Dorchester Company had the following balances at the end of 2018 and 2019 respectively: Net Credit...
Dorchester Company had the following balances at the end of 2018 and 2019 respectively:
Net Credit Sales - $960,000 for 2018 and $992,000 for 2019.
Accounts Receivable - $80,000 for 2018 and $99,000 for 2019.
Allowance for Doubtful Accounts - $6,000 for 2018 and 6,500 for 2019
Calculate the accounts receivable turnover ratio to one decimal place.
Homework Answers
Net accounts receivable = (80,000-6,000) and (99,000-6,500)
= 74,000 and 92,500
Accounts Receivable Turnover l
= Credit sales/Average accounts receivables
= 992,000/[(74,000+92500)/2]
= 11.92 times
Add Answer to:
Dorchester Company had the following balances at the end of 2018
and 2019 respectively:
Net Credit...
1) Given below are account balances for Charlie Company: Gross sales, $94,000 Sales returns and allowances,...
1) Given below are account balances for Charlie Company: Gross sales, $94,000 Sales returns and allowances, $4,000 Selling expenses, $12,000 Cost of goods sold, $52,000 Interest expense, $3,000 How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example - enter 46% as .46) 2) Dorchester Company had the following balances at the end of 2018 and 2019 respectively: Net Credit Sales - $870,000 for 2018 and $962,000 for 2019. Accounts Receivable...
Geisel, Inc. reported net sales revenue of $525,000 in 2018 and $617,000 in 2019. The company's...
Geisel, Inc. reported net sales revenue of $525,000 in 2018 and $617,000 in 2019. The company's ending net receivables were $124,000 during 2017 and $140,000 during 2018. At December 31, 2019, the company had Accounts Receivable of $138,000 and an unadjusted debit balance in its Allowance for Doubtful Accounts account of $1,500. The company reported Bad Debt Expense of $8,560 during 2019. Required: a. Determine the net receivables at December 31, 2019. b. Calculate the receivables turnover ratio for 2018...
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...
Question 3 2.5 pts Jake Company records had debt expense using the net credit sales method...
Question 3 2.5 pts Jake Company records had debt expense using the net credit sales method and has estimated that 5.5% of its credit sales will prove to be uncollectible. During 2019, Jake Company reported net credit sales of $120,000 and collected $150.000 cash from its credit customers. The $150,000 includes a $6,000 recovery of an account receivable written off in the previous year. During 2019, Jake Company wrote-off as uncollectible accounts receivable of $4,000. Take Company reported accounts receivable...
During 2017, Mala Corporation has net credit sales of $1,200,000 and cost of goods sold of...
During 2017, Mala Corporation has net credit sales of $1,200,000 and cost of goods sold of $650,000. The accounts receivable and allowance for doubtful accounts at the beginning of the year were $450,000 and $150,000 respectively. The balance sheet shows $640,000 and $140,000 for accounts receivable and allowance for doubtful accounts respectively at the end of the year. What was the accounts receivable turnover ratio for the year? Select one: a. 2.2 b. 2.7 c. 1.4 X d. 3.0
Pans on Fire, Inc., had the following account balances at the end of the year before adjustments: Accounts Receivable $6...
Pans on Fire, Inc., had the following account balances at the end of the year before adjustments: Accounts Receivable $60,000 Allowance for Doubtful Accounts $200 credit balance Net Sales $600,000 Doubtful Accounts Expense $0 Management estimates that 11% of accounts receivable will be uncollectible. After the correct adjusting entry has been made, what is the total Allowance for Doubtful Accounts on the balance sheet at year end?
before adjustments, amie corporation had the following balances on December 31, 2018 Accounts receivable: 65, 000...
before adjustments, amie corporation had the following balances on December 31, 2018 Accounts receivable: 65, 000 Allowance for doubtful accounts: 3000 credit Net credit sales: 550,000 a. An aging of the accounts receivable estimated the collection amount of the receivables at December 31, 2018 at 57, 800. Prepare the journal entry to record the estimated uncollectible accounts. b. On march 5, 2019 amie decided that the 500 receivable from a customer, baker company, was uncollectible. Prepare the journal entry to...
Question 1 Given below are account balances for Charlie Company: Gross sales, $100,000 Sales returns and...
Question 1 Given below are account balances for Charlie Company: Gross sales, $100,000 Sales returns and allowances, $6,000 Selling expenses, $12,000 Cost of goods sold, $54,000 Interest expense, $3,000 How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example - enter 46% as .46) Question 2 Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales for $2,000. If payment occurs on January...
Pessimist Incorporated had credit sales totalling $4,900,000 and $5,100,000 for the years ended December 31, 2018...
Pessimist Incorporated had credit sales totalling $4,900,000 and $5,100,000 for the years ended December 31, 2018 and December 31 2019. respectively. Information on trade accounts receivable for the company is presented below: Days outstanding Balance in accounts receivable December 31, 2018 0-30 400,000 30-60 150,000 61-90 40,000 Over 90 10,000 Balance in accounts receivable December 31, 2019 440,000 160,000 30,000 20,000 % of receivables estimated to be uncollectible 0.5% 1% 2% 5% The credit balance in the allowance for doubtful...
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...
Geisel, Inc. reported net sales revenue of $525,000 in 2018 and $617,000 in 2019. The company's ending net receivables were $124,000 during 2017 and $140,000 during 2018. At December 31, 2019, the company had Accounts Receivable of $138,000 and an unadjusted debit balance in its Allowance for Doubtful Accounts account of $1,500. The company reported Bad Debt Expense of $8,560 during 2019. Required: a. Determine the net receivables at December 31, 2019. b. Calculate the receivables turnover ratio for 2018...
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...
Question 3 2.5 pts Jake Company records had debt expense using the net credit sales method and has estimated that 5.5% of its credit sales will prove to be uncollectible. During 2019, Jake Company reported net credit sales of $120,000 and collected $150.000 cash from its credit customers. The $150,000 includes a $6,000 recovery of an account receivable written off in the previous year. During 2019, Jake Company wrote-off as uncollectible accounts receivable of $4,000. Take Company reported accounts receivable...
During 2017, Mala Corporation has net credit sales of $1,200,000 and cost of goods sold of $650,000. The accounts receivable and allowance for doubtful accounts at the beginning of the year were $450,000 and $150,000 respectively. The balance sheet shows $640,000 and $140,000 for accounts receivable and allowance for doubtful accounts respectively at the end of the year. What was the accounts receivable turnover ratio for the year? Select one: a. 2.2 b. 2.7 c. 1.4 X d. 3.0
Pessimist Incorporated had credit sales totalling $4,900,000 and $5,100,000 for the years ended December 31, 2018 and December 31 2019. respectively. Information on trade accounts receivable for the company is presented below: Days outstanding Balance in accounts receivable December 31, 2018 0-30 400,000 30-60 150,000 61-90 40,000 Over 90 10,000 Balance in accounts receivable December 31, 2019 440,000 160,000 30,000 20,000 % of receivables estimated to be uncollectible 0.5% 1% 2% 5% The credit balance in the allowance for doubtful...
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...
Most questions answered within 3 hours.
-
Write the overall reaction for the RedOx
reaction (below) when it occurs in an acidic environment....
asked 3 minutes ago -
Two forces are acting on an object. Force 1 on the object is 6.0
N and...
asked 4 minutes ago -
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 17 minutes ago -
The African Adventures exhibit water system holds approximately
850,000 gallons (3.2x109 g) of water. The temperature...
asked 9 minutes ago -
which of the following is capital?
the barn a farmer uses to hold the chickens he...
asked 19 minutes ago -
Attribute
Sample Value
Sample Value
Sample Value
Sample Value
pirate_num
11
22
43
54
pirate_lname
James...
asked 12 minutes ago -
10. Two forces act on a 3 kg object, the gravitational force and
a second, constant...
asked 29 minutes ago -
Dividing Partnership Net Loss
Leigh Meadows and Byron Leef formed a partnership in which the
partnership...
asked 26 minutes ago -
Discuss how Entrepreneurial leadership style differs
from traditional leadership?
asked 52 minutes ago -
A futuristic design for a car is to have a large solid
disk-shaped flywheel within the...
asked 50 minutes ago -
Solid NaOH is added to a solution of 0.50 M acetic acid until
the pH of...
asked 53 minutes ago -
Which of the following statements is not a characteristic of the
Internal Revenue Code?
A) The...
asked 1 hour ago