Doubtful accounts is 5% of outstanding accounts receivable 70,000 Journal Entry
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Doubtful accounts is 5% of outstanding accounts receivable 70,000
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- Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.ABC corp has an Accounts Receivable balance of $375,000 on April 30. ABC's credit terms are 2/10 net 30. The AR breakdown is as follows: April $131,000 March $ 94,000 Feb $112,500 Jan $ 37,500 What percent of their Account Receivable Balance is current?A company’s accounts receivable balance after posting net collections from customers is $150,000. Management has determined the following: $100,000 of the accounts that are 1 to 30 days past due are 2% uncollectible; and $50,000 of the accounts that are 31 to 60 days past due are 10% uncollectible. What is the net realizable value of the accounts receivable? $150,000 $148,000 $145,000 $143,000
- SISSY Company provided the following information relating to accounts receivable for the current yearAccounts receivable on January 1 1,300,000Credit Sales 5,400,000Collections from customers, 4,750,000Accounts written off 125,000Estimated uncollectible receivables per aging 165,000What is the balance of accounts receivable before allowance for doubtful accounts on December 31?a. 1,825,000b. 1,850,000c. 1,950,000d. 1,990,000A company reports the following: Sales $859,940 Average accounts receivable (net) 45,260 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables daysA company reports the following: Sales $315,360 Average accounts receivable (net) 39,420 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables
- A firm has an ACP of 38 days and its annual sales are $5.3 million. What is its account receivable balance? Multiple Choice $551,781 $619,304 $692,098 $759,021On December 15, the accounts receivable balance was $50,000 and the balance in the allowance for doubtful accounts was $5,000. That morning, a $1,000 uncollected account was written off. What is the net realizable value of accounts receivable immediately after the write-off? $49,000 $46,000 $44,000 $45,000The year-end balance in accounts receivable is $300,000, the Allowance for Uncollectible Accounts had a beginning of year balance of $2,500 credit, accounts written off during the year were $2,200. An aging of accounts receivable determined that $6,000 of receivables will be uncollectible. What is the net realizable value of accounts receivable at year end? $298,700 $294,000 $293,700 $294,300
- JKL Company’s sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending accounts receivable balances are $100,000 and $140,000, respectively. What is the company’s average collection period?A trial balance before adjustments included the following: Debit Credit Sales P 425,000 Sales returns and allowances P 14,000 Accounts receivable 53,000 Allowance for doubtful accounts 760 If the estimate of uncollectible is made by taking 10% of gross accounts receivables, the net realizable value of accounts receivable to be reported in the statement of financial position isThe Allowance for uncollectible accounts currently has a credit balance of $200. Thecompany's management estimates that 2.5% of net credit sales will be uncollectible. Netcredit sales are $115,000. What will be the amount of Uncollectible account expensereported on the income statement?