Credit sales during the year were $425,000, the Allowance for Uncollectible Accounts had a beginning of year balance of $2,500 credit, accounts written off during the year were $2,200. It is estimated that 2% of all credit sales are eventually uncollectible. What is the Uncollectible Accounts Expense?

Q: Sanders Prime Time Company has annual credit sales of $1,800,000 and accounts receivable of…

A: Average collection period (ACP) is the time taken to collect the cash from its accounts receivables.…

Q: Pine Hardware Store had net credit sales of P6,045,000 and cost of goods sold of P5,000,000 for the…

A: Solution:- Introduction:- Accounts receivables turnover ratio measures the number of times per year…

Q: ABCD Corporation has credit sales of $10,640,000 and receivables of $1,520,000. a. What is the…

A: Receivables turnover = Credit sales / Accounts receivable Average collection period = 365/…

Q: A company has net income of $195,000, a profit margin of 8.3 percent, and an accounts receivable…

A: Net Income = 195,000 Profit Margin = 8.3% Accounts Receivables = 134,370 Credit Sales = 70% of sales…

Q: The financial statements of Marigold Manufacturing Company report net sales of $1278000 and accounts…

A: In order to compute the average collection period of account receivable, we need to first determine…

Q: What is LoGo's payables deferral period (DPO)?

A: Payables deferral period (DPO) = Accounts payable/Credit purchases per day It is the number of days…

Q: As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January,…

A: Budgets are the quantitative form of actions to be taken in future. Budgeted cash receipts will show…

Q: Oman company had $180,000 sales on credit last year. The accounts receivable balance was $14,000…

A: Given: Credit sales = $180,000 Accounts receivables = $14,000

Q: If Emperium Inc. had credit sales of 2,027,773 per year and its days sales outstanding was equal to…

A: Days Sales or Receivables Outstanding means the number of days it takes a company to realize cash…

Q: At the end of the year, Bertha Enterprises estimates the uncollectible accounts expense to be 0.7…

A: Uncollectible accounts expense = Net sales x 0.7% =$15150000*0.7% = $106,050

Q: Noreen Company provided the following information for 2020: Accounts receivable – January 1…

A: Accounts receivables are those customer accounts to whom the business has made credit sales on…

Q: At​ year-end, StickStick has cash of $ 22 comma 000$22,000​, current accounts receivable of $ 80…

A: Calculate the receivables turnover ratio.

Q: Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning…

A: Solution:- Given, Winsor Clothing Store had a balance in the Accounts Receivable account at…

Q: At year-end, Sample has cash of $8,000, current accounts receivable of $40,000, merchandise…

A: Average accounts receivables = (beginning balance+ending balance)/2 Average accounts receivables =…

Q: s Inc. had sales of $2,027,773 per year (all credit) and its days sales outstanding was equal to 35…

A: Given, Credit sales amount = $2,027,773 Days sales outstanding = 35

Q: accounts receivable balance

A: SOLUTION:- Receivables Period      = 46             Credit sales = $5,840,000…

Q: The year-end balance in accounts receivable is $300,000, the Allowance for Uncollectible Accounts…

A: Accounts Receivable Uncollectable Account Accounts Receivable is considered to be on of the…

Q: Last year, the Tilden Co. had credit sales in the amount of $470,000, and it had uncollectible…

A: Formula: Estimated uncollectible accounts = Credit sales x percent of estimated uncollectible…

Q: Leonard had credit sales of $1,200,000, a balance in accounts receivable of $250,000 and an…

A: Bad debt expenses are the expenses written off to account for the uncollectible debtors. Allowance…

Q: The general ledger account for Accounts Receivable shows a debit balance of $50,000. Allowance for…

A: Under the aging method, first the post adjustment in allowance for doubtful accounts is computed.…

Q: accounts receivable balance of $391,648. Credit sales for the year just ended were $5,338,411. How…

A: Calculate the number of days to realize Account receivable as follow: Number of days required = 365…

Q: At the end of the year, Brinkley Incorporated’s balance of Allowance for Uncollectible Accounts is…

A:

Q: Pine Hardware Store had net credit sales of $6,500,000 and cost of goods sold of $5,000,000 for the…

A: Solution..   Net credit sales = $6,500,000  Beginning accounts receivable = $600,000  Ending…

Q: December 31, Albertson Corporation had $65,000 in accounts receivable.  The company estimates that…

A: Amount of bad debt expense that should be recognised =  Estimated Uncollectible Balance during year…

Q: Harvey Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning…

A: We have the following information: Opening balance of Account Receivables: $390,000 Closing balance…

Q: At the beginning of the year, AlLmight had a receivable amounting to P 100,000. The recorded sales…

A: Bad debts expense = Total receivables - collectible receivables  where, Collectible receivables =…

Q: At the end of the fiscal year, accounts receivable has a balance of $100000 and allowance for…

A: Concept Net Realizable Value is book value of accounts receivable.It is calculated as by deducting…

Q: Batik Clothing Store had a balance in the Accounts Receivable account of P390,000 at the beginning…

A: The average collection period is calculated by dividing the average balance of accounts receivable…

Q: The January 1 balance in accounts receivable was $22,000. All sales during the period were on credit…

A: Accounts receivable are the money owed to a company by its customers. This happens because of Credit…

Q: At the beginning of the year, ABC's Accounts Receivable balance was $82,300. During the year ABC…

A: The account receivables are also known by the name of debtors. These are the values due to a firm on…

Q: Martin Incorporated uses the percent-of-credit sales method to estimate uncollectibles. Total sales…

A: Bad debts expense = Credit sales x 5% Balance in allowance for uncollectible accounts after the…

Q: Jinx Company provided the following information for the current year in relation to accounts…

A: Formula: Net sales = Credit sales - sales return.

Q: Credit sales during the year were $425,000, the Allowance for Uncollectible Accounts had a beginning…

A: Uncollectible Accounts Expense = Credit sales during the year  x 2% of all credit sales

Q: A company has the following account balances at the end of the year:• Credit Sales = $400,000•…

A: Bad Debt Expense = Estimates future uncollectible accounts - Beginning balance in Allowance for…

Q: The financial statements of Danielle Manufacturing Company report net sales of $750,000 and accounts…

A: Accounts receivables turnover ratio refers to the efficiency ratio which measures the effectiveness…

Q: For its most recent year a company had Sales(all on credit) of $830,000 and Cost of Goods Sold of…

A: Days of account receivables helps to understand how many days are required by the firm to clear its…

Q: A company's year-end balance in accounts receivable is $2,000,000. The allowance for uncollectible…

A: Beginning balance of allowance account = $30,000 Ending balance of allowance account = $38,000 Bad…

Q: The financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: Credit sales during the year were $425,000, the Allowance for Uncollectible Accounts had a beginning…

A: Uncollectibles = Credit Sale ×2%=$425,000×2%=$8,500

Q: At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8…

A: There are 2 methods for estimating bad debt expense: Percentage of sales method Percentage of…

Q: Camden Hardware’s credit sales for the year were $320,000. Accounts receivable at the beginning and…

A: Accounts Receivable Turnover: The accounts receivable turnover ratio determines the ability of a…

Q: Ammer Products has an average accounts payable balance of P850,000 and its annual net credit…

A: Accounts payable in the business means accounts of those suppliers from whom business has made…

Q: During the current year, Robby’s Camera Shop had sales revenue of $157,000, of which $74,000 was on…

A: Given, 1) Bad debts of $1,800 to be accounted for. 2) provision for Doubtful debts to be created…

Q: Ben Corp has the following annual information: Receivable days assumption = 55 days Payable days…

A: Forecast of account receivables formula: Revenue which was forecasted * (Receivables in days / 365…

Q: During the year, Jantz Company made an entry to write off a ₱4,000 uncollectible account. Before…

A: Accounts receivable: It can be defined as the amount owed by the customers from the business for the…