Homework Answers
| Q7. | |||||
| Answer is A. $ 17146 | |||||
| Explanation: | |||||
| Accounts receivable balance | 20000 | ||||
| PVF at 8% for 2nd year | 0.8573 | ||||
| Present value of Accounts receivabale balance | 17146 | ||||
| Q8. | |||||
| Answer is C. 40000 | |||||
| Explanation: | |||||
| Credit sales | 2000000 | ||||
| Estimated bad debts expenses as % of crdit sales | 2% | ||||
| Bad debts expenses | 40000 | ||||
| Q9. | |||||
| Answer is B. $ 783000 | |||||
| Explanation: | |||||
| Beginning balance of Accounts receivable | 100000 | ||||
| Add: Credit sales | 2000000 | ||||
| Less: Collections | 1300000 | ||||
| Less: Amount written off | 17000 | ||||
| Accounts receivable-Gross ending balance | 783000 | ||||
| Q10. | |||||
| Answer is D. 43000 | |||||
| Explanation: | |||||
| Allowance beginning balance | 11000 | ||||
| Add: Amount reinstated | 9000 | ||||
| Less: Amount written off | 17000 | ||||
| Add: Bad debts expenses | 40000 | ||||
| Ending balance of Allowance | 43000 | ||||
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2. An analysis and aging of Riverbed Corp. accounts receivable at December 31, 2020, disclosed the...
2. An analysis and aging of Riverbed Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $ 182,300 1,786,000 126,040 What is the net amount expected to be collected of Riverbed's receivables at December 31, 2020? Net realizable value $ 1659960 3. Marin Co. provides for doubtful accounts based on 2% of gross accounts receivable. The following data are available for 2020. Credit sales during 2020...
I understand part A, but I do not understand B and C. I only need B and C. If possible, can you give a detail solution. Thank you. Week 9: Accounts Receivable Lecture Demonstration Bad Debts Exercise...
I understand part A, but I do not understand B and C. I only
need B and C. If possible, can you give a detail solution. Thank
you.
Week 9: Accounts Receivable Lecture Demonstration Bad Debts Exercise Doubtful Debts-Net Credit Sales and Ageing Methods Recording transactions for bad and doubtful debts Transactions for Bradford Ltd's Accounts Receivable for the year ending 30 June 2018 are listed below. On 1 July of the previous year, the opening balance of the Allowance...
I need help solving 6 and 7 Receivable for $25,000 and Sales 5. AG Inc. made...
I need help solving 6 and 7
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I understand part A, but I do not understand B and C. I only
need B and C. If possible, can you give a detail solution. Thank
you.
Week 9: Accounts Receivable Lecture Demonstration Bad Debts Exercise Doubtful Debts-Net Credit Sales and Ageing Methods Recording transactions for bad and doubtful debts Transactions for Bradford Ltd's Accounts Receivable for the year ending 30 June 2018 are listed below. On 1 July of the previous year, the opening balance of the Allowance...
I need help solving 6 and 7
Receivable for $25,000 and Sales 5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? CA Debit Accounts Receivable for $24,500. B) Debit Accounts Receivable for $24,500 and Sales Discounts for $500. 1 Debit Accounts Receivable for $25,000. ar net aAS C) D)...
3. (8 points) The balance sheet of Starsky Company at December 31, 2018, includes the following Accounts receivable Less: Allowance for doubtful accounts 500,000 (40,000) $460,000 Transactions in 2019 include the following. 1. Sales on credit for the year were $1,000,000. (all service revenue) 2. Accounts receivable of $850,000 were collected. 3. Customer accounts of $34,000 were written off during the year. 4. At year-end, bad debts were estimated to be 5% of the ending A/R balance (based on the...
At December 31, 2017, Oak Ridge Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $549,000 40,000 During 2018, the company had the following summary transactions related to receivables and sales. Oak Ridge uses the perpetual inventory system. 1. Sales on account amounted to $2,277,000. The cost of the inventory sold was $1,935,450. 2. Sales returns and allowances with a total sales price of $37,000 and a cost of $31,450 were restored to...
At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $610,000 42,000 During 2018, the company had the following summary transactions related to receivables and sales. Uli uses the perpetual inventory system. 1. Sales on account amounted to $2,520,000. The cost of the inventory sold was $1,990,800. 2. Sales returns and allowances with a total sales price of $38,000 and a cost of $30,020 were restored to inventory. 3....
CP8-1 Recording Accounts Receivable Transactions Using Two Estimation Methods LO 8-20 Red Hat, Inc., is a software development company that recently reported the following amounts (in thousands) in its unadjusted trial balance as of February 29, 2016. Credits Debits $512,500 Accounts Receivable Allowance for Doubtful Accounts Sales and Service Revenue $ 2,800 2,000,000 Required: 1. Assume Red Hat uses 1/4 of 1 percent of revenue to estimate its bad debt expense for the year. Prepare the adjusting journal entry required...
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