Gray Company had an accounts receivable balance of P50,000 on December 31, 2001, and P75,000 on December 31, 2002. The company wrote off P20,000 of accounts receivable during 2002, and collected P3,000 on an account written off in 2000. Sales for the year 2002 totaled P620,000. All sales were on account. The amount collected from customers on accounts receivable during 2002, including recoveries, was O P578,000. O P600,000. O P575,000 O P595,000.

Q: The following information relates to Herp Company's Accounts receivable for 2011: Account…

A: Sales means the amount recorded in books as revenue earned by selling the goods or services.…

Q: Honduras Company revealed a balance of P8,200,000 in the accounts receivable control account at…

A: Accounts receivables:- Accounts receivables shows the amount which is due to a firm on goods and…

Q: Taehyung Company provided the following data: On January 1, the company’s account receivable and…

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…

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: BC Corp. reported a P500,000 account receivable balance at the beginning of the calendar year. For…

A: It is the money due from the person to whom the service or goods are provided. It is also known as…

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: Jinx Company provided the following information for 2013 in relation to accounts receivable:…

A: Formula: Net sales = Credit sales - Sales returns Deduction of sales returns from sales derives the…

Q: At the beginning of the current period, Ayayai Corp. had balances in Accounts Receivable of $300,000…

A: For credit sales we should debit Account receivable account and credit sales revenue account.

Q: The December 31, 2020 statement of financial position of YOYO Company showed accounts receivable of…

A: Net sales for the year = Ending accounts receivable +Amount collected + Accounts written off -…

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

A: Given that, Opening balance of accounts receivables = P500000 Sales for the month of Jan = P1200000…

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

A: The budget is prepared to estimate the requirements for the future period.

Q: RGI Company had an accounts receivable balance of ₱45,000 on December 31, 2001, and ₱60,000 on…

A: Accounts receivable is the amount due to a firm for the use of goods and services but not yet paid…

Q: Items 21 to 27 are based on the following information: The balance sheet for the Litex Corporation…

A: All Notes discounted at the beginning of the year got matured during the year. However, P30000 has…

Q: ABC Corporation uses the cash basis of accounting. Damalerio collected P1,400,000 from its customers…

A: Sales Revenue under the accrual basis of accounting = Collection from customers during the year +…

Q: During the current year, Watanabe’s Camera Shop had sales revenue of $210,000, of which $86,400 was…

A: Here , to calculate the company bad debts expense , we need to prepare two account i.e. Account…

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: included the following: Sales on account were P7,670,000.

A: Credit sales during the year result in accounts receivable and when a note is issued to this…

Q: At the beginning of Year 3 Randall Company had a $16,070 balance in its accounts receivable account…

A:

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: Maribel Company had sales of $5,600,000 for the year. During the same year, their uncollectible…

A: The bad debts are the debtors which are unable to py off their debtors on the due time.

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: The following data were taken from the records of Millet Corporation for the year ended December 31:…

A: Carrying value of the accounts receivable on December 31 = Sales on account - Accounts receivable…

Q: ord Corporation had net credit sales during the year of $1116550 and cost of goods sold of $448000.…

A: Average Accounts Receivables = (Beginning Accounts Receivables  + Ending Accounts Receivables ) /2…

Q: Taehyung Company provided the following data: On January 1, the company’s account receivable and…

A: Net sales = Cash receipts from customers + Ending accounts receivable - Beginning accounts…

Q: If we know that for the year 2010 Johnson's Company had Cost of goods sold = 600,000 USD and Sales…

A: Given that,  Sales (on credit) = 850,000 USD Opening accounts recievables = 75,000 USD Closing…

Q: The financial statements of the Blue Spruce Corp. reports net sales of $372000 and accounts…

A: The average collection period indicates the time period the business takes to collect amounts from…

Q: Dongguk Industry began the accounting year of 2010 with accounts receivable balance of $650,000 and…

A: Sno  Account Titles and Explanation   Debit   Credit  1  Accounts Receivable   $ 7,290,000…

Q: ABC Corp has the following items in its receivable and payable accounts: Due from customers,…

A: Trade Receivables are Current Assets arise from Sale of goods and rendering of services on credit or…

Q: At the beginning of 2009, Pental Company had the following balances:   A/R = $122,000…

A: Given the following information: A/R Beginning balance: $122,000 Allowance for Uncollectible…

Q: An analysis of cash received from customers during the year revealed that the P705,600 was received…

A: Businesses dealing with goods and services mostly function on the credit system. A portion of the…

Q: At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of…

A: Calculation of Bad debt expense Beginning Balance  9,040   Add: Reinstated amount 3,350…

Q: How do you get to the answer for #5.  Answer: 2,525, but I keep getting 2275

A: Calcualte the Accounts receivable balacne on Dec 31, 2017 Balance on Jan 01, 2017 $50,000 Sales…

Q: ABC Company had the following information relating to its accounts receivable at December 31, 2024…

A: Net realizable value of accounts receivable = Ending balance of accounts receivable - Ending balance…

Q: Marbel had $4,448 million in sales and $1,218 million in ending accounts receivable for the current…

A: Note: Day's sales uncollected determines the no. of days a company take to collect its receivable on…

Q: Damalerio Corporation uses the cash basis of accounting. Damalerio collected P1,400,000 from its…

A: Prepare a T-account of accounts receivable and post the beginning balance, ending balance and cash…

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: Based on its past collection experience, Brody Company provides for bad debts at the rate of 2…

A: Option b is correct.

Q: At the close of its first year of operations, December 31, 2004, Linn Company had accounts…

A: = accounts receivable - uncollectible-accounts receivable + bad debt expense = P(490,000 - 40,000 +…

Q: The following information relates to a company’s accounts receivable: accounts receivable balance at…

A: Answer) Calculation of Ending Balance of Gross Accounts Receivable Ending Balance of accounts…

Q: JG Company had an accounts receivable balance of ₱40,000 on December 31, 2001, and ₱65,000 on…

A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…

Q: Wildhorse Co. had net credit sales during the year of $1223200 and cost of goods sold of $712000.…

A: ACCOUNTS RECEIVABLE TURNOVER :  = NET CREDIT SALES /  (OPENING RECEIVABLES + CLOSING RECEIVABLES / 2…

Q: At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of…

A: Note:   Beginning Balance  9,040   Add: Reinstated amount 3,350   Less: Amount written…

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…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is