Homework Answers
(13)
ANSWER: False
EXPLANATION:
The net realizable value of accounts receivable is the net amount we estimate that we will be able to collect from debtors.
(14)
ANSWER: True
EXPLANATION:
allowance for uncollectible accounts is a contra asset account which has a credit balance created due to the estimation of uncollectible amounts.
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10200 6100 No answer text provided. 013 19 The net realizable value of accounts receivable is...
Using the information provided for 2017, calculate the net realizable value of accounts receivable at December...
Using the information provided for 2017, calculate the net
realizable value of accounts receivable at December 31, 2016, and
prepare the appropriate balance sheet presentation for Carr Co., as
of that point in time
A portion of the current assets section of the December 31, 2017, balance sheet tor Carr Co. is presented here: $ 100,000 Accounts receivable Less. Allowance for bad debts (14,000) 6,000 The company's accounting records revealed the following information for the year ended December 31, 2017:...
Accounts receivable are shown on the balance sheet at their: Net realizable value Present value Trade...
Accounts receivable are shown on the balance sheet at their: Net realizable value Present value Trade value Book value If a customer dishonors a note receivable: The note should be converted to an account receivable The principle shall remain in the notes receivable account The company should send the customer a fruit basket Cash will be received at the due date Florence Company had a debit balance of $1,500 in the Allowance for Doubtful Accounts account and a debit balance...
True/False 1. ____ Companies use two separate accounts in order to report accounts receivable at its...
True/False 1. ____ Companies use two separate accounts in order to report accounts receivable at its net realizable value. 2. ____ Bad debt expense is reported on the balance sheet as a contra account to accounts receivable. 3. ____ The matching principle says that expenses should be recorded the same period as the revenues they help generate. 4. ____ Once an account has been written off, it can never be reinstated on the books, even if it is later collected....
Questions: I) The percentage of completion method is an application of the matching principle: True or...
Questions: I) The percentage of completion method is an application of the matching principle: True or False? II) On which financial statement at what amount are account receivable reported? a) Balance sheet at the amount owed by customers b) Income statement at the net uncollectible amount c) Income statement at the amount written off d) Balance sheet at the net realizable value III) Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account: a)...
Use the information from the following journal entries to answer the questions about Winter Retreat Inc....
Use the information from the following journal entries to answer the questions about Winter Retreat Inc. for 2017 (Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($91,000) and then post to the Account Receivable T-account. How much do Winter Retreat's customers owe the company at December 31, 2017? 2. Start with the Allowance account's beginning credit balance. ($17.500) and then post to the Allowance for Uncollectible Accounts T-account. How much of the...
Use the information from the following journal entries to answer the questions about Natural Life Inc....
Use
the information from the following journal entries to answer the
questions about Natural Life Inc. for 2017.
Use the information from the following journal entries to answer the questions about Natural Life Inc. for 2017 Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($30,000) and then post to the Account Receivable T account. How much do Natural Life's customers owe the company at December 31, 2017? 2. Start with the Allowance...
Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. Required information...
Post transactions to the following accounts: Cash, Accounts
Receivable, and Allowance for Uncollectible Accounts.
Required information [The following information applies to the questions displayed below.) The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $35,000. September 17, 2021 Receive $20,000 from customers on account. December 31, 2021 Estimate that 40% of accounts receivable at the end of the year will not...
Use the following to answer questions 12-15 At December 31, KC Co reported accounts receivable of...
Use the following to answer questions 12-15 At December 31, KC Co reported accounts receivable of $50,000 and an allowance for uncollectible accounts of $300 (credit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 7% of accounts receivable. 12. $ Estimate the amount of uncollectible receivables: 13. $ When recording the adjusting entry for bad debt expense how much should Allowance for Uncollectible accounts be credited? 14. On January 10, a customer's account balance...
en an account receivable that has been written off is subsequently collected, that account receivable must...
en an account receivable that has been written off is subsequently collected, that account receivable must be reinstated and the cash collection recorded. A. True. B. False. is the type of account and normal balance of Allowance for Doubtful Accounts? A. Liability, credit. B. Revenue, credit. C. Contra asset, debit. D. Contra asset, credit. 16. The difference between accounts receivable and allowance for doubtful account is called net realizable value. A. True. B. False, 17. The account receivable turnover measures...
i need help with questions 6-14 Accounts Receivable, Notes Receivable Beginning Balance in Accounts Receivable: $15,000...
i need help with questions 6-14
Accounts Receivable, Notes Receivable Beginning Balance in Accounts Receivable: $15,000 Beginning Balance in Allowance for Uncollectible Accounts is a debit of $120 You will need to prepare a t-account for accounts receivable and allowance for uncollectible (doubtful) accounts. Use a 360-day year to calculate interest. 1. Adjust the allowance for uncollectible accounts assuming that 10% of the balance accounts receivable will be written off in the coming year. 2. Derrick sends a note via...
Using the information provided for 2017, calculate the net
realizable value of accounts receivable at December 31, 2016, and
prepare the appropriate balance sheet presentation for Carr Co., as
of that point in time
A portion of the current assets section of the December 31, 2017, balance sheet tor Carr Co. is presented here: $ 100,000 Accounts receivable Less. Allowance for bad debts (14,000) 6,000 The company's accounting records revealed the following information for the year ended December 31, 2017:...
Accounts receivable are shown on the balance sheet at their: Net realizable value Present value Trade value Book value If a customer dishonors a note receivable: The note should be converted to an account receivable The principle shall remain in the notes receivable account The company should send the customer a fruit basket Cash will be received at the due date Florence Company had a debit balance of $1,500 in the Allowance for Doubtful Accounts account and a debit balance...
Use the information from the following journal entries to answer the questions about Winter Retreat Inc. for 2017 (Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($91,000) and then post to the Account Receivable T-account. How much do Winter Retreat's customers owe the company at December 31, 2017? 2. Start with the Allowance account's beginning credit balance. ($17.500) and then post to the Allowance for Uncollectible Accounts T-account. How much of the...
Use
the information from the following journal entries to answer the
questions about Natural Life Inc. for 2017.
Use the information from the following journal entries to answer the questions about Natural Life Inc. for 2017 Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($30,000) and then post to the Account Receivable T account. How much do Natural Life's customers owe the company at December 31, 2017? 2. Start with the Allowance...
Post transactions to the following accounts: Cash, Accounts
Receivable, and Allowance for Uncollectible Accounts.
Required information [The following information applies to the questions displayed below.) The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $35,000. September 17, 2021 Receive $20,000 from customers on account. December 31, 2021 Estimate that 40% of accounts receivable at the end of the year will not...
Use the following to answer questions 12-15 At December 31, KC Co reported accounts receivable of $50,000 and an allowance for uncollectible accounts of $300 (credit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 7% of accounts receivable. 12. $ Estimate the amount of uncollectible receivables: 13. $ When recording the adjusting entry for bad debt expense how much should Allowance for Uncollectible accounts be credited? 14. On January 10, a customer's account balance...
en an account receivable that has been written off is subsequently collected, that account receivable must be reinstated and the cash collection recorded. A. True. B. False. is the type of account and normal balance of Allowance for Doubtful Accounts? A. Liability, credit. B. Revenue, credit. C. Contra asset, debit. D. Contra asset, credit. 16. The difference between accounts receivable and allowance for doubtful account is called net realizable value. A. True. B. False, 17. The account receivable turnover measures...
i need help with questions 6-14
Accounts Receivable, Notes Receivable Beginning Balance in Accounts Receivable: $15,000 Beginning Balance in Allowance for Uncollectible Accounts is a debit of $120 You will need to prepare a t-account for accounts receivable and allowance for uncollectible (doubtful) accounts. Use a 360-day year to calculate interest. 1. Adjust the allowance for uncollectible accounts assuming that 10% of the balance accounts receivable will be written off in the coming year. 2. Derrick sends a note via...
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