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Christopher Company had the following information in 2014. 7,000 700 37,000 17,000 44,000 Allowance for uncollectible...
Cornelius Company had the following information in 2014. $12,000 700 42,000 13,000 43,000 Allowance for uncollectible...
Cornelius Company had the following information in 2014. $12,000 700 42,000 13,000 43,000 Allowance for uncollectible account 12/31/14 (before adjustment) Collections from customers on account during 2014 If uncollectible accounts are determined by the aging-of-receivables method to be $1,150, the uncollectible-account expense for 2014 would be $450. The balance of the Allowance account after the adjusting entry would be $1,150. The net realizable value of accounts receivable on the December 31, 2014 balance sheet would be OA. $13,150. B. $10,850....
R. Antonio Company had the following ntormation in 2014 $ 26,000 1,500 94,000 28,000 100,000 Allowance...
R. Antonio Company had the following ntormation in 2014 $ 26,000 1,500 94,000 28,000 100,000 Allowance for uncollectible account 12/31/14 (before adjustment) Collections from customers on account during 2014 . . . . . . . . . . . . . . . . .. If uncollectible accounts are determined by the aging-of-receivables method to be $2,280, the uncollectible account expense for 2014 would be $780. The balance of the Allowance account after the adjusting entry would be O...
Daniel Company had the following information in 2014. 8,000 950 40,000 16,000 40,000 Allowance for uncollectible...
Daniel Company had the following information in 2014. 8,000 950 40,000 16,000 40,000 Allowance for uncollectible accounts 12/31/14 (before adjustment) . . Cash sales during 2014 Collections from customers on account during 2014 Uncollectible-account expense for 2014 is $1,600. What is the adjusted balance in the Allowance account at year-end for 2014? O A. $2,550 B. $650 OC. $1,500 O D. $950
Joshua Company had the following information in 2014 6,000 750 40,000 14,000 42,000 Allowance for uncollectible...
Joshua Company had the following information in 2014 6,000 750 40,000 14,000 42,000 Allowance for uncollectible account 12/31/14 (before adjustment) . . . Collections from customers on account during 2014 Uncollectible accounts are determined by the percent-of-sales method to be 2% of credit sales. How much is uncollectible-account expense for 2014 OA. $750 B. $120 Ос. s800 O D. $1,080
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percen...
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percent Uncollectible 2% Days Outstanding 1-30 days 31-60 days 61 - 90 days Over 90 days Accounts Receivable $62,000 $42,000 $25,000 $7,000 5% 11% 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1,000. Under the aging-of-receivables method, the Uncollectible - Account Expense at year-end is: O A. $10,730 OB. 58.730 OC. 59,730 OD. $1,240
Gregory Company had the following information in 2018: EE (Click the icon to view the information.)...
Gregory Company had the following information in 2018: EE (Click the icon to view the information.) Uncollectible account expense for 2018 is $1,115. What is the adjusted balance in the Allowance account at year-end for 2018? OA. $1,440 B. $1,115 O C. $1,000 D. $2,115 G Data Table Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment).. . Credit service revenue during 2018.. . . . . . . . .. . . . . . . . Cash service revenue during...
Problem 7-4 Uncollectible accounts [LO7-5, 7-6] Raintree Cosmetic Company sells its products to c...
Problem 7-4 Uncollectible accounts [LO7-5, 7-6] Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company’s fiscal year-end. The 2017 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2018, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a...
Citywide Real Estate reported the following information for 2017: (Click the icon to view the information.)...
Citywide Real Estate reported the following information for 2017: (Click the icon to view the information.) 1. If uncollectible accounts are determined by the percent-of-sales method to be 2 percent of net credit sales, what is the bad debt expense for 2017? 2. If uncollectible accounts are determined by the aging of receivables to be $4,000, what is the amount of net accounts receivable after adjusting entries for 2017? 1. If uncollectible accounts are determined by the percent-of-sales method to...
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following...
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis Days Past Due Total 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $570,000 $396,000 $90,000 $36,000 $18,000 $30,000 Percent uncollectible 1% 2% 7% 10% 5% a. On February 1 of the next period, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900 for Oakley Co and $5,900 for Brookes Co. Prepare the...
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...
Cornelius Company had the following information in 2014. $12,000 700 42,000 13,000 43,000 Allowance for uncollectible account 12/31/14 (before adjustment) Collections from customers on account during 2014 If uncollectible accounts are determined by the aging-of-receivables method to be $1,150, the uncollectible-account expense for 2014 would be $450. The balance of the Allowance account after the adjusting entry would be $1,150. The net realizable value of accounts receivable on the December 31, 2014 balance sheet would be OA. $13,150. B. $10,850....
R. Antonio Company had the following ntormation in 2014 $ 26,000 1,500 94,000 28,000 100,000 Allowance for uncollectible account 12/31/14 (before adjustment) Collections from customers on account during 2014 . . . . . . . . . . . . . . . . .. If uncollectible accounts are determined by the aging-of-receivables method to be $2,280, the uncollectible account expense for 2014 would be $780. The balance of the Allowance account after the adjusting entry would be O...
Daniel Company had the following information in 2014. 8,000 950 40,000 16,000 40,000 Allowance for uncollectible accounts 12/31/14 (before adjustment) . . Cash sales during 2014 Collections from customers on account during 2014 Uncollectible-account expense for 2014 is $1,600. What is the adjusted balance in the Allowance account at year-end for 2014? O A. $2,550 B. $650 OC. $1,500 O D. $950
Joshua Company had the following information in 2014 6,000 750 40,000 14,000 42,000 Allowance for uncollectible account 12/31/14 (before adjustment) . . . Collections from customers on account during 2014 Uncollectible accounts are determined by the percent-of-sales method to be 2% of credit sales. How much is uncollectible-account expense for 2014 OA. $750 B. $120 Ос. s800 O D. $1,080
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percent Uncollectible 2% Days Outstanding 1-30 days 31-60 days 61 - 90 days Over 90 days Accounts Receivable $62,000 $42,000 $25,000 $7,000 5% 11% 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1,000. Under the aging-of-receivables method, the Uncollectible - Account Expense at year-end is: O A. $10,730 OB. 58.730 OC. 59,730 OD. $1,240
Gregory Company had the following information in 2018: EE (Click the icon to view the information.) Uncollectible account expense for 2018 is $1,115. What is the adjusted balance in the Allowance account at year-end for 2018? OA. $1,440 B. $1,115 O C. $1,000 D. $2,115 G Data Table Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment).. . Credit service revenue during 2018.. . . . . . . . .. . . . . . . . Cash service revenue during...
Citywide Real Estate reported the following information for 2017: (Click the icon to view the information.) 1. If uncollectible accounts are determined by the percent-of-sales method to be 2 percent of net credit sales, what is the bad debt expense for 2017? 2. If uncollectible accounts are determined by the aging of receivables to be $4,000, what is the amount of net accounts receivable after adjusting entries for 2017? 1. If uncollectible accounts are determined by the percent-of-sales method to...
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis Days Past Due Total 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $570,000 $396,000 $90,000 $36,000 $18,000 $30,000 Percent uncollectible 1% 2% 7% 10% 5% a. On February 1 of the next period, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900 for Oakley Co and $5,900 for Brookes Co. Prepare the...
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...
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