Homework Answers
a) Ending balance in Allowance for doubtful accounts = Beginning balance+Bad debt expense-Wrote off+recovered
= 200000+(3250000*5%)-195000+45000
Ending balance in Allowance for doubtful accounts = 212500
b) Ending balance in account receivable = 7500000+3250000-4200000-195000 = 6355000
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E6-6 ccounting for uncollectibles In its 2011 financial report, Sound Unlimited reported the following items: 1....
. A company's allowance for doubtful accounts is $11,000 on 1/1/2018 and $16,000 on 1/1/2019. During...
. A company's allowance for doubtful accounts is $11,000 on 1/1/2018 and $16,000 on 1/1/2019. During 2018, bad debts expenses were estimated to be 3% on net credit sales of$250,000. During 2018, what was the amount of accounts receivable written off as uncollectible? (use T accounts and circle your answer) Accounts Receivable Allowance for D. A. Bad Debt Expense At 1/1/18 Nelson Corp. reported a balance in Accounts Receivable of $350,000 and a credit balance in the Allowance for Doubtful...
Can you please provide explanations? Thank you! Allowance Method of Accounting for Uncollectibles The following transactions...
Can you please provide explanations? Thank you!
Allowance Method of Accounting for Uncollectibles The following transactions and adjusting entries were completed for Mitchell Co. during the current fiscal year. Mitchell Co. had a credit balance of $22,000 in the Allowance for Doubtful Accounts at the beginning of the year (prior to the entries below). January 30 Accepted a 90-day, 10% note for $40,000 on account from Thermo Flask, Inc. March 1 Received 50% of the $10,000 balance owed by Montgomery...
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...
Exercise 8-03 (Part Level Submission) At the beginning of the current period, Larkspur Corp. had balances in Accou...
Exercise 8-03 (Part Level Submission) At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $201,400 and in Allowance for Doubtful Accounts of $8,570 (credit). During the period, it had net credit sales of $840,400 and collections of $758,910. It wrote off as uncollectible accounts receivable of $8,026. However, a $2,889 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,180 at the...
please help with this accounting question! /1 Question 6 ades ley Accounting eekly Updates View Policies...
please help with this accounting question!
/1 Question 6 ades ley Accounting eekly Updates View Policies Current Attempt in Progress scussions At the beginning of the current period. Tamarisk Corp. had balances in Accounts Receivable of $191,500 and in Allowance for Doubtful Accounts of $9,840 kredit).During the period, it had net credit sales of $782,000 and collections of $697,920.It wrote off as uncollectible accounts receivable of $6,591.However, a $2,948 account previously written off as uncollectible was recovered before the end...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
4.At the end of its first year of operations, December 31, 2020, Sheridan Inc. reported the following information....
4.At the end of its first year of operations, December 31, 2020, Sheridan Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts Customer accounts written off as uncollectible during 2020 $997,800 21,930 Bad debt expense for 2020 87,790 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts $ 5. The following accounts were taken from Skysong Inc's trial...
At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500 and in A...
At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500 and in Allowance for Doubtful Accounts of $8,620 (credit). During the period, it had net credit sales of $739,000 and collections of $813,450. It wrote off as uncollectible accounts receivable of $7,198. However, a $2,978 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,810 at the end of the period. (Omit...
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...
Accounting 201 Quiz # 10 Name The following information relates to calendar year 2011: The balance...
Accounting 201 Quiz # 10 Name The following information relates to calendar year 2011: The balance in account receivables at January 1, 2011 is $3,200, The allowance for uncollectible accounts at January 1, 2011 is $100 (normal balance) Total sales for the year are $780,000, of which $160,000 are cash sales; Cost of Goods Sold for the above sales amounted to $400,000; Accounts Receivable written off during the year amount to $6,800; Cash collected from customers for payment of their...
. A company's allowance for doubtful accounts is $11,000 on 1/1/2018 and $16,000 on 1/1/2019. During 2018, bad debts expenses were estimated to be 3% on net credit sales of$250,000. During 2018, what was the amount of accounts receivable written off as uncollectible? (use T accounts and circle your answer) Accounts Receivable Allowance for D. A. Bad Debt Expense At 1/1/18 Nelson Corp. reported a balance in Accounts Receivable of $350,000 and a credit balance in the Allowance for Doubtful...
Can you please provide explanations? Thank you!
Allowance Method of Accounting for Uncollectibles The following transactions and adjusting entries were completed for Mitchell Co. during the current fiscal year. Mitchell Co. had a credit balance of $22,000 in the Allowance for Doubtful Accounts at the beginning of the year (prior to the entries below). January 30 Accepted a 90-day, 10% note for $40,000 on account from Thermo Flask, Inc. March 1 Received 50% of the $10,000 balance owed by Montgomery...
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...
Exercise 8-03 (Part Level Submission) At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $201,400 and in Allowance for Doubtful Accounts of $8,570 (credit). During the period, it had net credit sales of $840,400 and collections of $758,910. It wrote off as uncollectible accounts receivable of $8,026. However, a $2,889 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,180 at the...
please help with this accounting question!
/1 Question 6 ades ley Accounting eekly Updates View Policies Current Attempt in Progress scussions At the beginning of the current period. Tamarisk Corp. had balances in Accounts Receivable of $191,500 and in Allowance for Doubtful Accounts of $9,840 kredit).During the period, it had net credit sales of $782,000 and collections of $697,920.It wrote off as uncollectible accounts receivable of $6,591.However, a $2,948 account previously written off as uncollectible was recovered before the end...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
4.At the end of its first year of operations, December 31, 2020, Sheridan Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts Customer accounts written off as uncollectible during 2020 $997,800 21,930 Bad debt expense for 2020 87,790 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts $ 5. The following accounts were taken from Skysong Inc's trial...
At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500 and in Allowance for Doubtful Accounts of $8,620 (credit). During the period, it had net credit sales of $739,000 and collections of $813,450. It wrote off as uncollectible accounts receivable of $7,198. However, a $2,978 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,810 at the end of the period. (Omit...
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...
Accounting 201 Quiz # 10 Name The following information relates to calendar year 2011: The balance in account receivables at January 1, 2011 is $3,200, The allowance for uncollectible accounts at January 1, 2011 is $100 (normal balance) Total sales for the year are $780,000, of which $160,000 are cash sales; Cost of Goods Sold for the above sales amounted to $400,000; Accounts Receivable written off during the year amount to $6,800; Cash collected from customers for payment of their...
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