Homework Answers
a) Ending balance of account receivable = 150000+1500000-1400000-50000 = 200000
b) Average account receivable = (200000+150000/2) = 175000
Account receivable turnover = Net credit Sales/Average account receivable = 1500000/175000 = 8.57 Times
c) Average collection period = 365/Account receivable turnover = 365/8.57 = 42.59 days
Add Answer to:
PROBLEM 5: 5 POINTS Rivers Company had accounts receivable of $150,000 on January 1, 2020. The...
PROBLEM 5:5 POINTS Rivers Company had accounts receivable of $150,000 on January 1, 2020. The only transactions tha...
PROBLEM 5:5 POINTS Rivers Company had accounts receivable of $150,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were not credit sales of $1.500.000 cash collections of $1,400,000, and accounts written off of $50,000 Instructions (a) Compute the ending balance of accounts receivable, (b) Compute the accounts receivable turnover for 2020 (c) Compute the average collection period in days. ANALO N A CARO
Question 32 Renfro Company had accounts receivable of $100,000 on January 1, 2015. The only transactions...
Question 32 Renfro Company had accounts receivable of $100,000 on January 1, 2015. The only transactions that affected accounts receivable during 2015 were net credit sales of $1,200,000, cash collections of $1,000,000, and accounts written off of $30,000. Compute the ending balance of accounts receivable. Ending balance of accounts receivable Compute the accounts receivable turnover for 2015. (Round answer to 2 decimal places, e.g. 52.75.) Accounts receivable turnover Compute the average collection period in days. (Use 365 days for calculation....
Marigold Corp. had accounts receivable of $210,000 on January 1, 2020. The only transactions that affected account...
Marigold Corp. had accounts receivable of $210,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of $3,760,000, cash collections of $3,680,000, and accounts written off of $30,000 Compute the ending balance of accounts receivable. Ending balance of accounts receivable $ e Textbook and Media Compute the accounts receivable turnover for 2020. (Rodind answer to 0 decimal places, eg. 25.) Accounts receivable turnover e Textbook and Media Compute the average collection period...
Kerwick Company had accounts receivable of $100,000 on January 1, 2017. The only transactions that affected...
Kerwick Company had accounts receivable of $100,000 on January
1, 2017. The only transactions that affected accounts receivable
during 2017 were net credit sales of $1,000,000, cash collections
of $92,000 and accounts written off of $30,000.
a) Compute the ending balance of accounts receivable.
b) Compute the accounts receivable turnover for 2017.
c) Compute the average collection period in days.
(a) Beginning Accounts Receivable ADD: Net Credit Sales $ 100,000 $1,000,000 $150,000 Ending Accounts Receivable (b) Show your calculation below...
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.Compute Blossom Company’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.)Accounts receivable turnover _____ timesCalculate Blossom Company’s average collection period in days. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)Average collection period _____ days
At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable...
At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable $560,400 Less: Allowance for doubtful accounts 37,640 During 2017, the company had the following transactions related to receivables. 1. Sales on account $2,968,300 2. Sales returns and allowances 92,202 3. Collections of accounts receivable 2,518,800 4. Write-offs of accounts receivable deemed uncollectible 43,310 5. Recovery of bad debts previously written off as uncollectible 15,840 Compute the accounts receivable turnover. (Round answer to 1 decimal...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable $640,000...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable $640,000 Less: Allowance for doubtful accounts 41,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,060,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,760,000 4. Write-offs of accounts receivable deemed uncollectible 42,000 5. Recovery of bad debts previously written off as uncollectible 20,000 Prepare the journal entries to record each of these five transactions....
Chapter 07 Group work - STU.xlsx Problem 4a Page 10 On January 1, 2020, Beerbo's 'ACCOUNTS...
Chapter 07 Group work - STU.xlsx Problem 4a Page 10 On January 1, 2020, Beerbo's 'ACCOUNTS RECEIVABLE' balance totalled $40,000. During the year, Beerbo's sales on-account totalled $360,000 and cash collections on account totalled $380,000. No accounts were written-off during the year. The market rate for such a note is 12.00%, compounded annually. The present value of $1 at 12.00% compounded annually for 1 period is approximately 0.893. Beerbo has a December 31 fiscal year-end. ACCOUNTS RECEIVABLE ANSWERS Beerbo's 2020...
The following data are taken from the financial statements of Colby Company. 2020 2019 Accounts receivable...
The following data are taken from the financial statements of Colby Company. 2020 2019 Accounts receivable (net), end of year $570,000 $495,000 Net sales on account 3,940,500 3,053,500 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $490,000. (Round answers to 1 decimal place, e.g. 1.6.) 2020 2019 Accounts receivable turnover times times LINK TO TEXT Compute for each year the average collection period. At the...
The following data are taken from the financial statements of Colby Company. 2020 2019 Accounts receivable...
The following data are taken from the financial statements of Colby Company. 2020 2019 Accounts receivable (net), end of year $500,000 $470,000 Net sales on account 3,880,000 3,015,000 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $430,000. (Round answers to 1 decimal place, e.g. 1.6.) 2020 2019 Accounts receivable turnover times times LINK TO TEXT Compute for each year the average collection period. At the...
PROBLEM 5:5 POINTS Rivers Company had accounts receivable of $150,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were not credit sales of $1.500.000 cash collections of $1,400,000, and accounts written off of $50,000 Instructions (a) Compute the ending balance of accounts receivable, (b) Compute the accounts receivable turnover for 2020 (c) Compute the average collection period in days. ANALO N A CARO
Question 32 Renfro Company had accounts receivable of $100,000 on January 1, 2015. The only transactions that affected accounts receivable during 2015 were net credit sales of $1,200,000, cash collections of $1,000,000, and accounts written off of $30,000. Compute the ending balance of accounts receivable. Ending balance of accounts receivable Compute the accounts receivable turnover for 2015. (Round answer to 2 decimal places, e.g. 52.75.) Accounts receivable turnover Compute the average collection period in days. (Use 365 days for calculation....
Marigold Corp. had accounts receivable of $210,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of $3,760,000, cash collections of $3,680,000, and accounts written off of $30,000 Compute the ending balance of accounts receivable. Ending balance of accounts receivable $ e Textbook and Media Compute the accounts receivable turnover for 2020. (Rodind answer to 0 decimal places, eg. 25.) Accounts receivable turnover e Textbook and Media Compute the average collection period...
Kerwick Company had accounts receivable of $100,000 on January
1, 2017. The only transactions that affected accounts receivable
during 2017 were net credit sales of $1,000,000, cash collections
of $92,000 and accounts written off of $30,000.
a) Compute the ending balance of accounts receivable.
b) Compute the accounts receivable turnover for 2017.
c) Compute the average collection period in days.
(a) Beginning Accounts Receivable ADD: Net Credit Sales $ 100,000 $1,000,000 $150,000 Ending Accounts Receivable (b) Show your calculation below...
Chapter 07 Group work - STU.xlsx Problem 4a Page 10 On January 1, 2020, Beerbo's 'ACCOUNTS RECEIVABLE' balance totalled $40,000. During the year, Beerbo's sales on-account totalled $360,000 and cash collections on account totalled $380,000. No accounts were written-off during the year. The market rate for such a note is 12.00%, compounded annually. The present value of $1 at 12.00% compounded annually for 1 period is approximately 0.893. Beerbo has a December 31 fiscal year-end. ACCOUNTS RECEIVABLE ANSWERS Beerbo's 2020...
Most questions answered within 3 hours.
-
The fuel economy of a 2011 Lexus RX 350 2wd 6 cylinder 3.5 L
automatic 5...
asked 14 seconds ago -
i.
the synthesized compund 2-bromo-butanal i have a IR peak at about
3200 and one at...
asked 12 seconds ago -
A
752 mL sample of water was placed in a 1000 gram pan of aluminum.
The...
asked 11 minutes ago -
1.In the context of chelation, what does binding strength mean?
What happens at the molecular level...
asked 4 minutes ago -
Describe two obstacles that makes fixing atmospheric nitrogen
difficult.
asked 23 minutes ago -
Evelyn incorporates her sole proprietorship, transferring it to
newly formed Papaya Corporation. The assets transferred have...
asked 10 minutes ago -
Assume that in a hydrogen atom, the electron circles the nucleus
in a circle of radius...
asked 18 minutes ago -
1 point) Given the significance level α=0.01 find the following:
(a) left-tailed z value z= (b)...
asked 12 minutes ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 14 minutes ago -
T
F 53) Most differences
between human groups are the result of biology rather than
culture....
asked 28 minutes ago -
A 5.20 mW helium neon laser emits a visible laser beam with a
wavelength of 633...
asked 31 minutes ago -
Assignment:
Your
organization has made a strategic decision
to
outsourcework
currently performed in house. You have...
asked 29 minutes ago