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Time remaining: 01 :57 :19 Accounting Several of Kimper Corporation's major customers experienced cash flow problems in 2020, mainly due to their increasing labour and production costs in 2019 and 2020. As a result, Kimper's accounts receivable turnover ratio (net sales revenue/average trade receivables [net]) decreased significantly in 2020. However, Kimper believes that its customers' cash flow problems are temporary. In estimating uncollectible accounts receivable as at December 31, 2020, Kimper decreased the estimated percentage of its outstanding accounts receivable that will become uncollectible. (A lower percentage was applied in 2020 than was applied in the previous five years.) Kimper's bad debt expense as a percentage of sales for the year ended December 31, 2020, was lower than the percentage reported in the previous five years, and no additional note disclosure regarding potentially higher risk of uncollectible accounts was reported. Based only on the information…

Question 8 Dreadful Behaviour Ltd has credit sales of $400,000 in 2022 and a debit balance of $1,900 in the Allowance for Doubtful Accounts at year end. As of December 31, 2022, $120,000 of accounts receivable remain uncollected. The credit manager of Dangle prepared an aging schedule of accounts abnor receivable and estimates that $4,800 will prove to be uncollectible. On March 3, 2023 the credit manager authorizes a write-off of the $1,000 balance owed by D. Taylor. On April 1, 2023 Mr. Taylor pays his account in full and also pays Dangle $75 interest on his account Required (a) Prepare the adjusting entry to record the estimated uncollectible accounts expense in 2022. (b) Show the statement of financial position presentation of accounts receivable on December 31, 2022. (c) On March 3, 2023 before the write-off, assume the balance of Accounts Receivable account is $160,000 and the balance of Allowance for Doubtful Accounts is a credit of $3,000. Make the appropriate entry to record…

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3. Grump Computer has credit sales of $400,000 in 2023 and a debit balance of $300 in the Allowance for Doubtful Accounts at year end. As of December 31, 2023, $120,000 of accounts receivable remain uncollected. The credit manager of Grump prepared an aging schedule of accounts receivable and estimates that $5,200 will prove to be uncollectible. On March 4, 2024 the credit manager authorizes a write-off of the $1,000 balance owed by A. Shard. Required (a) Prepare the adjusting entry to record the estimated uncollectible accounts expense in 2023. (b) Show the statement of financial position presentation of accounts receivable on December 31, 2023: (c) On March 4, before the write-off, assume the balance of Accounts Receivable account is $160,000 and the balance of Allowance for Doubtful Accounts is a credit of $4,000. Make the appropriate entry to record the write-off of the Shard account. Also show the statement of financial position presentation of accounts receivable before and after…

1. As a result of the changes in collection procedures, average accounts receivable balance will increase or (decrease) by   a. (900,000) b. 90,000 c. 900,000 d. 32,400,000   2. To make the changes in collection procedures cost beneficial, the minimum savings in collection costs for the coming year should be   a. 8,100 b. 81,000 c. 90,000 d. 900,000

INTRODUCTION Bryce Commings was assistant controller for Waterton Company, and his responsibilities included bank relations, accounts receivable collection, and cash management. From his business readings he was aware that many wall street economists were forecasting a recession for late 2019 into middle 2020. He remembered that in the last recession Waterton was criticized for weakened liquidity as shown on its balance sheet.   He ran a simulation with improved accounts receivable and inventory turnovers, Bryce was disappointed with the overall liquidity picture.  He was concerned that he was missing something.  Maybe he did not understand the relationships among the liquidity measures or maybe he had an error in his worksheet or maybe financial relationships had changed in the past ten years.   He assumed if cash came in faster with better collections and more efficient inventory control, liquidity metrics would improve.  The eight conventional liquidity measures were current ratio,…

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4. On average it takes Acme Tool Company 80 days to collect on its sales receivables, and its operating cycle is 290 days.  a.  How long is cash typically tied up in inventories? (Show computations) b.   What would be the likely effect to Acme's operating cycle if the company changes its current policy that sales upon credit must be paid within 3 months, instead requiring payment within 2 months? (No calculations needed, just describe the likely effect on Acme's operating cycle.)

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QUESTION 10 An aging of a company's accounts receivable indicates that $100,000 are estimated to be uncollectible. The Allowance for Doubtful Accounts has a $32,000 debit balance (the allowance account is short by $32,000). Calculate the required adjustment to record bad debt expense for the period.

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A company is expecting Sales of $1,000,000 and Accounts Receivable (gross) of $500,000. The company determined that credit losses average about 1% of sales, and approximately 3% of gross accounts receivable eventually prove uncollectible. Which of the following is the company’s credit losses if it applies the Sales Revenue approach?  Question 12Select one: $30,000 $15,000 $5,000 $10,000

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26 Hancock Medical Supply Company earned $83,000 of revenue on account during Year 1, its first year of operation. During Year 1, Hancock collected $66,200 of cash from its receivables accounts. The company did not write-off any uncollectible accounts. It estimates that it will be unable to collect 1% of revenue on account. What is the net realizable value of receivables that will be reported on the balance sheet at December 31, Year 1? Multiple Choice O $15,970 $16.138 $16,800

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A firm has total annual sales (all credit) of P1,200,000 and accounts receivable of P500,000. How rapidly (in how many days) must accounts receivable be collected if management wants to reduce the accounts receivable to P300,000?  choose the letter of the correct answera. 51.3 daysb. 61.3 daysc. 71.3 daysd. 81.3 dayse. 91.3 days

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