receivables

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Receivables

****** Result for Image/Page 1 ****** Eawork 28.8 Soore Items Bestial ompany s trial balance on December 31, 2020 incuded the folowing abcounts Allowance tor doubtrul accounis Sales 7.200,000p Sales retum 200,000 The entity estimated uncollectible acoounts receivable at 2% of net sales. VWhat is the amount of doubtful accounts expense that should be reported for 202U? 140,u00 . 135,000 d. 144,000 D. 145,000 SEawork Z8.9 Soore Items aninumompany proviaed tne lowing niormaton n relaton 0 aceuntS ECEvae at year-enar...
Define receivables and identify the different types of receivables

Define receivables and identify the different types of receivables
Receivables Investment

McEwan Industries sells on terms of 3/10, net 25. Total sales for the year are $1,978,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 70 days after their purchases. Assume 365 days in year for your calculations.What is the days sales outstanding? Round your answer to two decimal places. daysWhat is the average amount of receivables? Round your answer to the nearest cent. Do not round intermediate calculations.$What is the percentage...

Describe the following terms or accounts related to receivables a) Receivables – what sorts of things...

Describe the following terms or accounts related to receivables a) Receivables – what sorts of things are included b) Trade receivables c) Short versus long-term receivables d) Accounts receivable e) Non-trade receivables
Calculator Days' sales in receivables a. measures the number of times the receivables turn over each...

Calculator Days' sales in receivables a. measures the number of times the receivables turn over each year Ob. is credit sales divided by average receivables Oc. is an estimate of the length of time the receivables have been outstanding Od. is not meaningful and therefore is not used
A trader maintains allowances for trade receivables to cover 2 percent of trade receivables outstanding at...

A trader maintains allowances for trade receivables to cover 2 percent of trade receivables outstanding at the year end. Information from her financial records include the following: Total trade receivables outstanding at end of year - 380,000 pounds Bad debts still to be written off for the year - 30,000 pounds Allowances for trade receivables at beginning of year - 64,000 pounds What is the total charge to the income statement for the year in respect of trade receivables (in...

XYZ's receivables turnover is 10x

XYZ's receivables turnover is 10x. The accounts receivable at year-end are $600,000. The average collection period is 36 days. What was the sales figure for the year assuming all sales are on credit?
What is included in net receivables?

What is included in net receivables?
Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet

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Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule...

Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Customer Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Subtotals 702,200 414,300 154,500 63,200 35,100 35,100 Boyd Industries 14,600 14,600 Hodges Company 15,800 15,800 Kent Creek Inc. 7,300 7,300 Lockwood Company 7,500 7,500 Van Epps Company 29,200 29,200 Totals 776,600 443,500 162,000 70,500 50,900 49,700 Percentage uncollectible 2% 6%...