Homework Answers
A. ₩ 3,808,798
B. ₩ 277,519 (2014-2013)
C.
| Particulars | 2014 | 2013 | |
| (A) | Past Due less than 90 Days | 3,11,979 | 3,10,984 |
| (B) | Past Due more than 90 Days | 2,82,969 | 2,64,159 |
| (C) | Current due (A-B) | 29,010 | 46,825 |
| (D) | Credit Losses for (B) 13.5% | 38,200.82 | 35,661.47 |
| (E) | Credit Losses for (C) 7% | 2,030.70 | 3,277.75 |
| (G) | Total Credit Loss (D+E) | 40,231.52 | 38,939.22 |
| (C) | Loss Rate | 12.90 | 12.52 |
D. ₩ 61,553
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(1) Trade notes and accounts receivable as of December 31, 2014 and 2013, consist of the...
No written work please. (1) Trade notes and accounts receivable as of December 31, 2014 and...
No written work please.
(1) Trade notes and accounts receivable as of December 31, 2014 and 2013, consist of the following: In millions of Korean Won December 31, 2014 December 31, 2013 Current Description Trade notes and accounts receivable Allowance for doubtful accounts W (?) (58,706) Current W 3,531,279 (45,934) Present value discount accounts W 3,750,092 W 3,485,345 (2) Aging analysis of trade notes and accounts receivables As of December 31, 2014 and 2013, total trade notes and accounts receivable...
Simon Company's year-end balance sheets follow. A: December 31 Assets 2015 2014 2013 Accounts receivable, het...
Simon Company's year-end balance sheets follow. A: December 31 Assets 2015 2014 2013 Accounts receivable, het Merchandise inventory Prepaid expenses Plant assets, net $ 38,382 $ 43,106 $ 45,805 111,244 77.745 59.887 134.38 104.768 149 1997 11.2 4041 h.786 312540 275 418 Total assets $637,792 $549.821 $ 449.200 $157,222 $ 91,991 $ 60,480 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock 510 par value Retained earnings 118.706 162.500 199,364 128.988 162.500 166,342...
An aging of the company’s accounts receivable on December 31, and a historical analysis of the...
An aging of the company’s accounts receivable on December 31, and a historical analysis of the percentage of uncollectible accounts in each age class follow: Age Class Balance Percent Uncollectible Not past due $715,000 1% 1-30 days 310,000 2% 31-60 days 102,000 15% 61-90 days 76,000 30% 91-120 days 97,000 60% $1,300,000 a. Determine the bad debt expense for the period, and journalize the adjusting entries. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Net Realizable Value of Accounts Receivable. Accounts Receivable _____________ Allowance for Doubtful Accounts _____________ Net...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable = $79,000; Allowance for Uncollectible Accounts = $1,300 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Ace Group Not yet due - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $42,000 4% 22,080 28% 13,800 40% 2.000 85% $79,800 Record the adjustment...
2. Champ Corporation has a $300 credit balance in Allowance for Doubtful Accounts at December 31,...
2. Champ Corporation has a $300 credit balance in Allowance for Doubtful Accounts at December 31, 2017, before the current year's entry for bad debt expense. The age data of accounts receivable is as follows: Estimated Percentage Uncollectible 1% 3% 6% 15% 30% Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $170,000 15,000 12,000 5,000 9,000 $211.000 (a) Make the bad debts expense adjusting journal entry...
At December 31 2015 2014 2013 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable,...
At December 31 2015 2014 2013 Assets Cash $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise Inventory 112,500 82,500 54,000 Prepaid expenses 10,700 9,375 5,000 Plant assets, net 278,500 255,000 230,500 Total assets $ 523,000 $ 445,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets 98,500 101,500 83,500 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 131,100 104,750 79,250...
The credit balance of Allowance for Uncollectible Accounts is $975 as of December 31, 2018 [that...
The credit balance of Allowance for Uncollectible Accounts is
$975 as of December 31, 2018 [that is prior to adjustments].
A. Compute bad debt expense recorded for
2018.
B. What is the net amount of accounts receivable to be
reported on C-Market’s December 31, 2018 balance
sheet?
ACCOUNTS RECEIVABLE C-Market reports the following analysis of potential losses in its accounts receivable for the vear 2018. Receivable Balance 0-30 days past dueS89,600 31-60 days past due 39,200 24,400 Estimated Loss (%)...
Granger Corporation has accounts receivable of $95,700 at March 31, 2018. An analysis of the accounts...
Granger Corporation has accounts receivable of $95,700 at March 31, 2018. An analysis of the accounts shows these amounts. Month of Sale March (current) February (1 - 30 days past due) December and January (31 - 90 days past due) (over 90 days past due) Balance, March 31 2018 2017 $64,300 $76,500 13,700 7,800 10,000 2,700 7,700 1,100 $95,700 $88,100 Credit terms are 2/10,n/30. At March 31, 2018, there is an unadjusted $2,200 credit balance in Allowance for Doubtful Accounts....
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020,...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $324,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $1,620 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $32,490. 4. Uncollectible accounts to be written off, December 31, 2020, $1,890. 5....
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
No written work please.
(1) Trade notes and accounts receivable as of December 31, 2014 and 2013, consist of the following: In millions of Korean Won December 31, 2014 December 31, 2013 Current Description Trade notes and accounts receivable Allowance for doubtful accounts W (?) (58,706) Current W 3,531,279 (45,934) Present value discount accounts W 3,750,092 W 3,485,345 (2) Aging analysis of trade notes and accounts receivables As of December 31, 2014 and 2013, total trade notes and accounts receivable...
Simon Company's year-end balance sheets follow. A: December 31 Assets 2015 2014 2013 Accounts receivable, het Merchandise inventory Prepaid expenses Plant assets, net $ 38,382 $ 43,106 $ 45,805 111,244 77.745 59.887 134.38 104.768 149 1997 11.2 4041 h.786 312540 275 418 Total assets $637,792 $549.821 $ 449.200 $157,222 $ 91,991 $ 60,480 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock 510 par value Retained earnings 118.706 162.500 199,364 128.988 162.500 166,342...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable = $79,000; Allowance for Uncollectible Accounts = $1,300 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Ace Group Not yet due - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $42,000 4% 22,080 28% 13,800 40% 2.000 85% $79,800 Record the adjustment...
2. Champ Corporation has a $300 credit balance in Allowance for Doubtful Accounts at December 31, 2017, before the current year's entry for bad debt expense. The age data of accounts receivable is as follows: Estimated Percentage Uncollectible 1% 3% 6% 15% 30% Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $170,000 15,000 12,000 5,000 9,000 $211.000 (a) Make the bad debts expense adjusting journal entry...
The credit balance of Allowance for Uncollectible Accounts is
$975 as of December 31, 2018 [that is prior to adjustments].
A. Compute bad debt expense recorded for
2018.
B. What is the net amount of accounts receivable to be
reported on C-Market’s December 31, 2018 balance
sheet?
ACCOUNTS RECEIVABLE C-Market reports the following analysis of potential losses in its accounts receivable for the vear 2018. Receivable Balance 0-30 days past dueS89,600 31-60 days past due 39,200 24,400 Estimated Loss (%)...
Granger Corporation has accounts receivable of $95,700 at March 31, 2018. An analysis of the accounts shows these amounts. Month of Sale March (current) February (1 - 30 days past due) December and January (31 - 90 days past due) (over 90 days past due) Balance, March 31 2018 2017 $64,300 $76,500 13,700 7,800 10,000 2,700 7,700 1,100 $95,700 $88,100 Credit terms are 2/10,n/30. At March 31, 2018, there is an unadjusted $2,200 credit balance in Allowance for Doubtful Accounts....
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $324,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $1,620 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $32,490. 4. Uncollectible accounts to be written off, December 31, 2020, $1,890. 5....
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
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