Dorchester Company had the following balances at the end of 2018 and 2019 respectively: Net Credit...
Dorchester Company had the following balances at the end of 2018 and 2019 respectively:
Net Credit Sales - $960,000 for 2018 and $992,000 for 2019.
Accounts Receivable - $80,000 for 2018 and $99,000 for 2019.
Allowance for Doubtful Accounts - $6,000 for 2018 and 6,500 for 2019
Calculate the accounts receivable turnover ratio to one decimal place.
Homework Answers
Net accounts receivable = (80,000-6,000) and (99,000-6,500)
= 74,000 and 92,500
Accounts Receivable Turnover l
= Credit sales/Average accounts receivables
= 992,000/[(74,000+92500)/2]
= 11.92 times
Add Answer to:
Dorchester Company had the following balances at the end of 2018
and 2019 respectively:
Net Credit...
1) Given below are account balances for Charlie Company: Gross sales, $94,000 Sales returns and allowances,...
1) Given below are account balances for Charlie Company: Gross sales, $94,000 Sales returns and allowances, $4,000 Selling expenses, $12,000 Cost of goods sold, $52,000 Interest expense, $3,000 How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example - enter 46% as .46) 2) Dorchester Company had the following balances at the end of 2018 and 2019 respectively: Net Credit Sales - $870,000 for 2018 and $962,000 for 2019. Accounts Receivable...
Geisel, Inc. reported net sales revenue of $525,000 in 2018 and $617,000 in 2019. The company's...
Geisel, Inc. reported net sales revenue of $525,000 in 2018 and $617,000 in 2019. The company's ending net receivables were $124,000 during 2017 and $140,000 during 2018. At December 31, 2019, the company had Accounts Receivable of $138,000 and an unadjusted debit balance in its Allowance for Doubtful Accounts account of $1,500. The company reported Bad Debt Expense of $8,560 during 2019. Required: a. Determine the net receivables at December 31, 2019. b. Calculate the receivables turnover ratio for 2018...
Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
1. In 2018, Sony Corporation had net credit sales of $1,250,000. On January 1, 2018, Allowance...
1. In 2018, Sony Corporation had net credit sales of $1,250,000. On January 1, 2018, Allowance for Doubtful Accounts had a credit balance of $30,000. During 2018, $20,000 of uncollectible accounts receivable were written off. Past experience indicated that the allowance should be 10% of the balance in account receivables. If the accounts receivable balance at December 31 was $400,00, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2018? 2. Using the percentage -of-receivable...
Question 3 2.5 pts Jake Company records had debt expense using the net credit sales method...
Question 3 2.5 pts Jake Company records had debt expense using the net credit sales method and has estimated that 5.5% of its credit sales will prove to be uncollectible. During 2019, Jake Company reported net credit sales of $120,000 and collected $150.000 cash from its credit customers. The $150,000 includes a $6,000 recovery of an account receivable written off in the previous year. During 2019, Jake Company wrote-off as uncollectible accounts receivable of $4,000. Take Company reported accounts receivable...
Assume Zap industries reported the following adjusted account balances at year-end. 2019 2018 Accounts Receivable $...
Assume Zap industries reported the following adjusted account balances at year-end. 2019 2018 Accounts Receivable $ 1,660,200 $ 1,310,920 Allowance for Doubtful Accounts (89,000 ) (73,600 ) Accounts Receivable, Net $ 1,571,200 $ 1,237,320 Assume the company recorded no write-offs or recoveries during 2019. What was the amount of Bad Debt Expense reported in 2019?
During 2017, Mala Corporation has net credit sales of $1,200,000 and cost of goods sold of...
During 2017, Mala Corporation has net credit sales of $1,200,000 and cost of goods sold of $650,000. The accounts receivable and allowance for doubtful accounts at the beginning of the year were $450,000 and $150,000 respectively. The balance sheet shows $640,000 and $140,000 for accounts receivable and allowance for doubtful accounts respectively at the end of the year. What was the accounts receivable turnover ratio for the year? Select one: a. 2.2 b. 2.7 c. 1.4 X d. 3.0
Pans on Fire, Inc., had the following account balances at the end of the year before adjustments: Accounts Receivable $6...
Pans on Fire, Inc., had the following account balances at the end of the year before adjustments: Accounts Receivable $60,000 Allowance for Doubtful Accounts $200 credit balance Net Sales $600,000 Doubtful Accounts Expense $0 Management estimates that 11% of accounts receivable will be uncollectible. After the correct adjusting entry has been made, what is the total Allowance for Doubtful Accounts on the balance sheet at year end?
before adjustments, amie corporation had the following balances on December 31, 2018 Accounts receivable: 65, 000...
before adjustments, amie corporation had the following balances on December 31, 2018 Accounts receivable: 65, 000 Allowance for doubtful accounts: 3000 credit Net credit sales: 550,000 a. An aging of the accounts receivable estimated the collection amount of the receivables at December 31, 2018 at 57, 800. Prepare the journal entry to record the estimated uncollectible accounts. b. On march 5, 2019 amie decided that the 500 receivable from a customer, baker company, was uncollectible. Prepare the journal entry to...
Question 1 Given below are account balances for Charlie Company: Gross sales, $100,000 Sales returns and...
Question 1 Given below are account balances for Charlie Company: Gross sales, $100,000 Sales returns and allowances, $6,000 Selling expenses, $12,000 Cost of goods sold, $54,000 Interest expense, $3,000 How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example - enter 46% as .46) Question 2 Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales for $2,000. If payment occurs on January...
Geisel, Inc. reported net sales revenue of $525,000 in 2018 and $617,000 in 2019. The company's ending net receivables were $124,000 during 2017 and $140,000 during 2018. At December 31, 2019, the company had Accounts Receivable of $138,000 and an unadjusted debit balance in its Allowance for Doubtful Accounts account of $1,500. The company reported Bad Debt Expense of $8,560 during 2019. Required: a. Determine the net receivables at December 31, 2019. b. Calculate the receivables turnover ratio for 2018...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
Question 3 2.5 pts Jake Company records had debt expense using the net credit sales method and has estimated that 5.5% of its credit sales will prove to be uncollectible. During 2019, Jake Company reported net credit sales of $120,000 and collected $150.000 cash from its credit customers. The $150,000 includes a $6,000 recovery of an account receivable written off in the previous year. During 2019, Jake Company wrote-off as uncollectible accounts receivable of $4,000. Take Company reported accounts receivable...
During 2017, Mala Corporation has net credit sales of $1,200,000 and cost of goods sold of $650,000. The accounts receivable and allowance for doubtful accounts at the beginning of the year were $450,000 and $150,000 respectively. The balance sheet shows $640,000 and $140,000 for accounts receivable and allowance for doubtful accounts respectively at the end of the year. What was the accounts receivable turnover ratio for the year? Select one: a. 2.2 b. 2.7 c. 1.4 X d. 3.0
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago