Homework Answers
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| Shamrock | Amount $ |
| Calculation of ending accounts receivable: | |
| Opening balance | 18,500.00 |
| Credit sales | 110,700.00 |
| Collection | (84,500.00) |
| Ending balance | 44,700.00 |
| Sale of receivable | (13,700.00) |
| Ending balance after adjustment | 31,000.00 |
| Accounts Receivable Turnover Ratio | 3.57 |
| Net Credit Sales / Receivable | |
| Days to collect Accounts Receivable | 102.21 |
| 365/ Accounts Receivable Turnover Ratio | |
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i need to find account receivable turnover
and Days to collect account receivable
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Presented below is information for Swifty Company. 1. Beginning-of-the-year Accounts Receivable balance was $18,800. 2....
Presented below is information for Swifty Company. 1. Beginning-of-the-year Accounts Receivable balance was $18,800. 2. Net sales (all on account) for the year were $107,500. Swifty does not offer cash discounts. 3. Collections on accounts receivable during the year were $83,900. Swifty is planning to factor some accounts receivable at the end of the year. Accounts totaling $13,200 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses...
Exercise 7-21 Presented below is information for Ayayai Company 1. Beginning-of-the-year Accounts Receivable balance was $19,800...
Exercise 7-21 Presented below is information for Ayayai Company 1. Beginning-of-the-year Accounts Receivable balance was $19,800 2. Net sales (all on account) for the year were $109,400. Ayayai does not offer cash discounts. 3. Collections on accounts receivable during the year were $88,300 Ayayai is planning to factor some accounts receivable at the end of the year. Accounts totaling $14,100 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments...
Exercise 7-21 Presented below is information for Metlock Company. 1. Beginning-of-the-year Accounts Rece...
Exercise 7-21
Presented below is information for Metlock Company.
1.
Beginning-of-the-year Accounts Receivable balance was
$23,200.
2.
Net sales (all on account) for the year were $106,000. Metlock
does not offer cash discounts.
3.
Collections on accounts receivable during the year were
$82,500.
Metlock is planning to factor some accounts receivable at the end
of the year. Accounts totaling $12,400 will be transferred to
Credit Factors, Inc. with recourse. Credit Factors will retain 7%
of the balances for probable adjustments...
Flounder Corporation factors $251,700 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Flounder Corporation factors $251,700 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2017. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustment 2n Battle Financing will collect the receivables (b) Assume that the conditions are...
Bonita Corporation factors $268.100 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Bonita Corporation factors $268.100 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with...
Buffalo Corporation factors $268,700 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Buffalo Corporation factors $268,700 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with...
Windsor Corporation factors $278,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Windsor Corporation factors $278,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with...
Whispering Corporation factors $252,500 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse...
Whispering Corporation factors $252,500 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2017. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for the transfer of receivables with...
6. (7 points)Wood Incorporated factored $300,000 of accounts receivable with Engram Factors Inc. on a without...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
6. (7 points)Wood Incorporated factored $300,000 of accounts receivable with Engram Factors Inc. on a without...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
Exercise 7-21 Presented below is information for Ayayai Company 1. Beginning-of-the-year Accounts Receivable balance was $19,800 2. Net sales (all on account) for the year were $109,400. Ayayai does not offer cash discounts. 3. Collections on accounts receivable during the year were $88,300 Ayayai is planning to factor some accounts receivable at the end of the year. Accounts totaling $14,100 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments...
Exercise 7-21
Presented below is information for Metlock Company.
1.
Beginning-of-the-year Accounts Receivable balance was
$23,200.
2.
Net sales (all on account) for the year were $106,000. Metlock
does not offer cash discounts.
3.
Collections on accounts receivable during the year were
$82,500.
Metlock is planning to factor some accounts receivable at the end
of the year. Accounts totaling $12,400 will be transferred to
Credit Factors, Inc. with recourse. Credit Factors will retain 7%
of the balances for probable adjustments...
Flounder Corporation factors $251,700 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2017. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustment 2n Battle Financing will collect the receivables (b) Assume that the conditions are...
Bonita Corporation factors $268.100 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with...
Buffalo Corporation factors $268,700 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with...
Windsor Corporation factors $278,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
6. (7 points)Wood Incorporated
factored $300,000 of accounts receivable with Engram Factors Inc.
on a without recourse basis. Engram assesses a 3.50% finance charge
of the amount of accounts receivable and retains an amount equal to
7% of accounts receivable for possible adjustments.Prepare the
journal entry for Wood to record the sale. Also, record the journal
entry for Engram Factors, Inc. to record the purchase of the
receivables
6. (7 points) Wood Incorporated factored $300,000 of accounts receivable with Engram...
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