What entry format is appropiate if sales returns and allowances occur on factored accounts? a. Sales returns and allowances        xx             Receivable from factor                    xx b. Reveivable from Factor                  xx              Factoring expense                          xx c. Sales returns and allowances         xx               Factoring expense                         xx d. Reveivable from factor                  xx                Accounts receivable                     xx

Q: Define the CECL model for accounts receivable. On what does it base the estimate of the allowance…

A: CECL Model for Accounts Receivable is a method of estimating uncollectible accounts receivable. CECL…

Q: 6. when a cormpany returns merchandise previously purchased on account, the entry to record the…

A: Hi student Since there are multiple questions, we will answer only first question. Whenever business…

Q: Please help with the calculation of Net profit margin, Gross profit margin, Current ratio, Acid test…

A: Net profit margin = Net profit (loss) / Sales Revenue = - 1410 / 5600 = - 0.25   Given Net income =…

Q: In accountinf for sales discounts, most companies use the a. Allowance method b. Gross price…

A: The most commonly used method is the gross price method.in these sales, the discount is deducted…

Q: What is the adjusted balance of Sales and Invenfories?

A: Adjusted Balance of Sales: $49,25,600 Adjusted Balance of Inventories: $3,17,400

Q: a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet…

A: a) Journal Entry

Q: The base used in estimating the Allowance for uncollectible is a. Percentage of Gross Profit b.…

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Q: From page 5-2 of the VLN, which of the following accounts are subtracted from sales to compute Net…

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Q: By the percent of sales method how determine the amount of the adjusted balance of accounts…

A:

Q: Which method of estimating uncollectible accounts does not take the previous balance in the…

A: Bad debt expense formula: Percentage of account receivable method = Accounts receivable x Estimated…

Q: Complete the following table by indicating for (a) through (g) whether the proper answer is debit or…

A:

Q: Summary posting from the sales journal normally would be completed which of the following orders?…

A: Sales journal is one type of special journal, which is used for recording of all sales which is made…

Q: B) Cost of goods sold will be shown. *22. Identify the accounts that are added to or deducted from…

A: Periodic inventory system is an inventory system in which all purchases and sales transactions…

Q: ndicate the normal balance and category of each of the following​ accounts:   CATEGORy options ARE:…

A: All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

Q: a) merchandise inventory,  b) accounts payable, c)   cost of goods sold,  d) customer refunds…

A:

Q: Which of the following is not a component of Net Sales?a. Sales Returns and Allowancesb. Sales…

A: Sales revenue: It refers to the money earned by the business from selling its services and products…

Q: 6) Which of the following are the normal baiances of Sales, Sales discounts, and Sales returms and…

A: Introduction: Accounting: Accounting is an art of recording , classifying and summarising and…

Q: purchase Returns & Allowances appears where on an Income Statement?

A: The income statement is the financial statement of the business which shows about the profitability…

Q: 6. An example of a contra-revenue account found on the Income Statement is the M O A. Sales Returns…

A: A revenue account that is anticipated to have a debit balance is referred to as a contra revenue…

Q: Enter the letter for each term in the blank space beside the definition that it most closely…

A: Sales discount : The discount given by the seller of goods and services to the buyer for promoting…

Q: Indicate whether each statement best describes the allowance (A) method or the direct write-off…

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Q: 27. The classification and normal balance of the sales discount account would be C. revenue and…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 4. Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts…

A: Sales revenue means the income generated from sales made by the firm. This amount is shown at the…

Q: Administrative Expense Cost of Goods Sold Income Tax Expense Sales Returns and Allowances Selling…

A: A multi-step income statement is one that divides total revenue and expenses into operating and…

Q: The journal entry for the purchase of inventory on account using the periodic inventory system is

A: Date Accounts and Explanation Debit Cedit   Purchases XXX…

Q: Which is a valid statement regarding the gross price, net price and allowance methods of recording…

A: Accounts receivable is the amount that has been earned but not yet received by the company.

Q: Normal balances of merchandise accountsWhat is the normal balance of the following accounts: (a)…

A: Merchandise business is that form of business in which seller purchases goods from some other person…

Q: The income statement line gross profit will appear on which income statement format? Select one: a.…

A: 1. Receipt and Payment A/c: Receipt and payment A/c is prepared by non profit organization, Which…

Q: Compute the receivable turnover ratio Also compute the inventory turnover ratio

A: A quantitative method that provides information about the company including its liquidity,…

Q: The time period during which the invoice is paid is called: A. Rate of discount B. Discount period…

A: Invoice refers to a document representing the information about the amount owed by customers through…

Q: 1-The base used in estimating the Allowance for uncollectible is a. Percentage of Net profit…

A: Allowance for uncollectible accounts: Allowance for uncollectible accounts is a contra asset account…

Q: 14 - Which of the following is the formula to compute accounts receivable turnover? a) O The formula…

A: Account receivable turnover is the measure for the effective financial and operational performance…

Q: Two methods of accounting for uncollectible accounts are the     Question 40 options:   allowance…

A: Uncollectible accounts means the debt which has become bad i.e. bad debts. The account receivable…

Q: Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and…

A: Normal balance refers to the excess of amount on one side, over the amount on the other side in an…

Q: A. Current Ratio B. Acid-Test Ratio C. Accounts Receivable Turnover,

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover…

A: Solution:- a)Calculation of  the accounts receivable turnover for Year 3 as follows:- This ratio…

Q: Which of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest…

A: Accounts Payable: Accounts Payable means money owed by a company to its creditors. It is an current…

Q: Ratio Formula Net credit sales Average accounts receivable Accounts receivable turnover Cost of…

A: Inventory turnover ratio refers to the form of measuring the accurate estimate of the number of…

Q: Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C.…

A: All assets and expense accounts normally have debit balance. All liabilities and incomes would…

Q: (Choose the correct alternati Column I Column II A Current Account Surplus i. Receipts Payments C…

A: The current account surplus is excess of receipt over the payments.

Q: b. Compute the following Ratios: i. Current Ratio ii. Acid-test Ratio iii. Accounts receivable…

A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: a. Calculate and interprete the following ratios Receivables days Payables days Inventory days

A: Hi student Since there are multiple subparts, we will answer only first three subparts.