Homework Answers
| 2 | |
| Accounts Receivable, December 31, 2015 | 838000 |
| Add: Sales on account | 3000000 |
| Less: Collection of accounts receivable | -2712000 |
| Less: Write offs | -31500 |
| Accounts Receivable, December 31, 2016 | 1094500 |
| Option A $1,094,500 is correct |
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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,...
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. •...
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,...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less:...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $615,000 35,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,020,000 50.000 2,720,000 45,000 21.000 (b) Enter the January 1, 2022, balances in Accounts Receivable and...
Problem 8-02A (Part Level Submission) At December 31, 2021, Wildhorse Imports reported this information on its bal...
Problem 8-02A (Part Level Submission) At December 31, 2021, Wildhorse Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $563,000 39,000 During 2022, the company had the following transactions related to receivables. $2,470,000 52,000 2,170,000 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible 45,000 15,000 (b) Enter the January 1, 2022, balances in...
Problem 8-02A (Part Level Submission) At December 31, 2021, Pharoah Imports reported this information on its balan...
Problem 8-02A (Part Level Submission) At December 31, 2021, Pharoah Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $558,400 39,000 During 2022, the company had the following transactions related to receivables. 1. 2. Sales on account Sales returns and allowances Collections of accounts receivale Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,015,000 65,100 1,715,000 42,000 14,000 4. 5. (b) Enter the January 1, 2022, balances...
How can I solve this? At December 31, 2016, House Co. reported the following information on...
How can I solve this? At December 31, 2016, House Co. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for doubtful accounts 80,000 During 2017, the company had the following transactions related to receivables. 1. Sales on account $3,700,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,810,000 4. Write-offs of accounts receivable deemed uncollectible 90,000 5. Recovery of bad debts previously written off as uncollectible 29,000 Instructions (a) Prepare the journal...
At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable...
At December 31, 2016, Flint
Corporation Imports reported this information on its balance
sheet.
Accounts receivable
$560,400
Less: Allowance for doubtful accounts
37,640
During 2017, the company had the following transactions related to
receivables.
1.
Sales on account
$2,968,300
2.
Sales returns and allowances
92,202
3.
Collections of accounts receivable
2,518,800
4.
Write-offs of accounts receivable deemed uncollectible
43,310
5.
Recovery of bad debts previously written off as
uncollectible
15,840
8 Post Gaogle Docs Get Homework Help With C aided...
At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable...
At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable $560,400 Less: Allowance for doubtful accounts 37,640 During 2017, the company had the following transactions related to receivables. 1. Sales on account $2,968,300 2. Sales returns and allowances 92,202 3. Collections of accounts receivable 2,518,800 4. Write-offs of accounts receivable deemed uncollectible 43,310 5. Recovery of bad debts previously written off as uncollectible 15,840 Compute the accounts receivable turnover. (Round answer to 1 decimal...
Please answer the question below, thanks! CALCULATOR PRINTER VERSION BACK NEXT Problem 8-1A (Part Level Submission)...
Please answer the question below, thanks!
CALCULATOR PRINTER VERSION BACK NEXT Problem 8-1A (Part Level Submission) At December 31, 2018, Bramble Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $972.000 82,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as...
At December 31, 2017, Crown Point Imports Inc. reported this information on its balance sheet.
Question 3At December 31, 2017, Crown Point Imports Inc. reported this information on its balance sheet. Accounts receivable $616,000 Less: Allowance for doubtful accounts 44,000 During 2018, the company had the following summary transactions related to receivables and sales. Crown Point uses the perpetual inventory system. 1. Sales on account amounted to $2,339,000. The cost of the inventory sold was $2,151,880. 2. Sales returns and allowances with a total sales price of $39,000 and a cost of $35,880 were restored to inventory. 3. Collections of accounts receivable...
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. •...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $615,000 35,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,020,000 50.000 2,720,000 45,000 21.000 (b) Enter the January 1, 2022, balances in Accounts Receivable and...
Problem 8-02A (Part Level Submission) At December 31, 2021, Wildhorse Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $563,000 39,000 During 2022, the company had the following transactions related to receivables. $2,470,000 52,000 2,170,000 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible 45,000 15,000 (b) Enter the January 1, 2022, balances in...
Problem 8-02A (Part Level Submission) At December 31, 2021, Pharoah Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $558,400 39,000 During 2022, the company had the following transactions related to receivables. 1. 2. Sales on account Sales returns and allowances Collections of accounts receivale Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,015,000 65,100 1,715,000 42,000 14,000 4. 5. (b) Enter the January 1, 2022, balances...
At December 31, 2016, Flint
Corporation Imports reported this information on its balance
sheet.
Accounts receivable
$560,400
Less: Allowance for doubtful accounts
37,640
During 2017, the company had the following transactions related to
receivables.
1.
Sales on account
$2,968,300
2.
Sales returns and allowances
92,202
3.
Collections of accounts receivable
2,518,800
4.
Write-offs of accounts receivable deemed uncollectible
43,310
5.
Recovery of bad debts previously written off as
uncollectible
15,840
8 Post Gaogle Docs Get Homework Help With C aided...
Please answer the question below, thanks!
CALCULATOR PRINTER VERSION BACK NEXT Problem 8-1A (Part Level Submission) At December 31, 2018, Bramble Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $972.000 82,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as...
Question 3At December 31, 2017, Crown Point Imports Inc. reported this information on its balance sheet. Accounts receivable $616,000 Less: Allowance for doubtful accounts 44,000 During 2018, the company had the following summary transactions related to receivables and sales. Crown Point uses the perpetual inventory system. 1. Sales on account amounted to $2,339,000. The cost of the inventory sold was $2,151,880. 2. Sales returns and allowances with a total sales price of $39,000 and a cost of $35,880 were restored to inventory. 3. Collections of accounts receivable...
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