Accounts receivable balance 3/1/20 $100,000 patient charges, month of March $60,000 assume 30 days in the...
Accounts receivable balance 3/1/20 $100,000
patient charges, month of March $60,000
assume 30 days in the month
Days in AR, 3/31/20 __________________________________
Gross charges $100
contractual adjustment $40
bad debt write off $10
amount collected from patient $50
What is the collection ratio?
Beginning cash balance (1/1/20) $200
Receipts during the month $700
Disbursements $400
Ending cash balance (1/31/20) _________
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Accounts receivable balance 3/1/20 $100,000
patient charges, month of March $60,000
assume 30 days in the...
1. Metlock Company's unadjusted trial balance at December 31, 2020, included the following accounts. Accounts receivable...
1. Metlock Company's unadjusted trial balance at December 31, 2020, included the following accounts. Accounts receivable Allowance for doubtful accounts Net sales Debit $55,100 5,610 $1,229.500 Matlock Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2020 Bad debt expense for 2020 $ 2. An analysis and aging of Bonita Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
Cheyenne Corp. had record sales in 2020. It began 2020 with an Accounts Receivable balance of...
Cheyenne Corp. had record sales in 2020. It began 2020 with an
Accounts Receivable balance of $455,000 and an Allowance for
Doubtful Accounts of $32,000. Cheyenne recognized credit sales
during the year of $6,650,000 and made monthly adjusting entries
equal to 0.5% of each month’s credit sales to recognize bad debt
expense. Also during the year, the company wrote off $36,900 of
accounts that were deemed to be uncollectible, although one
customer whose $5,400 account had been written off surprised...
Whispering Company has accounts receivable of $108,600 at March 31, 2020. Credit terms are 2/10, n/30....
Whispering Company has accounts receivable of $108,600 at March
31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is
a $1,500 credit balance in Allowance for Doubtful Accounts prior to
adjustment. The company uses the percentage-of-receivables basis
for estimating uncollectible accounts. The company's estimate of
bad debts is shown below.
Age of Accounts
Balance,
March 31
Age of Accounts
Balance,
March 31
Estimated Percentage
Uncollectible
2020
2019
Current
$72,300
$75,000
4%
1–30 days past due
18,200
8,000...
Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10, n/30. At...
Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,296 credit balance in Allowance for Doubtful Accounts p adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated - Percentage Age of Accounts 2022 2021 Uncollectible Current $66,400 $68,240 1-30 days past due 12,600 7,280 31-90 days past due 9,100 2,540 Over...
Blossom Company has accounts receivable of $92,000 at March 31, 2022. Credit terms are 2/10, n/30....
Blossom Company has accounts receivable of $92,000 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,230 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Estimated Percentage Uncollectible Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31 2022 2021 $61,600...
Oriole Company has accounts receivable of $93,500 at March 31, 2022. Credit terms are 2/10,n/30. At...
Oriole Company has accounts receivable of $93,500 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $2.212 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current 1-30 days past due 31-90 days past due Over 90 days past due $65,300 $70,010...
3. Flint Co. provides for doubtful accounts based on 3% of gross accounts receivable, The following...
3. Flint Co. provides for doubtful accounts based on 3% of gross accounts receivable, The following data are available for 2020. Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $3,330,100 59,530 17,910 7,610 30,510 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $
22-3 Use the following information: a. Beginning cash balance on March 1. $72.000. b. Cash receipts...
22-3
Use the following information: a. Beginning cash balance on March 1. $72.000. b. Cash receipts from sales. $300.000. c. Budgeted cash payments for direct materials, $140,000. d. Budgeted cash payments for direct labor, $80.000. e. Other budgeted cash expenses, $45,000. f. Cash repayment of bank loan. $20,000. Prepare a cash budget for the month ended on March 31 for Gado Company. The budget should show expected cash receipts and cash disbursements for the month of March and the balance...
3. Shamrock Co. provides for doubtful accounts based on 4% of gross accounts receivable, The following...
3. Shamrock Co. provides for doubtful accounts based on 4% of gross accounts receivable, The following data are available for 2020. Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $4,244,100 57,800 16,450 7,250 32,230 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 &
Wildhorse Co. has accounts receivable of $92,100 at March 31, 2022. Credit terms are 2/10, n/30....
Wildhorse Co. has accounts receivable of $92,100 at March 31,
2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a
$2,081 credit balance in Allowance for Doubtful Accounts prior to
adjustment. The company uses the percentage-of-receivables basis
for estimating uncollectible accounts. The company’s estimates of
bad debts are as shown below. Balance, March 31 Estimated
Percentage Uncollectible Age of Accounts 2022 2021 Current $63,500
$80,330 2 % 1–30 days past due 11,700 7,610 5 31–90 days past...
1. Metlock Company's unadjusted trial balance at December 31, 2020, included the following accounts. Accounts receivable Allowance for doubtful accounts Net sales Debit $55,100 5,610 $1,229.500 Matlock Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2020 Bad debt expense for 2020 $ 2. An analysis and aging of Bonita Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
Cheyenne Corp. had record sales in 2020. It began 2020 with an
Accounts Receivable balance of $455,000 and an Allowance for
Doubtful Accounts of $32,000. Cheyenne recognized credit sales
during the year of $6,650,000 and made monthly adjusting entries
equal to 0.5% of each month’s credit sales to recognize bad debt
expense. Also during the year, the company wrote off $36,900 of
accounts that were deemed to be uncollectible, although one
customer whose $5,400 account had been written off surprised...
Whispering Company has accounts receivable of $108,600 at March
31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is
a $1,500 credit balance in Allowance for Doubtful Accounts prior to
adjustment. The company uses the percentage-of-receivables basis
for estimating uncollectible accounts. The company's estimate of
bad debts is shown below.
Age of Accounts
Balance,
March 31
Age of Accounts
Balance,
March 31
Estimated Percentage
Uncollectible
2020
2019
Current
$72,300
$75,000
4%
1–30 days past due
18,200
8,000...
Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,296 credit balance in Allowance for Doubtful Accounts p adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated - Percentage Age of Accounts 2022 2021 Uncollectible Current $66,400 $68,240 1-30 days past due 12,600 7,280 31-90 days past due 9,100 2,540 Over...
Blossom Company has accounts receivable of $92,000 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,230 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Estimated Percentage Uncollectible Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31 2022 2021 $61,600...
Oriole Company has accounts receivable of $93,500 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $2.212 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current 1-30 days past due 31-90 days past due Over 90 days past due $65,300 $70,010...
3. Flint Co. provides for doubtful accounts based on 3% of gross accounts receivable, The following data are available for 2020. Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $3,330,100 59,530 17,910 7,610 30,510 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $
22-3
Use the following information: a. Beginning cash balance on March 1. $72.000. b. Cash receipts from sales. $300.000. c. Budgeted cash payments for direct materials, $140,000. d. Budgeted cash payments for direct labor, $80.000. e. Other budgeted cash expenses, $45,000. f. Cash repayment of bank loan. $20,000. Prepare a cash budget for the month ended on March 31 for Gado Company. The budget should show expected cash receipts and cash disbursements for the month of March and the balance...
3. Shamrock Co. provides for doubtful accounts based on 4% of gross accounts receivable, The following data are available for 2020. Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $4,244,100 57,800 16,450 7,250 32,230 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 &
Wildhorse Co. has accounts receivable of $92,100 at March 31,
2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a
$2,081 credit balance in Allowance for Doubtful Accounts prior to
adjustment. The company uses the percentage-of-receivables basis
for estimating uncollectible accounts. The company’s estimates of
bad debts are as shown below. Balance, March 31 Estimated
Percentage Uncollectible Age of Accounts 2022 2021 Current $63,500
$80,330 2 % 1–30 days past due 11,700 7,610 5 31–90 days past...
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