Compute the DSO for Tokyo Corporation which has the following aging schedule (No decimal point, use whole number): Account Age Amount Outstanding Average Days 0-30 days P55,000 24 31-60 days 30,000 42 Over 60 days 5,000 66
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Compute the DSO for Tokyo Corporation which has the following aging schedule (No decimal point, use whole number):
Account Age Amount Outstanding Average Days
0-30 days P55,000 24
31-60 days 30,000 42
Over 60 days 5,000 66
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- Compute the DO for Tokyo Corporation which has the following aging schedule (No decimal point, use whole number):67. Jansen Company prepares an account receivable aging schedule with a series of computations as follows: 10% of the total peso balance of accounts from 1-60 days past due, plus 15% of the total peso balance of accounts from 61-120 days past due and so on. How would you describe the total of the amounts determined in this series of computations? Group of answer choices It is the amount of uncollected accounts expense for the year. It is the amount of the desired credit balance of the allowance for uncollectible accounts to be reported in the year-end financial statements. When added to the total of accounts written off during the year, this new sum is the desired credit balance of the allowance account. It is the amount that should be added to the allowance for uncollectible accounts at year-end.Presented below is an aging schedule for Skysong, Inc.. Number of Days Past Due Customer Total NotYet Due 1–30 31–60 61–90 Over 90 Anders $ 25,300 $11,400 $13,900 Blake 40,500 $ 40,500 Coulson 55,300 15,500 5,700 $34,100 Deleon 35,000 $35,000 Others 131,700 95,400 16,000 14,000 6,300 $287,800 $151,400 $33,100 $27,900 $34,100 $41,300 Estimated Percentage Uncollectible 1% 5% 13% 26% 45% Total Estimated Bad Debts $ 34,247 $ 1,514 $ 1,655 $ 3,627 $ 8,866 $18,585 At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,600. Journalize and post the adjusting entry for bad debts at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit choose a…
- Attached is a schedule of five proposed changes at the end of the year. ($ in 000s) Before theChange ProposedChange After theChange Net sales $ 18,800,000 (a) $200,000 $ 19,000,000 Cost of goods sold 13,200,000 (b) 400,000 13,600,000 Operating expenses 1,600,000 (c) (100,000) 1,500,000 Other revenue 500,000 (d) 50,000 550,000 Other expense 450,000 (e) (50,000) 400,000 Net income $ 4,050,000 $ 4,050,000 Required:1. Indicate whether each of the proposed changes is conservative, aggressive, or neutral.2. Indicate whether the total effect of all the changes is conservative, aggressive, or neutral.Given the following information, show all three methods to dispose of over- or under-applied MOH. CGS for the period was $95,000, using applied MOH of $15,600. Three months later, it was discovered that actual MOH was $17,550. Ending Balance RM $40,500 WIP $60,000 FG $120,000Below is the aging of receivables schedule for Evers Industries. Aging of Receivables ScheduleJuly 31 Customer Balance NotPast Due 1-30DaysPast Due 31-60DaysPast Due 61-90DaysPast Due Over 90DaysPast Due Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31 Bad Debt Expense Allowance for Doubtful…
- Aging of Receivables ScheduleJuly 31 Customer Balance NotPast Due 1-30DaysPast Due 31-60DaysPast Due 61-90DaysPast Due Over 90DaysPast Due Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6A company's sale in year 1 were $350,000 and in year 2 were $387,500 using year 1 as the base year the percent change for year 2 compared to the base year is A. 100%B. 12%C. 11%D. 10%E. 90%The following pretax amounts pertain to Company for the year ended December 31, 2020:Sales –P800,000; Distribution and administrative costs –P84,000; Other income –P40,000; Interest expense –P4,000; Cost of goods sold –P480,000; Correction of prior period error (credit) –P16,000; Discontinued operations (debit) –P40,000; Cumulative effect of change in accounting policy (credit) –P28,000; Retained earnings, January 1 (not restated) –P160,000; Dividends declared –P12,000; Income tax rate is 30%. How much retained earnings would be shown on December 31, 2020 statement of financial position?
- Question Hare, Inc., had a cost of goods sold of $43,921. At the end of the year, the accounts payable balance was $7,943. How long on average did it take the company to pay off its suppliers during the year? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)1. An analysis of the receivables as at the end of the year of Madeni Limited revealed the followingAgeBalance –Ksh ‘000Current 3,4001 to 30 days 1,20031 to 60 days 2,70061 to 90 days 2,30091 to 120 days 1,400121 to 180 days 700181 to 365 days 1,000Over 365 days 1,30014,000From experience, the company estimates that 1% of the current debtors will not pay, 3% of debtors between 1-30 days will not pay, 5% of the debtors between 31-60 days will not pay, 7% of the debtors between 61-90 days will not pay, 10% of the debtors between 91-120 days will not pay, 15% of the debtors between 121-180 days will not pay, 20% of the debtors between 181-365 days will not pay and 50% of the over 365 days old debtors will not pay.Required:a) Using the Aging Method, determine the balance of allowance for doubtful debts as at the end of the yearb) Pass the journal entry needed. The beginning balance for the Allowance for Doubtful accounts is Ksh 1,750,000Prepare the journal entry to close out the MOH difference, given that the company wants to prorate it to the appropriate accounts based on their ending balances (before proration) (round proportions to four decimal places, if necessary). Did the proration of the MOH difference in part (d) have a significant effect on COGS this period? Explain how you could evaluate significance here. Specify the new adjusted COGS. If Locktin reported sales of $475,000 this year, what gross margin percentage did it earn? If the company goal was to generate at least a 35% gross margin, did it meet its goal? What does this tell us about Locktin's control of product costs this period?
