____ are useful in monitoring the status and composition of a firm's accounts receivable. Numerical credit...
____ are useful in monitoring the status and composition of a firm's accounts receivable.
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Homework Answers
Ans Aging of accounts schedules
Aging of accounts schedules are useful in monitoring the status and composition of a firm's accounts receivable. An aging schedule is the presentation of accounts receivables in summarized form. It is a list of receivable with the amount, customer and age of receivable.
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____ are useful in monitoring the status and composition of a
firm's accounts receivable.
Numerical credit...
Net income $ 12,500 Profit margin 7.80% Accounts receivable $ 6,700 Percent credit sales 85% What is Firm's...
Net income $ 12,500 Profit margin 7.80% Accounts receivable $ 6,700 Percent credit sales 85% What is Firm's days sales in receivables? Answers: 17.95 18.45 19.06 19.68
Peterson Dental Group started 2018 with Accounts receivable of $125,000 and a credit balance of $9,000...
Peterson Dental Group started 2018 with Accounts receivable of $125,000 and a credit balance of $9,000 in Allowance for uncollectible accounts. The following information relates to Peterson Dental's 2018 operations: (Click the icon to view the information.) Journalize Peterson's 2018 transactions based on the information provided. Prepare a T-account for the Allowance for uncollectible accounts to show your computation of Bad debt expense for the year. b. Cash 310,000 Accounts receivable 310,000 c. Write-offs of uncollectibles, $14.000. Journal Entry Accounts...
Using the aging method of accounts receivable method, $5,600 of the company’s Accounts Receivable are estimated...
Using the aging method of accounts receivable method, $5,600 of the company’s Accounts Receivable are estimated to be uncollectible. At the end of the year, the balance of Accounts Receivable is $106,000 and the unadjusted credit balance of the Allowance for Doubtful Accounts is $620. Credit sales during the year totaled $162,000. What is the current year’s Bad Debt Expense?
3B) For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has...
3B) For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25,700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 of uncollectible accounts....
Credit Debit $195,800 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,480 903,200 (a) Prepare...
Credit Debit $195,800 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,480 903,200 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $10,290 of accounts receivable will be uncollectible. (b) Repeat part (a), assuming that instead of a credit balance there is a $1,480 debit balance in Allowance for Doubtful Accounts. (c) During the next month, January 2023, a $2,270 account receivable is written off as uncollectible....
The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable...
The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable and credit losses during the current year: $ 7,500,000 1,750,000 Net credit sales for the year Accounts receivable at year-end Uncollectible accounts receivable: Actually written off during the year Estimated portion of year-end receivables expected to prove uncollectible (per aging schedule) $ 98,000 84.000 182,000 a. Uncollectible accounts expense is estimated at an amount equal to 2.5 percent of net credit sales. b. Uncollectible...
The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable...
The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable and credit losses during the current year: $ 7,500,000 1,750,000 Net credit sales for the year Accounts receivable at year-end Uncollectible accounts receivable: Actually written off during the year Estimated portion of year-end receivables expected to prove uncollectible (per aging schedule) $ 98,888 84,000 182,000 a. Uncollectible accounts expense is estimated at an amount equal to 2.5 percent of net credit sales. b. Uncollectible...
A scenario under which a company's credit sales are increasing and its accounts receivable turnover is...
A scenario under which a company's credit sales are increasing and its accounts receivable turnover is decreasing might suggest: Multiple Choice cookie jar accounting. channel stuffing. improved receivables monitoring. an investment opportunity.
The data below is for Music Corporation for 2016. Accounts receivable— January 1, 2016 $236,000 Credit...
The data below is for Music Corporation for 2016. Accounts receivable— January 1, 2016 $236,000 Credit sales during 2016 820,000 Collections from credit customers during 2016 590,000 Customer accounts written off as uncollectible during 2016 8,000 Allowance for doubtful accounts—January 1, 2016 8,700 Estimated uncollectible accounts based on an aging analysis 9,600 Refer to the data for Music Corporation. What is the balance of Accounts Receivable at December 31, 2016? A.336000 B.448400 C.458000 D. 466000
Using the aging method of accounts receivable method, $5,300 of the company's Accounts Receivable are estimated...
Using the aging method of accounts receivable method, $5,300 of the company's Accounts Receivable are estimated to be uncollectible. At the end of the year, the balance of Accounts Receivable is $103,000 and the unadjusted credit balance of the Allowance for Doubtful Accounts is $560. Credit sales during the year totaled $156,000. What is the current year's Bad Debt Expense? Multiple Choice $4,740. S7300 | o ooo $5,300. On June 12, because management knew with near certainty that it had...
Peterson Dental Group started 2018 with Accounts receivable of $125,000 and a credit balance of $9,000 in Allowance for uncollectible accounts. The following information relates to Peterson Dental's 2018 operations: (Click the icon to view the information.) Journalize Peterson's 2018 transactions based on the information provided. Prepare a T-account for the Allowance for uncollectible accounts to show your computation of Bad debt expense for the year. b. Cash 310,000 Accounts receivable 310,000 c. Write-offs of uncollectibles, $14.000. Journal Entry Accounts...
3B) For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25,700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 of uncollectible accounts....
Credit Debit $195,800 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,480 903,200 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $10,290 of accounts receivable will be uncollectible. (b) Repeat part (a), assuming that instead of a credit balance there is a $1,480 debit balance in Allowance for Doubtful Accounts. (c) During the next month, January 2023, a $2,270 account receivable is written off as uncollectible....
The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable and credit losses during the current year: $ 7,500,000 1,750,000 Net credit sales for the year Accounts receivable at year-end Uncollectible accounts receivable: Actually written off during the year Estimated portion of year-end receivables expected to prove uncollectible (per aging schedule) $ 98,000 84.000 182,000 a. Uncollectible accounts expense is estimated at an amount equal to 2.5 percent of net credit sales. b. Uncollectible...
The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable and credit losses during the current year: $ 7,500,000 1,750,000 Net credit sales for the year Accounts receivable at year-end Uncollectible accounts receivable: Actually written off during the year Estimated portion of year-end receivables expected to prove uncollectible (per aging schedule) $ 98,888 84,000 182,000 a. Uncollectible accounts expense is estimated at an amount equal to 2.5 percent of net credit sales. b. Uncollectible...
Using the aging method of accounts receivable method, $5,300 of the company's Accounts Receivable are estimated to be uncollectible. At the end of the year, the balance of Accounts Receivable is $103,000 and the unadjusted credit balance of the Allowance for Doubtful Accounts is $560. Credit sales during the year totaled $156,000. What is the current year's Bad Debt Expense? Multiple Choice $4,740. S7300 | o ooo $5,300. On June 12, because management knew with near certainty that it had...
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