginning of period Provision for doubtful accounts Deductions, net of recoveries Balance, end of period $232 $332 $464 46 25...
Given the following information: Accounts receivable 31 December 2015 $281,962 Allowance for doubtful accounts balance: 31...
Given the following information: Accounts receivable 31 December 2015 $281,962 Allowance for doubtful accounts balance: 31 December 2014 $3,693 Charged to costs and expenses: $2,951 Write-offs net of recoveries: ($714) Balance at 31 December 2015: $5,930 Calculate the entry to be made into the bad debt expense account for the year ended 31 Dec 2015. Also, Net receivables
On December 31, 2015, a company reported the following information on its balance sheet: Accounts receivable...
On December 31, 2015, a company reported the following information on its balance sheet: Accounts receivable $838,000 Less: Allowance for Doubtful Accounts 46,000 (cr.) During 2016, the company had the following transactions related to receivables: Sales on account $3,000,000 Collections of accounts receivable 2,712,000 Write-offs of accounts determined to be uncollectible 31,500 Recovery of prior write-offs 6,600 a) Determine the ending accounts receivable balance on December 31, 2016. b)If the company estimates 3% of credit sales will not be collected,...
The following information is taken from the 2015 annual report to shareholders of Hewlett-Packard (HP) Co....
The following information is taken from the 2015 annual report to shareholders of Hewlett-Packard (HP) Co. For Fiscal 2015 For Fiscal 2014 Provision for doubtful accounts $ 46 million $ 25 million At Fiscal Year-end 2015 At Fiscal Year-end 2014 Accounts receivable, net 13,363 million 13,832 million Accounts receivable, gross 13,552 million 14,064 million Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015. (Enter your answers in millions (i.e., 10,000,000...
Hewlett-Packard Company (HP) reports the following in its 2004 10-K report. October 31 (in millions) 2005...
Hewlett-Packard Company (HP) reports the following in its 2004 10-K report. October 31 (in millions) 2005 2004 Accounts receivable, net 59,903 510,226 HPQ footnotes to its 10-k provide the following additional information relating to its allowance for doubtful accounts For the fiscal years ended October 31 (in millions) 2005 2004 2003 Allowance for doubtful accounts accounts receivable Balance, beginning of period $286 $347 $410 Increase in slowance from acquisition Addition of bad debts provision 17 (6) 29 Deduction net of...
Required information SB Problem The following information is taken from the 2015 annual report to shareholders...
Required information SB Problem The following information is taken from the 2015 annual report to shareholders of Hewlett-Packard (HP) Co. For Fiscal 2015 Fo Provision for doubtful accounts $ 46 million 25 million At Fiscal Year-end 2015 At Fiscal Year-end 2014 Accounts receivable, net Accounts receivable, gross 13,363 mi11ion 13,552 million 13,832 million 14,064 million Problem 7-153 What is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, respectively? (Enter your...
The following information is taken from the 2015 annual report to shareholders of Hughe-Pockets (HP) Co....
The following information is taken from the 2015 annual report to shareholders of Hughe-Pockets (HP) Co. For Fiscal 2015 For Fiscal 2014 Provision for doubtful accounts $ 29 million $ 106 million Accounts receivable, net Accounts receivable, gross At Fiscal Year-end 2015 15,906 million 16,268 million At Fiscal Year-end 2014 16,437 million 16,931 million What is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, respectively? (Enter your answers in millions...
QUESTION 2 Use the following information to answer the next 3 questions: On December 31, 2015,...
QUESTION 2 Use the following information to answer the next 3 questions: On December 31, 2015, a company reported the following information on its balance sheet: Accounts receivable $838,000 Less: Allowance for Doubtful Accounts 46,000 (cr.) During 2016, the company had the following transactions related to receivables: Sales on account $3,000,000 Collections of accounts receivable 2,712,000 Write-offs of accounts determined to be uncollectible 31,500 Recovery of prior write-offs 6,600 Determine the ending accounts receivable balance on December 31, 2016. •...
information provided in tc). Compute bad debt amounts. P8-2A Information related to Mingenback Company for 2015...
information provided in tc). Compute bad debt amounts. P8-2A Information related to Mingenback Company for 2015 is summarized below. (LO 3) Total credit sales Accounts receivable at December 31 Bad debts written off $2,500,000 875,000 33,000 Instructions (a) What amount of bad debt expense will Mingenback Company report if it uses the (b) Assume that Mingenback Company estimates its bad debt expense to be 2% of credit (c) Assume that Mingenback Company estimates its bad debts pens based on 6%of...
Interpreting the Accounts Receivable Footnote Hewlett-Packard Company reports the following in its 2015 10-K report. October 31 (in millions) 2015 2014 Accounts receivable $13,363 $13,832 Footnotes to the company's 10-K provide the following additional information relating to its allowance for doubtful accounts. 2015 2014 2013 For the fiscal years ended October 31 (in millions) Allowance for doubtful accounts-accounts receivable Balance, beginning of period Provision for doubtful accounts Deductions, net of recoveries Balance, end of period $232 $332 $464 46 25...
Hewlett-Packard Company (HP) reports the following in its 2004 10-K report. October 31 (in millions) 2005 2004 Accounts receivable, net 59,903 510,226 HPQ footnotes to its 10-k provide the following additional information relating to its allowance for doubtful accounts For the fiscal years ended October 31 (in millions) 2005 2004 2003 Allowance for doubtful accounts accounts receivable Balance, beginning of period $286 $347 $410 Increase in slowance from acquisition Addition of bad debts provision 17 (6) 29 Deduction net of...
Required information SB Problem The following information is taken from the 2015 annual report to shareholders of Hewlett-Packard (HP) Co. For Fiscal 2015 Fo Provision for doubtful accounts $ 46 million 25 million At Fiscal Year-end 2015 At Fiscal Year-end 2014 Accounts receivable, net Accounts receivable, gross 13,363 mi11ion 13,552 million 13,832 million 14,064 million Problem 7-153 What is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, respectively? (Enter your...
The following information is taken from the 2015 annual report to shareholders of Hughe-Pockets (HP) Co. For Fiscal 2015 For Fiscal 2014 Provision for doubtful accounts $ 29 million $ 106 million Accounts receivable, net Accounts receivable, gross At Fiscal Year-end 2015 15,906 million 16,268 million At Fiscal Year-end 2014 16,437 million 16,931 million What is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, respectively? (Enter your answers in millions...
QUESTION 2 Use the following information to answer the next 3 questions: On December 31, 2015, a company reported the following information on its balance sheet: Accounts receivable $838,000 Less: Allowance for Doubtful Accounts 46,000 (cr.) During 2016, the company had the following transactions related to receivables: Sales on account $3,000,000 Collections of accounts receivable 2,712,000 Write-offs of accounts determined to be uncollectible 31,500 Recovery of prior write-offs 6,600 Determine the ending accounts receivable balance on December 31, 2016. •...
information provided in tc). Compute bad debt amounts. P8-2A Information related to Mingenback Company for 2015 is summarized below. (LO 3) Total credit sales Accounts receivable at December 31 Bad debts written off $2,500,000 875,000 33,000 Instructions (a) What amount of bad debt expense will Mingenback Company report if it uses the (b) Assume that Mingenback Company estimates its bad debt expense to be 2% of credit (c) Assume that Mingenback Company estimates its bad debts pens based on 6%of...
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