Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method.

Q: A company reports the following: Sales $399,675 Average accounts receivable (net) 54,750 Determine…

A: Accounts receivable turnover is computed by dividing the sales with the average accounts receivable…

Q: Powers Company reported net sales of $1,310,000, average Accounts Receivable, net of $67,500, and…

A: Accounts receivable turnover ratio = Net salesAverage Accounts receivable =$1,310,000$67,500=19.49…

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: At the beginning of the current period, Ivanhoe Co. had a balance of $96,000 in Accounts Receivable…

A: There is no requirement in the question. Hence, based on the data given, we are preparing Journal…

Q: A company has net income of 213,700 a profit margin of 7.1 percent, and an accounts receivable…

A: Net income = 213,700 Profit margin = 7.1% Sales = Net income/Profit margin          = 213700/0.071…

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: Barga Company's net sales for Year 1 and Year 2 are $669,000 and $750,000, respectively. Its…

A: Solution:- a)Calculation of  the days' sales uncollected at the end of each year as follows under:-

Q: A company had net sales of $660,000, total sales of $810,000, and an average accounts receivable of…

A: Net Sales = $ 660,000 Average Accounts Receivables = $78,000

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: The following data are taken from or calculated from the financial statements: Current…

A: Solution: A) 1) Accounts receivable turnover = Net Credit sales / Average accounts receivable…

Q: Beginning accounts receivable were $277,500 and ending accounts receivable were $303,300. Cash…

A: Accounts Receivable Balance: The accounts receivable balance is the outstanding balance in the…

Q: The following data are taken from or calculated from the financial statements: Average accounts…

A: Introduction: The percentage of a period's average accounts receivable divided by the period's net…

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

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Sandhill Co. had a beginning balance in accounts receivable of $65,960 and an ending balance of…

A: Calculation Table Accounts Receivable Balance Amount in $ Beginning balance $65,960 + Credit…

Q: Wall Corporation’s books disclosed the following information as of and for the year ended December…

A: Accounts receivable turnover is a measure how effectively the company is able to collect its…

Q: At the end of the fiscal year, Big Box Depot had account receivables of $1.89 billion on net sales…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: y has net sales of 1,630,200 an

A: The accounts receivable turnover ratio,   also known as the debtor’s turnover ratio, is an…

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: Sheridan Company had net credit sales during the year of $1047750 and cost of goods sold of $484000.…

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

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

A: Income statement: The income statement is one of the three primary financial statements used to…

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: 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: During 2014, SABA Company had net sales of $11,400,000. Most of the sales were on credit. At the end…

A: Journal Entry       Date Accounts Debit Credit             2014 Bad Debt Expenses      Dr.…

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: Lipovetsky Corp. has the following data relating to accounts receivable at the end of the current…

A: The net realizable value for accounts receivable is calculated as gross account receivables minus…

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: 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: 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: heridan Company had net credit sales during the year of $1047750 and cost of goods sold of $484000.…

A: The correct answer is as fallows

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

A: 1. Bad debt expense for the year = Credit sales  x estimates bad debts % = $1,500,000 x 2% = $30,000

Q: Sandhill Co. had a beginning balance in accounts receivable of $65,960 and an ending balance of…

A: Answer Beginning balance of account receivable = $65,960 Ending balance of account receivable =…

Q: They recorded $134,560 in accounts receivable for the year and $323,660 in credit sales. The…

A: Solution:- Introduction:- As per the Percent of sales method, Bad debts expense can be identified…

Q: Based on the following data for the current year, what is the accounts receivable turnover?   Net…

A: Given the following information: Net sales on account during year: $500,000 Cost of merchandise…

Q: The financial statements of the Sunland Company report net sales of $384000 and accounts receivable…

A: Accounts receivable turnover ratio = Net credit sales / Average Accounts Receivables where, Average…

Q: A company has net income of $196,000, a profit margin of 10.00 percent, and an accounts receivable…

A: The question is based on the concept of ratio analysis.

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

A: The company estimates 2% of credit sales as bad debts Credit Sales $1,500,000

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: A company has net income of $182,000, a profit margin of 9.90 percent, and an accounts receivable…

A: Days sales in receivables = Accounts receivable/credit sales *365

Q: The following data are taken from the financial statements of Colby Company. Accounts receivable…

A: Introduction: Financial statements include specific information about a company's operations and…

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: 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: The following data are taken from the financial statements of Basinger Inc. Terms of all sales are…

A: Formula: Accounts receivable turnover = Net credit sales / Average accounts receivables. Division of…