Homework Answers
e. Allowance account as a percentage of Accounts receivable 2012 = $669 / ($168732+669) = 0.39%
f. Allowance account as a percentage of Accounts receivable 2013 = $453 / ($176917+453) = 0.26%
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2013 2012 $1,038,159 Net Sales Accounts receivable, net of allowances for doubtful accounts of $453 in...
LUMILUue, way2eue ALCULIS ILLETVE Net Sales Accounts receivable, net of allowances for doubtful accounts of $453...
LUMILUue, way2eue ALCULIS ILLETVE Net Sales Accounts receivable, net of allowances for doubtful accounts of $453 in 2013 and $669 in 2012 2013 $1,038,159 $ 176,917 2012 $996,168 $168,732 Schedule I-Valuation and Qualifying Accounts Years Ended December 31, 2013 and 2012 Balance at Beginning of Period Charged to Costs and Expenses Balance at End of Period Deductions 2013 Allowance for $ 669 $373 $589 $ 453 doubtful accounts 2012 Allowance for $1,560 $ 0 $891 $ 669 doubtful accounts 2011...
Simpson Inc. has the following Valuation and Qualifying Accounts: Deductions Allowance for doubtful accounts, Beginning of...
Simpson Inc. has the following Valuation and Qualifying Accounts: Deductions Allowance for doubtful accounts, Beginning of Period Balance Charged to Costs and Expenses Allowance for doubtful accounts, End of Period Balance 2011 $1,459 $242 2012 $0 $891 2013 $373 $589 $453 What was the bad debt expense for 2011? Select one: O a. $1,560 O b. $343 c. $242 O d. None of the above
questions are the last photo CHAPTER 2 The Balance Sheet 81 STUDY QUESTIONS AND PROBLEMS 21....
questions are the last photo
CHAPTER 2 The Balance Sheet 81 STUDY QUESTIONS AND PROBLEMS 21. What information is provided in a balance 22. How is a common si balance sheet created 21 Discuss how marketable securities are vald on the balance sheet. 24. How can the allowance for doubtful be used to earning quality? Why is the valuation of inventores important in financial sporting 26. Why would a company switch to the LIROmed intory valuation in an inflation ay...
Beginning accounts receivable 164,000 Beginning allowance for doubtful accounts 5,400 Sales 2,000,000 Collections on account 1,720,000...
Beginning accounts receivable 164,000 Beginning allowance for doubtful accounts 5,400 Sales 2,000,000 Collections on account 1,720,000 Accounts written off 11,800 Collections of accounts previously written off 1,100 Current balance of bad debt expense 0 Uncollectible accounts as a percentage of receivables 4.00% Using the balance sheet approach, what is the net realizable value of accounts receivable? EB A/R (EB Allowance for doubtful accounts) - calculated as EB A/R times the "Uncollectible Accounts as a Percentage of A/R" Net Realizable Value...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 932,000 918,000 Collections Write-offs of accounts receivable 5,600 Collections of accounts previously written off 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) $135,000 Allowance for doubtful accounts...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts...
Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11,470 944,000 906,000 5,400 2,000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented whe amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Windsor Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning...
Assume the following information for Windsor Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $139,000 11,450 940,000 917,000 5,600 1,600 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Larkspur Corp. Accounts receivable (beginning balance) $160,000 Allowance for doubtful accounts...
Assume the following information for Larkspur Corp. Accounts receivable (beginning balance) $160,000 Allowance for doubtful accounts (beginning balance) 11,400 Net credit sales 934,000 Collections 920,000 Write-offs of accounts receivable 6,500 Collections of accounts previously written off 2,300 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $enter a dollar amount Unadjusted balance in Allowance...
LUMILUue, way2eue ALCULIS ILLETVE Net Sales Accounts receivable, net of allowances for doubtful accounts of $453 in 2013 and $669 in 2012 2013 $1,038,159 $ 176,917 2012 $996,168 $168,732 Schedule I-Valuation and Qualifying Accounts Years Ended December 31, 2013 and 2012 Balance at Beginning of Period Charged to Costs and Expenses Balance at End of Period Deductions 2013 Allowance for $ 669 $373 $589 $ 453 doubtful accounts 2012 Allowance for $1,560 $ 0 $891 $ 669 doubtful accounts 2011...
Simpson Inc. has the following Valuation and Qualifying Accounts: Deductions Allowance for doubtful accounts, Beginning of Period Balance Charged to Costs and Expenses Allowance for doubtful accounts, End of Period Balance 2011 $1,459 $242 2012 $0 $891 2013 $373 $589 $453 What was the bad debt expense for 2011? Select one: O a. $1,560 O b. $343 c. $242 O d. None of the above
questions are the last photo
CHAPTER 2 The Balance Sheet 81 STUDY QUESTIONS AND PROBLEMS 21. What information is provided in a balance 22. How is a common si balance sheet created 21 Discuss how marketable securities are vald on the balance sheet. 24. How can the allowance for doubtful be used to earning quality? Why is the valuation of inventores important in financial sporting 26. Why would a company switch to the LIROmed intory valuation in an inflation ay...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 932,000 918,000 Collections Write-offs of accounts receivable 5,600 Collections of accounts previously written off 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11,470 944,000 906,000 5,400 2,000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented whe amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Windsor Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $139,000 11,450 940,000 917,000 5,600 1,600 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
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