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For the month of December 2017, Ranger Corporation's records show the following Information: 12.85 points Cash re...
For the month of December 2017, Ranger Corporation's records show the following information: Cash received on...
For the month of December 2017, Ranger Corporation's records show the following information: Cash received on accounts receivable Cash sales Accounts receivable, December 1, 2017 Accounts receivable, December 31, 2017 Accounts receivable written off as uncollectible $ 35,000 30,000 80,000 74,000 1,000 Required: Determine the gross sales for the month of December 2017. Gross sales
On December 31, 2017, Vale Company had an unadjusted credit balance of $1,000 in its Allowance...
On December 31, 2017, Vale Company had an unadjusted credit balance of $1,000 in its Allowance for uncollectible accounts. An analysis of Vale's trade accounts receivable at that date revealed the following: Estimated Uncollectible Age 0-30 days 31-60 days Over 60 days Amount $ 60,000 4,000 2,000 5% 10 70 Required: What amount should Vale report as Allowance for uncollectible accounts in its December 31, 2017, balance sheet? Vale should report an Allowance for uncollectible accounts of
Presented below is information related to the Accounts Receivable accounts of Monty Inc. during the current year 2017....
Presented below is information related to the Accounts
Receivable accounts of Monty Inc. during the current year
2017.
1. An aging schedule of the accounts receivable as
of December 31, 2017, is as follows.
Age
Net Debit Balance
% to Be Applied after
Correction Is Made
Under 60 days
$170,200
1%
60–90 days
135,900
4%
91–120 days
39,200
*
5%
Over 120 days
22,900
$3,400 definitely
uncollectible;
estimated remainder uncollectible is 27%
$368,200
*The $3,000 write-off of receivables is related...
Use the following information to answer the next 2 questions At December 31, 2017 before any...
Use the following information to answer the next 2 questions At December 31, 2017 before any year-end adjustments, the Accounts Receivable balance of Sunset Hills Clinic is $235,000. Credit sales for the 2017 are $600,000, and allowance for bad debt has a $6,500 beginning credit balance. Sunset Hills prepares the following aging schedule for accounts receivable: Age Amount Estimated Uncollectible | 0–30 Days $110,000 0.50% 31-60 Days $60,000 1.00% | 61-90 Days $50,000 6.00% Over 90 Days $15,000 40% 36....
Echo Corporation had the following balances immediately prior to writing off a $100 uncollectible account: Current...
Echo Corporation had the following balances immediately prior to writing off a $100 uncollectible account: Current assets Accounts receivable Allowance for doubtful accounts Current liabilities $30,000 3,300 300 10,000 Required: Calculate the following amounts or ratios and determine the relationship between the amount or ratio before the write-off (x) with the amount or ratio after the write-off (y): 1. Current ratio 2. Net accounts receivable balance 3. Gross accounts receivable balance
Problem 7-5 Presented below is information related to the Accounts Receivable accounts of Martine...
Problem 7-5 Presented below is information related to the Accounts Receivable accounts of Martinez Inc. during the current year 2017 1. An aging schedule of the accounts receivable as of December 31, 2017, is as follows. %to Be Applied after Correction Is Made Age Net Debit Balance Under 60 days 60-90 days 91-120 days $171,300 136,500 39,300 19% 3% 6% $3,800 definitely uncollectible; estimated remainder uncollectible is 25% Over 120 days 22,300 $369,400 The $3,000 write-off of receivables is related...
Hovak Company has credit sales of $4,500,000 for year 2017. At December 31, 2017, the company's...
Hovak Company has credit sales of $4,500,000 for year 2017. At December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted debit balance of $3,400. Hovak prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. Expected Percent Uncollectible December Age of 31, 2017, Accounts Receivable Accounts Receivable $396,400 Not yet...
Question 1. The following information is from the 2017 records of Robin Antique Shop: (10 points) $44,000 (debit) A...
Question 1. The following information is from the 2017 records of Robin Antique Shop: (10 points) $44,000 (debit) Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 1.100 (debit) 176,000 11,000 27,000 Bad debts expense is estimated by the percent-of-sales method. Management estimates that 5% of net credit sales will be uncollectible. The ending balance of the Allowance...
Question 3. Calcuate your answer to the question. (10 points) 5) The following information is from the 2017 records...
Question 3. Calcuate your answer to the question. (10 points) 5) The following information is from the 2017 records of Albert Book Shop: Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 $47,000 (debit) 1,900 (debit) 180,000 17,000 28,000 Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $5.500 of accounts receivable will be uncollectible....
Jarden Company has credit sales of $2,300,000 for year 2017. On December 31, 2017, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $18,370
Jarden Company has credit sales of $2,300,000 for year 2017. On December 31, 2017, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $18,370. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 460,000 Not...
For the month of December 2017, Ranger Corporation's records show the following information: Cash received on accounts receivable Cash sales Accounts receivable, December 1, 2017 Accounts receivable, December 31, 2017 Accounts receivable written off as uncollectible $ 35,000 30,000 80,000 74,000 1,000 Required: Determine the gross sales for the month of December 2017. Gross sales
On December 31, 2017, Vale Company had an unadjusted credit balance of $1,000 in its Allowance for uncollectible accounts. An analysis of Vale's trade accounts receivable at that date revealed the following: Estimated Uncollectible Age 0-30 days 31-60 days Over 60 days Amount $ 60,000 4,000 2,000 5% 10 70 Required: What amount should Vale report as Allowance for uncollectible accounts in its December 31, 2017, balance sheet? Vale should report an Allowance for uncollectible accounts of
Presented below is information related to the Accounts
Receivable accounts of Monty Inc. during the current year
2017.
1. An aging schedule of the accounts receivable as
of December 31, 2017, is as follows.
Age
Net Debit Balance
% to Be Applied after
Correction Is Made
Under 60 days
$170,200
1%
60–90 days
135,900
4%
91–120 days
39,200
*
5%
Over 120 days
22,900
$3,400 definitely
uncollectible;
estimated remainder uncollectible is 27%
$368,200
*The $3,000 write-off of receivables is related...
Use the following information to answer the next 2 questions At December 31, 2017 before any year-end adjustments, the Accounts Receivable balance of Sunset Hills Clinic is $235,000. Credit sales for the 2017 are $600,000, and allowance for bad debt has a $6,500 beginning credit balance. Sunset Hills prepares the following aging schedule for accounts receivable: Age Amount Estimated Uncollectible | 0–30 Days $110,000 0.50% 31-60 Days $60,000 1.00% | 61-90 Days $50,000 6.00% Over 90 Days $15,000 40% 36....
Echo Corporation had the following balances immediately prior to writing off a $100 uncollectible account: Current assets Accounts receivable Allowance for doubtful accounts Current liabilities $30,000 3,300 300 10,000 Required: Calculate the following amounts or ratios and determine the relationship between the amount or ratio before the write-off (x) with the amount or ratio after the write-off (y): 1. Current ratio 2. Net accounts receivable balance 3. Gross accounts receivable balance
Problem 7-5 Presented below is information related to the Accounts Receivable accounts of Martinez Inc. during the current year 2017 1. An aging schedule of the accounts receivable as of December 31, 2017, is as follows. %to Be Applied after Correction Is Made Age Net Debit Balance Under 60 days 60-90 days 91-120 days $171,300 136,500 39,300 19% 3% 6% $3,800 definitely uncollectible; estimated remainder uncollectible is 25% Over 120 days 22,300 $369,400 The $3,000 write-off of receivables is related...
Hovak Company has credit sales of $4,500,000 for year 2017. At December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted debit balance of $3,400. Hovak prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. Expected Percent Uncollectible December Age of 31, 2017, Accounts Receivable Accounts Receivable $396,400 Not yet...
Question 1. The following information is from the 2017 records of Robin Antique Shop: (10 points) $44,000 (debit) Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 1.100 (debit) 176,000 11,000 27,000 Bad debts expense is estimated by the percent-of-sales method. Management estimates that 5% of net credit sales will be uncollectible. The ending balance of the Allowance...
Question 3. Calcuate your answer to the question. (10 points) 5) The following information is from the 2017 records of Albert Book Shop: Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 $47,000 (debit) 1,900 (debit) 180,000 17,000 28,000 Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $5.500 of accounts receivable will be uncollectible....
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