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WELL LUULI TULLUT due. AP6-54 (Accounts receivable and uncollectible accounts-percentage of credit sales method) On December...
AP6-5B (Accounts receivable and uncollectible accounts-percentage of credit sales method) Majestic Equipment Sales Company, which sells...
AP6-5B (Accounts receivable and uncollectible accounts-percentage of credit sales method) Majestic Equipment Sales Company, which sells only on account, had a $120,000 balance in its Accounts Receivable and a $4,200 balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $820,000 and its total cash collections from customers were $780,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote these receivables...
AP6-8B (Accounts receivable and uncollectible accounts—aging of receivables method) Johnson Ltd. reported the following information on...
AP6-8B (Accounts receivable and uncollectible accounts—aging of receivables method) Johnson Ltd. reported the following information on financial statements for the year ended December 31, 2019: $2,978,500 Accounts receivable 95,312 Allowance for doubtful accounts 152,305 Bad debts expense During 2020, the company had the following transactions related to receivables: a. Sales were $26,358,000, of which $21,086,000 were on account. b. Collections of accounts receivable were $19.923,000. c. Writeoffs of accounts receivable were $102,200. d. Recoveries of accounts previously written off as...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2016: Accounts receivable $650,000 Allowance for bad debts 20,700 (credit balance) Transactions during 2017 were as follows: Gross credit sales $4,200,000 Collections of accounts receivable ($3,690,000 less cash discounts of $63,000) 3,627,000 Sales returns and allowances (from credit sales) 46,000 Accounts receivable written off as uncollectible 19,000 Balance in Allowance for Bad Debts on December 31, 2017 (based on percent of...
accounts in the uncollectible accounts Tilden Co. hacd credit sales in the amount of $470,000, and...
accounts in the uncollectible accounts Tilden Co. hacd credit sales in the amount of $470,000, and it had uncollectibie inount of $4,700. Based on last year, what would the percent of estimated 10% be this year? b.4% 1% 4.7% 28. Which of the following is a method of accounting for uncollectible accounts? reserve method allowance method allocation method accounts receivable method b. d. 29. The expense associated with an uncollectible account is recognized when it has been det that a...
Information on Ivanhoe Company for 2021 follows: Total credit sales $970,000 Accounts receivable at December 31...
Information on Ivanhoe Company for 2021 follows: Total credit sales $970,000 Accounts receivable at December 31 38,800 Uncollectible accounts written off 13,300 Amount collected on accounts previously written off (after write off but before year end) 3,100 a.)Assume that Ivanhoe Company decides to estimate its uncollectible accounts using the allowance method and estimates its bad debt expense at 2.70% of credit sales. What amount of bad debt expense will Ivanhoe Company record if Allowance for Doubtful Accounts had an opening...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentage uncollectible. Accounts Estimated Age Group Receivable Loss % 0-30 days past due $ 80,000 1% 31-60 days past due 20,000 61-120 days past due 14,000 5 121-180 days past due 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $124,000 2 The balance of the allowance for uncollectible accounts is...
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December...
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group 0-30 days past due 31-60 days past due 61-120 days past due. 121-180 days past due Over 180 days past due.. Total accounts receivable... Accounts Receivable $ 90,000 20,000 11,000 6,000 4,000 $131,000 Estimated Loss % 1% 2 5 10 25 The unused balance of...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 90,000 1% 31-60 days past due 20,000 2 61-120 days past due 11,000 5 121-180 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $ 131,000 The balance of the allowance for uncollectible...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
Problem 9.4A Accounts receivable transactions and bad debts adjustments C1 P2 P3 Liang Company began operations...
Problem 9.4A Accounts receivable transactions and bad debts adjustments C1 P2 P3 Liang Company began operations in Year 1. During its first two years, the company completed a nu of transactions involving sales on credit, accounts receivable collections, and bad debts. These trane tions are summarized as follows. Year 1 a. Sold $1,345,434 of merchandise (that had cost $975,000) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. c. Received $669,200 cash in payment of accounts receivable....
AP6-5B (Accounts receivable and uncollectible accounts-percentage of credit sales method) Majestic Equipment Sales Company, which sells only on account, had a $120,000 balance in its Accounts Receivable and a $4,200 balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $820,000 and its total cash collections from customers were $780,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote these receivables...
AP6-8B (Accounts receivable and uncollectible accounts—aging of receivables method) Johnson Ltd. reported the following information on financial statements for the year ended December 31, 2019: $2,978,500 Accounts receivable 95,312 Allowance for doubtful accounts 152,305 Bad debts expense During 2020, the company had the following transactions related to receivables: a. Sales were $26,358,000, of which $21,086,000 were on account. b. Collections of accounts receivable were $19.923,000. c. Writeoffs of accounts receivable were $102,200. d. Recoveries of accounts previously written off as...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2016: Accounts receivable $650,000 Allowance for bad debts 20,700 (credit balance) Transactions during 2017 were as follows: Gross credit sales $4,200,000 Collections of accounts receivable ($3,690,000 less cash discounts of $63,000) 3,627,000 Sales returns and allowances (from credit sales) 46,000 Accounts receivable written off as uncollectible 19,000 Balance in Allowance for Bad Debts on December 31, 2017 (based on percent of...
accounts in the uncollectible accounts Tilden Co. hacd credit sales in the amount of $470,000, and it had uncollectibie inount of $4,700. Based on last year, what would the percent of estimated 10% be this year? b.4% 1% 4.7% 28. Which of the following is a method of accounting for uncollectible accounts? reserve method allowance method allocation method accounts receivable method b. d. 29. The expense associated with an uncollectible account is recognized when it has been det that a...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentage uncollectible. Accounts Estimated Age Group Receivable Loss % 0-30 days past due $ 80,000 1% 31-60 days past due 20,000 61-120 days past due 14,000 5 121-180 days past due 6,000 10 Over 180 days past due 4,000 25 Total accounts receivable $124,000 2 The balance of the allowance for uncollectible accounts is...
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group 0-30 days past due 31-60 days past due 61-120 days past due. 121-180 days past due Over 180 days past due.. Total accounts receivable... Accounts Receivable $ 90,000 20,000 11,000 6,000 4,000 $131,000 Estimated Loss % 1% 2 5 10 25 The unused balance of...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
Problem 9.4A Accounts receivable transactions and bad debts adjustments C1 P2 P3 Liang Company began operations in Year 1. During its first two years, the company completed a nu of transactions involving sales on credit, accounts receivable collections, and bad debts. These trane tions are summarized as follows. Year 1 a. Sold $1,345,434 of merchandise (that had cost $975,000) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. c. Received $669,200 cash in payment of accounts receivable....
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