Homework Answers
| Accounts Receivable | $ 10,00,000 |
| Less:Allowance for Doubtful Accounts | $ 1,00,000 |
| Net Realizable value | $ 9,00,000 |
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The 2017 year-end balances of Accounts Receivable and Allowance for Doubtful Accounts are $1,000,000 and $100,000,...
At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were...
At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were $77,000 and $5,144 (credit), respectively. During the current year, credit sales were $463,000 and collections on account were $341,000. In addition, $3,800 in uncollectible accounts were written off, and $750 of accounts previously written off were collected during the year. If management estimates bad debts based on 3 percent of total credit sales, determine the net realizable value of accounts receivable at December 31,...
On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of...
On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of $20,000 (debit) and $500 (credit), respectively. During the year, the company reported revenues of $100,000; 30% of which were cash sales. There were $550 of receivables written-off as uncollectible in 2009. Cash collections of receivables amounted to $74,550. If the company estimates bad debts expense to be 5% of the balance of A/R, determine the net realizable value of receivables appearing on the 2009...
QUESTION 1 At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful...
QUESTION 1 At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were $77,000 and $5,144 (credit), respectively. During the current year, credit sales were $463,000 and collections on account were $341,000. In addition, $3,800 in uncollectible accounts were written off, and $750 of accounts previously written off were collected during the year. If management estimates bad debts based on 3 percent of total credit sales, determine the net realizable value of accounts receivable at...
At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for...
At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and (c) the net realizable value of accounts...
The account balances of Oriole Company at December 31, 2017, the end of the current year,...
The account balances of Oriole Company at December 31, 2017, the
end of the current year, show Accounts Receivable $147,600;
Allowance for Doubtful Accounts $1,804 (credit); Sales $1,164,400;
Sales Returns and Allowances $41,000; and Sales Discounts
$16,400.
Record the adjusting entry at December 31, 2017, assuming bad
debts are estimated to be (1) 10% of accounts receivable, and (2)
1.50% of net sales.
No.
Date
Account Titles and Explanation
Debit
Credit
(1)
Dec. 31
(2)
Dec. 31
Calculate the net...
2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts...
2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts of $44,300 and $1,675, respectively. The company reported credit sales of $490,250 during the year, and wrote off $1,400 of uncollectible accounts. Sirus Company prepared the following aging schedule on December 31, Year 2: Number of Days Receivables % Likely to be Past Due Amount Uncollectible Current S 24,750 1% 0-30 8,300 5% 31-60 9,000 10% 61-90 2,150 25% Over 90 1,750 50% Total...
At the end of the current year, Accounts Receivable has a balance of $2,150,000; Allowance for...
At the end of the current year, Accounts Receivable has a balance of $2,150,000; Allowance for Doubtful Accounts has a debit balan $51,850,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $110,000. a. Determine the amount of the adjusting entry for uncollectible accounts. $120,5oo b. Determine the adjusted balances of Accounts Receivable. Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ 54.oou, ooo Allowance for Doubtful Accounts $ 110,000 Bad Debt Expense...
At the end of the current year, Accounts Receivable has a balance of $918,390; Allowance for...
At the end of the current year, Accounts Receivable has a balance of $918,390; Allowance for Doubtful Accounts has a credit balance of $5,155; and sales for the year total $3,034,000. Bad debt expense is estimated at 1/2 of 1% of net sales. a. Determine the amount of the adjusting entry for bad debt expense. (AMOUNT HERE) $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. (AMOUNTS FOR THESE) Adjusted Balance Accounts...
At the end of the current year, Accounts Receivable has a balance of $795,000; Allowance for...
At the end of the current year, Accounts Receivable has a balance of $795,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,580,000. Bad debt expense is estimated at 1/2 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable $ Allowance for Doubtful...
At the end of the current year, Accounts Receivable has a balance of $480,000; Allowance for...
At the end of the current year, Accounts Receivable has a balance of $480,000; Allowance for Doubtful Accounts has a credit balance of $4,500; and sales for the year total $2,160,000. Bad debt expense is estimated at 1/2 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. 3. Determine the net realizable value of accounts receivable.
QUESTION 1 At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were $77,000 and $5,144 (credit), respectively. During the current year, credit sales were $463,000 and collections on account were $341,000. In addition, $3,800 in uncollectible accounts were written off, and $750 of accounts previously written off were collected during the year. If management estimates bad debts based on 3 percent of total credit sales, determine the net realizable value of accounts receivable at...
The account balances of Oriole Company at December 31, 2017, the
end of the current year, show Accounts Receivable $147,600;
Allowance for Doubtful Accounts $1,804 (credit); Sales $1,164,400;
Sales Returns and Allowances $41,000; and Sales Discounts
$16,400.
Record the adjusting entry at December 31, 2017, assuming bad
debts are estimated to be (1) 10% of accounts receivable, and (2)
1.50% of net sales.
No.
Date
Account Titles and Explanation
Debit
Credit
(1)
Dec. 31
(2)
Dec. 31
Calculate the net...
2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts of $44,300 and $1,675, respectively. The company reported credit sales of $490,250 during the year, and wrote off $1,400 of uncollectible accounts. Sirus Company prepared the following aging schedule on December 31, Year 2: Number of Days Receivables % Likely to be Past Due Amount Uncollectible Current S 24,750 1% 0-30 8,300 5% 31-60 9,000 10% 61-90 2,150 25% Over 90 1,750 50% Total...
At the end of the current year, Accounts Receivable has a balance of $2,150,000; Allowance for Doubtful Accounts has a debit balan $51,850,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $110,000. a. Determine the amount of the adjusting entry for uncollectible accounts. $120,5oo b. Determine the adjusted balances of Accounts Receivable. Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ 54.oou, ooo Allowance for Doubtful Accounts $ 110,000 Bad Debt Expense...
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