1 | |||||||
a. | Amount of baddebts written off: | ||||||
$ | $ | ||||||
Ending balance of accounts receivable (Gross) | (4277+126) | 4403 | |||||
Cash collected from customers | 28737 | ||||||
Total | 33140 | ||||||
Less: | |||||||
Beginning balance of accounts receivable (Gross) | (4713+117) | 4830 | |||||
Credit Sales | 27722 | 32552 | |||||
Baddebts written-off | 588 | ||||||
b. | Amount of baddebt expense for2015: | ||||||
$ | |||||||
Ending balance of allowances | 126 | ||||||
Baddebts written-off | 588 | ||||||
Total | 714 | ||||||
Less: Beginning balance of allowance | 117 | ||||||
Baddebt expense for 2015 | 597 | ||||||
2 | |||||||
a. | Accounts receivable balance for 2015: | ||||||
$ | $ | ||||||
Beginning balance of accounts receivable (Gross) | (4713+117) | 4830 | |||||
Add: Credit sales | 27722 | ||||||
32552 | |||||||
Less: | |||||||
Cash collected from customers | 28737 | ||||||
Baddebts written-off during 2015 | 588 | 29325 | |||||
Accounts receivable balance for 2015 | 3227 | ||||||
b. | Baddebt expense=Baddebts written-off during 2015=$ 588 | ||||||
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $306 in 2015 and $342 in 2014 $ 5,777 $ 6,213 In addition, the income statement reported sales revenue of $42,812 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet Included the following Information ($ In millions): 2015 2014 Current assets: Receivables, less allowances of $294 in 2015 and $327 in 2014 $ 5,677 $ 6,113 In addition, the income statement reported sales revenue of $41,806 ($ In millions) for the current year. All sales are made on a credit basis. The statement of cash flows Indicates that cash collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $318 in 2015 and $357 in 2014 $ 5,877 $ 6,313 In addition, the income statement reported sales revenue of $43,818 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $294 in 2015 and $327 in 2014 $ 5,677 $ 6,113 In addition, the income statement reported sales revenue of $41,806 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current...
TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $306 in 2015 and $342 in 2014 $ 5,777 $ 6,213 In addition, the income statement reported sales revenue of $42,812 ($ in millions) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current...
IMG_6537.jpgIMG_6538.jpgIMG_6536.jpgIMG_6539.jpgAmdahl Corporation manufactures large-scale, high performance computer systems. In a recent annual report, the balance sheet included the following information (dollars in thousands):Current YearPrevious YearCurrent assets:Receivables, net of allowances of $5,042and $6,590 in the previous year$504,944$580,640In addition, the income statement reported sales revenue of $2,158,755 ($ in thousands) for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current year was $2,230,065 ($ in thousands)....
Please show all calculations and explain. Thank You! P 7-2 Uncollectible accounts; EMC Corporation .LO7-5 Real World Financials EMC Corporation manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $90 in 2015 and $72 in 2014 $3,977 $4,413 In addition, the income statement reported sales revenue of $24,704 (5 in millions) for the current year. All sales are made on a...
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...
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $19,500; (2) up to 120 days past due, $5,500; and (3) more than 120 days past due, $3,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2)...