Homework Answers
The following is the working:
| Particulars | Amount |
| Opening Accounts Receivable | $1,200,000 |
| Add: Opening Provision | $60,000 |
| Add: Sales | $5,600,000 |
| Less: Bad Debts | ($50,000) |
| Less: Closing Provision | ($80,000) |
| Closing Accounts Receivable | $6,730,000 |
The opening provision or allowance for bad debts is to be added back as the same would have to be reversed in the current year. Closing provision is to be reduced since the same is made in the current year. Other adjustments are simple and self explanatory. In case there is difficulty understanding imagine the accounts receivable ledger you would arrive at the same closing balance.
Add Answer to:
No written work: show all steps
15. Alma Inc. has the following balances in its 2014...
Parrish Inc. Graded HW At December 31, 2001, Parrish Inc. reported this information on its balance...
Parrish Inc. Graded HW At December 31, 2001, Parrish Inc. reported this information on its balance sheet: Accounts receivable $2,000,000 Less: Allowance for doubtful accounts 120,000 During 2002, the company had the following transactions: 1. Sales on account $5,200,000 2. Sales returns and allowances 80,000 3. Collections of accounts receivables 4,600,000 4. Write-offs of accounts receivable deemed uncollectible 130,000 5. Recovery of bad debts previously written off 50,000 Required: a. Prepare the journal entries to record each of these five...
NO hand written work The following is data from Sapir's financial reports for Dec 31st 2015:...
NO hand written work
The following is data from Sapir's financial reports for Dec 31st 2015: Accounts Receivable, Net - $300,000 Allowance for Doubtful Account- $30,000 On Dec 31st 2014 Gross AR is $150,000. During 2015 the company collected $100,000 out of 2014's Accounts Receivable and recognizes write off of $40,000. The company's sales are 20% in cash and the rest in credit. What is the amount of sales written in the company's income statement for 2015?
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr....
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr. $163,000 $ 1,260 500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 26,000 15. Assume that Risen Company estimates doubtful accounts to be 10% of gross accounts receivable Bad Debt Expense for 2014 would be: a. $16,300 b. $13,780 c. $17,560 d. $15,040 16. The following accounts were taken from Robot Company's unadjusted trial balance at December 31,...
Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
TravelToday, Inc., disclosed the following rounded amounts (in thousands) concerning the Allowance for Doubtful Accounts on...
TravelToday, Inc., disclosed the following rounded amounts (in thousands) concerning the Allowance for Doubtful Accounts on its Form 10-K annual report. Allowance for Doubtful Accounts (dollars in thousands) Beginning Increases for Decreases for Ending Year Balance Bad Debt Expense Write-Offs Balance 2016 $ 8,300 $ 3,650 $ ? $ 850 2015 7,300 4,250 3,250 8,300 2014 11,800 550 5,050 7,300 Required: 1-a. Prepare a T-account for the Allowance for Doubtful Accounts and enter into it the 2014 amounts from the...
TravelToday, Inc., disclosed the following rounded amounts (in thousands) concerning the Allowance for Doubtful Accounts on...
TravelToday, Inc., disclosed the following rounded amounts (in
thousands) concerning the Allowance for Doubtful Accounts on its
Form 10-K annual report.
1-a. Prepare a T-account for the Allowance for Doubtful Accounts
and enter into it the 2014 amounts from the above schedule. The
balance at the beginning of each year in the Allowance for Doubtful
Accounts is a credit balance. 1-b Write the T-account in equation
format to prove the above items account for the changes in the
account.
2....
ornerstone Exercise 5-27 (Algorithmic) ging Method in January 1, 2019, Hungryman, Inc., has the following balances...
ornerstone Exercise 5-27 (Algorithmic) ging Method in January 1, 2019, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable Allowance for Doubtful Accounts (a credit balance) $1,286,400 48,000 During 2019, Hungryman had $18,800,000 of credit sales, collected $17,945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollecti year end, Hungryman performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Hungryman's preadjustment...
Interpreting the Accounts Receivable Footnote Hewlett-Packard Company reports the following in its 2015 10-K report. October...
Interpreting the Accounts Receivable Footnote Hewlett-Packard Company reports the following in its 2015 10-K report. October 31 (in millions) 2015 2014 Accounts receivable $13,363 $13,832 Footnotes to the company's 10-K provide the following additional information relating to its allowance for doubtful accounts. 2015 2014 2013 For the fiscal years ended October 31 (in millions) Allowance for doubtful accounts-accounts receivable Balance, beginning of period Provision for doubtful accounts Deductions, net of recoveries Balance, end of period $232 $332 $464 46 25...
Cornerstone Exercise 5-27 (Algorithmic) Aging Method On January 1, 2019, Hungryman, Inc., has the following balances...
Cornerstone Exercise 5-27 (Algorithmic) Aging Method On January 1, 2019, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $1,281,600 Allowance for Doubtful Accounts (a credit 50,000 balance) During 2019, Hungryman had $18,100,000 of credit sales, collected $17.945,000 of accounts receivable, and wrate off $60,000 af accounts receivable as uncollectible. At year end, Hungryman performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Hungryman's...
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700...
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a $2,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,820 at the end of the period. (Omit...
NO hand written work
The following is data from Sapir's financial reports for Dec 31st 2015: Accounts Receivable, Net - $300,000 Allowance for Doubtful Account- $30,000 On Dec 31st 2014 Gross AR is $150,000. During 2015 the company collected $100,000 out of 2014's Accounts Receivable and recognizes write off of $40,000. The company's sales are 20% in cash and the rest in credit. What is the amount of sales written in the company's income statement for 2015?
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr. $163,000 $ 1,260 500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 26,000 15. Assume that Risen Company estimates doubtful accounts to be 10% of gross accounts receivable Bad Debt Expense for 2014 would be: a. $16,300 b. $13,780 c. $17,560 d. $15,040 16. The following accounts were taken from Robot Company's unadjusted trial balance at December 31,...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
TravelToday, Inc., disclosed the following rounded amounts (in
thousands) concerning the Allowance for Doubtful Accounts on its
Form 10-K annual report.
1-a. Prepare a T-account for the Allowance for Doubtful Accounts
and enter into it the 2014 amounts from the above schedule. The
balance at the beginning of each year in the Allowance for Doubtful
Accounts is a credit balance. 1-b Write the T-account in equation
format to prove the above items account for the changes in the
account.
2....
ornerstone Exercise 5-27 (Algorithmic) ging Method in January 1, 2019, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable Allowance for Doubtful Accounts (a credit balance) $1,286,400 48,000 During 2019, Hungryman had $18,800,000 of credit sales, collected $17,945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollecti year end, Hungryman performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Hungryman's preadjustment...
Interpreting the Accounts Receivable Footnote Hewlett-Packard Company reports the following in its 2015 10-K report. October 31 (in millions) 2015 2014 Accounts receivable $13,363 $13,832 Footnotes to the company's 10-K provide the following additional information relating to its allowance for doubtful accounts. 2015 2014 2013 For the fiscal years ended October 31 (in millions) Allowance for doubtful accounts-accounts receivable Balance, beginning of period Provision for doubtful accounts Deductions, net of recoveries Balance, end of period $232 $332 $464 46 25...
Cornerstone Exercise 5-27 (Algorithmic) Aging Method On January 1, 2019, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $1,281,600 Allowance for Doubtful Accounts (a credit 50,000 balance) During 2019, Hungryman had $18,100,000 of credit sales, collected $17.945,000 of accounts receivable, and wrate off $60,000 af accounts receivable as uncollectible. At year end, Hungryman performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Hungryman's...
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a $2,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,820 at the end of the period. (Omit...
Most questions answered within 3 hours.
-
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 3 minutes ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 4 minutes ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 41 minutes ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 2 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 3 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 3 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 3 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 3 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 4 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 3 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 4 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 4 hours ago