Homework Answers
| Accounts receivable | |||
| Opening bal. | 984000 | Sales returns | 52000 |
| Sales revenue | 4091750 | Cash | 2762000 |
| Allowance for doubtful debts | 31000 | Allowance for doubtful debts | 87000 |
| Cash | 31000 | ||
| Clsoing balance | 2174750 | ||
| 5106750 | 5106750 | ||
| Now, AR turnover ratio = | |||
| Net credit sales/ Average AR | |||
| ( 4091750 - 52000 ) / | |||
| [ ( 984000 + 2174750 ) / 2 ] | |||
| 4039750 / 1579375 = | |||
| 2.56 times | |||
| Answer | |||
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compute the accounts receivabkr turnover for 2019,assuming the expected bad debt using the information provide in C...
compute the accounts receivabke turnover for 2019 Weygandt,Financial Accounting, 10e Help | System Announcements Problem 8-1A...
compute the accounts receivabke turnover for 2019
Weygandt,Financial Accounting, 10e Help | System Announcements Problem 8-1A (Part Level Submission) At December 31, 2018, Novak Corp. reported the following information on its balance sheet. Accounts receivable $984,000 Less: Allowance for doubtful accounts 87,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account $4,091,750 2. Sales returns and allowances 52,000 3. Collections of accounts receivable 2,762,000 4. Write-offs of accounts receivable deemed uncollectible 87,000 5. Recovery...
compute the accounts receivable turnover for 2029 CALCULATOR PRINT Problem 8-1A (Part Level Submission) At December...
compute the accounts receivable turnover for 2029
CALCULATOR PRINT Problem 8-1A (Part Level Submission) At December 31, 2018, Novak Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $984,000 87,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $4,091,750...
GNMENT RESOURCES Homework tions with Video stance Exercise 3-6 Ivanhoe Company has accounts receivable of $92,700...
GNMENT RESOURCES Homework tions with Video stance Exercise 3-6 Ivanhoe Company has accounts receivable of $92,700 at March 31, 2019. Credit terms are 2/10, n/30. At March 31, 2019, there is a $2,196 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. cw Score ew Results by Study 29 ective Balance, March 31 Estimated Percentage Age of Accounts...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT At the beginning of the current...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT At the beginning of the current period, Nash's Trading Post, LLC had balances in Accounts Receivable of $201.400 and in Allowance for Doubtful Accounts of $8,570 (credit). During the period, it had credit sales of $840,400 and collections of $758,910. It wrote off as uncollectible accounts receivable of $8.026. However, a $2,889 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are...
7, and drag to the Favorites Bar folder. Or import from another browser. Import favorites Kimmel,...
7, and drag to the Favorites Bar folder. Or import from another browser. Import favorites Kimmel, Accounting, 6e Help 1 System Announcements CALCULATOR PRINTER VERSION BACK Brief Exercise 215 The ledger of the Ramirez Company at the end of the current year shows Accounts Receivable of $200,000. If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 8% of accounts receivable, journalize the adjusting entry for end of...
need help with this please? Problem 8-1A (Part Level Submission) At December 31, 2018, Bramble Corp....
need help with this please?
Problem 8-1A (Part Level Submission) At December 31, 2018, Bramble Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $972,000 82,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,715,300 46,000 2,859,000 91,000 30,000...
Problem 8-1A A December 31, 2018. Pina Colada Corp. reported the following information on its balance...
Problem 8-1A A December 31, 2018. Pina Colada Corp. reported the following information on its balance sheet Accounts receivable $952.000 Les Allowance for doubtful accounts 84,000 During 2019, the company had the following transactions related to receivables 1. Se on tot 53.560.580 2. Sales returns and allowances 51.000 3. Collections of accounts receivable 2.501.000 4. write-offs of accounts receivable deemed uncollectible 87,000 5. Recovery of bad debts previously written off as uncollectible 28.000 Prepare the journal entries to record each...
Exercise 8-04 Assume the following information for Sage Hill Corp. Accounts receivable (beginning balance) Allowa...
Exercise 8-04 Assume the following information for Sage Hill 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 11,450 930,000 904,000 5,700 1,900 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.)...
Assume the following information for Kingbird Corp. Accounts receivable (beginning balance) $161,000 Allowance for doubtful accounts...
Assume the following information for Kingbird Corp.
Accounts receivable (beginning balance)
$161,000
Allowance for doubtful accounts (beginning balance)
11,500
Net credit sales
934,000
Collections
907,000
Write-offs of accounts receivable
5,700
Collections of accounts previously written off
1,700
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...
Help System Announcements NEXT PRINTER VERSION BACK CALCULATOR Exercise 8-4 The ledger of Swifty Corporation at...
Help System Announcements NEXT PRINTER VERSION BACK CALCULATOR Exercise 8-4 The ledger of Swifty Corporation at the end of the current year shows Accounts Receivable $74,500; Credit Sales $786,220; and Sales Returns and Allowances $42,810. (a) If Swifty Corporation uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Swifty Corporation determines that Matisse's $922 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,116 in the...
compute the accounts receivabke turnover for 2019
Weygandt,Financial Accounting, 10e Help | System Announcements Problem 8-1A (Part Level Submission) At December 31, 2018, Novak Corp. reported the following information on its balance sheet. Accounts receivable $984,000 Less: Allowance for doubtful accounts 87,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account $4,091,750 2. Sales returns and allowances 52,000 3. Collections of accounts receivable 2,762,000 4. Write-offs of accounts receivable deemed uncollectible 87,000 5. Recovery...
compute the accounts receivable turnover for 2029
CALCULATOR PRINT Problem 8-1A (Part Level Submission) At December 31, 2018, Novak Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $984,000 87,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $4,091,750...
GNMENT RESOURCES Homework tions with Video stance Exercise 3-6 Ivanhoe Company has accounts receivable of $92,700 at March 31, 2019. Credit terms are 2/10, n/30. At March 31, 2019, there is a $2,196 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. cw Score ew Results by Study 29 ective Balance, March 31 Estimated Percentage Age of Accounts...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT At the beginning of the current period, Nash's Trading Post, LLC had balances in Accounts Receivable of $201.400 and in Allowance for Doubtful Accounts of $8,570 (credit). During the period, it had credit sales of $840,400 and collections of $758,910. It wrote off as uncollectible accounts receivable of $8.026. However, a $2,889 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are...
7, and drag to the Favorites Bar folder. Or import from another browser. Import favorites Kimmel, Accounting, 6e Help 1 System Announcements CALCULATOR PRINTER VERSION BACK Brief Exercise 215 The ledger of the Ramirez Company at the end of the current year shows Accounts Receivable of $200,000. If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 8% of accounts receivable, journalize the adjusting entry for end of...
need help with this please?
Problem 8-1A (Part Level Submission) At December 31, 2018, Bramble Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $972,000 82,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,715,300 46,000 2,859,000 91,000 30,000...
Problem 8-1A A December 31, 2018. Pina Colada Corp. reported the following information on its balance sheet Accounts receivable $952.000 Les Allowance for doubtful accounts 84,000 During 2019, the company had the following transactions related to receivables 1. Se on tot 53.560.580 2. Sales returns and allowances 51.000 3. Collections of accounts receivable 2.501.000 4. write-offs of accounts receivable deemed uncollectible 87,000 5. Recovery of bad debts previously written off as uncollectible 28.000 Prepare the journal entries to record each...
Exercise 8-04 Assume the following information for Sage Hill 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 11,450 930,000 904,000 5,700 1,900 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.)...
Assume the following information for Kingbird Corp.
Accounts receivable (beginning balance)
$161,000
Allowance for doubtful accounts (beginning balance)
11,500
Net credit sales
934,000
Collections
907,000
Write-offs of accounts receivable
5,700
Collections of accounts previously written off
1,700
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...
Help System Announcements NEXT PRINTER VERSION BACK CALCULATOR Exercise 8-4 The ledger of Swifty Corporation at the end of the current year shows Accounts Receivable $74,500; Credit Sales $786,220; and Sales Returns and Allowances $42,810. (a) If Swifty Corporation uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Swifty Corporation determines that Matisse's $922 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,116 in the...
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