Homework Answers
Account receivable balance at the beginning of the year was $117000. The balance at the end of the year was $137007.
So it is clear that ending balance is more and hence there is increase in account receivable.
Now calculation of percentage change.
Amount of change = $137007 -$117000 = $20007
So percentage change from beginning balance will be change amount/beginning balance*100
It will be $20007/$117000*100 = 17.10%
So there is increase of 17.10%
Answer is option 4 i.e. 17.10% increase.
Add Answer to:
Pharoah Company's accounts receivable account balance was $117000 at the beginning of the year and $137007...
The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the year $300,000
The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the year $300,000, allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000, cash collections from customers, $1450,000 Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable 1. Calculate the year-end balance in the allowance for uncollectible accounts 2. Calculate...
The following information relates to a company's accounts receivable: accounts recelvable balance at the beginning of the year $350,000
The following information relates to a company's accounts receivable: accounts recelvable balance at the beginning of the year $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000: cash collections from customers, $1.100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable. 1. Calculate the year-end balance in the allowance for uncollectible accounts 2. Calculate...
Accounts Receivable (beginning balance) - $139,000 Allowance for doubtful accounts (beginning balance) - $11,480 Net Credit...
Accounts Receivable (beginning balance) - $139,000
Allowance for doubtful accounts (beginning balance) -
$11,480
Net Credit Sales - $950,000
Collections - $915,000
Write Offs of Accounts Receivable - $5,500
Collections of accounts previously written off - $2,200
Uncollectible Accounts are expected to be 6% of the ending
balance in accounts receivable.
Attempts: 1 of 8 used (b) Your answer is partially correct. Try again. Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles...
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior...
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior Year Cash $70,434 $55,900 Accounts receivable (net) 54,054 70,200 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash A Accounts Receivable A increase,decrease
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior...
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior Year Cash $45,141 $36,700 Accounts receivable (net) 42,180 55,500 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash Accounts Receivable increase,decrease
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Prior Year $37,400...
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Prior Year $37,400 45,800 Current Year $49,368 Cash Accounts receivable (net) Based on this information, what is the amount and percentage of increase or decrease that would be shown with decrease using a minus sign before the amount and the percentage. Account Cash Accounts Receivable increase,decrease 25,648 horizontal analysis? Enter a Dollar Change Percent Change
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior...
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior Year Cash $39,370 $31,000 Accounts receivable (net) 40,610 65,500 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash $ % Accounts Receivable $ % increase,decrease
A company's year-end balance in accounts receivable is $2,100,000. The allowance for uncollectible accounts had a...
A company's year-end balance in accounts receivable is $2,100,000. The allowance for uncollectible accounts had a beginning-of-year credit balance of $37,000. An aging of accounts receivable at the end of the year indicates a required allowance of $45,000. If bad debt expense for the year was $47,000, and if credit sales for the year were $7,600,000, and $7,050,000 was collected from credit customers, what was the beginning-of-year balance in accounts receivable? Beginning balance in A/R
The following information relates to the beginning of the year: Accounts receivable, $245,000 Allowance for doubtful...
The following information relates to the beginning of the year: Accounts receivable, $245,000 Allowance for doubtful accounts (credit balance), $12,250 During the current year, sales on account were $1,100,000 and collections on account were $990,000. Also during the current year, the company wrote off $14,000 in uncollectible accounts. At year-end, an analysis of outstanding accounts receivable indicated that the allowance for doubtful accounts should have a $17,000 credit balance so the company records the appropriate year-end adjusting entry. How much...
View Policies Current Attempt in Progress Crane Shop had a balance in the Accounts Receivable account...
View Policies Current Attempt in Progress Crane Shop had a balance in the Accounts Receivable account of $759000 at the beginning of the year and a balance of $1003000 at the end of the year. Net credit sales during the year amounted to $6431300. The average collection period of the receivables in terms of days was O 42.9 days O 50.0 days. 43.8 days. O 3.7 days. Attempts: 0 of 1 used Submit Answer
Accounts Receivable (beginning balance) - $139,000
Allowance for doubtful accounts (beginning balance) -
$11,480
Net Credit Sales - $950,000
Collections - $915,000
Write Offs of Accounts Receivable - $5,500
Collections of accounts previously written off - $2,200
Uncollectible Accounts are expected to be 6% of the ending
balance in accounts receivable.
Attempts: 1 of 8 used (b) Your answer is partially correct. Try again. Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles...
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior Year Cash $70,434 $55,900 Accounts receivable (net) 54,054 70,200 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash A Accounts Receivable A increase,decrease
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior Year Cash $45,141 $36,700 Accounts receivable (net) 42,180 55,500 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash Accounts Receivable increase,decrease
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Prior Year $37,400 45,800 Current Year $49,368 Cash Accounts receivable (net) Based on this information, what is the amount and percentage of increase or decrease that would be shown with decrease using a minus sign before the amount and the percentage. Account Cash Accounts Receivable increase,decrease 25,648 horizontal analysis? Enter a Dollar Change Percent Change
A company's year-end balance in accounts receivable is $2,100,000. The allowance for uncollectible accounts had a beginning-of-year credit balance of $37,000. An aging of accounts receivable at the end of the year indicates a required allowance of $45,000. If bad debt expense for the year was $47,000, and if credit sales for the year were $7,600,000, and $7,050,000 was collected from credit customers, what was the beginning-of-year balance in accounts receivable? Beginning balance in A/R
The following information relates to the beginning of the year: Accounts receivable, $245,000 Allowance for doubtful accounts (credit balance), $12,250 During the current year, sales on account were $1,100,000 and collections on account were $990,000. Also during the current year, the company wrote off $14,000 in uncollectible accounts. At year-end, an analysis of outstanding accounts receivable indicated that the allowance for doubtful accounts should have a $17,000 credit balance so the company records the appropriate year-end adjusting entry. How much...
View Policies Current Attempt in Progress Crane Shop had a balance in the Accounts Receivable account of $759000 at the beginning of the year and a balance of $1003000 at the end of the year. Net credit sales during the year amounted to $6431300. The average collection period of the receivables in terms of days was O 42.9 days O 50.0 days. 43.8 days. O 3.7 days. Attempts: 0 of 1 used Submit Answer
Most questions answered within 3 hours.
-
50% of the volume of a boat, sailing down the Mississippi (where
the water density ρ...
asked 1 minute ago -
Calculate how many moles of ions are in 1.4 L of 2.9 M KNO2
(aq). Remember...
asked 46 minutes ago -
Experiment:
In the experiment: Mix together 74 g. (92 ml.) of n-butyl
alcohol and 120 g....
asked 1 hour ago -
This Python module will be menu driven
and use conditions to check user input in order...
asked 1 hour ago -
Tip Calculator App
For this project, you will create a tip calculator Android
app. The user...
asked 2 hours ago -
A first order chemical reaction has an energy of activation of
90.0 kJ/mol and a rate...
asked 3 hours ago -
Which statement is not correct?
Mutations change the sequence of nucleotides in DNA.
Mutations can be...
asked 5 hours ago -
An organization is not required to accommodate an employee's
disability when the accommodation would cause "undue...
asked 5 hours ago -
Mojo Mining has a bond outstanding that sells for $2,165 and
matures in 17 years. The...
asked 5 hours ago -
Olympic weightlifter Zoe Smith holds a 58 kg barbell over her
head, 2.1 meters above the...
asked 5 hours ago -
For sample average = 28 and a μ = 17 and a s = 4 and...
asked 6 hours ago -
A
short forward contract that was negotiated some time ago will
expire in three months and...
asked 6 hours ago