1.
Concept Introduction:
The amount of gross accounts receivable due from customers at the end of 2017 and 2016.
2.
Concept Introduction: Accounts receivable are created when an entity sells goods or services on credit. Most businesses provide credit to customers. Some of the accounts receivable are considered uncollectible due to various reasons. These uncollectible are recognized as bad debts.
The amount of bad debt write-offs during 2016.
3.
Concept Introduction: Accounts receivable are created when an entity sells goods or services on credit. Most businesses provide credit to customers. Some of the accounts receivable are considered uncollectible due to various reasons. These uncollectible are recognized as bad debts.
The amount of gross sales for 2016.
4.
Concept Introduction: Accounts receivable are created when an entity sells goods or services on credit. Most businesses provide credit to customers. Some of the accounts receivable are considered uncollectible due to various reasons. These uncollectible are recognized as bad debts.
The cash collected from customers during the year 2016 assuming all sales are on a credit basis.
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INTERMEDIATE ACCOUNTING <CUSTOM LL>
- At January 1, 2017, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2017, accounts receivable is $54,000. Sales revenue for 2017 total $420,000. Compute Eikenberry’s 2017 cash receipts from customers.arrow_forwardBold Company’s 2016 income statement reported total credit revenue of $250,000. Bold’s accounts receivable balance on January 1, 2016 was $30,000, and its December 31, 2016 accounts receivable balance was $10,000. Bold’s accounts payable balance on January 1, 2016 was $25,000, and its December 31, 2016 accounts payable balance was $35,000. How much did Bold collect from customers during 2016?arrow_forwardA credit balance in Cash Over and Short is reported as a(n) Select one: A. asset. B. liability. C. expense. D. revenue. In 2016, Winslow Company had net credit sales of $1,250,000. On January 1, 2016, Allowance for Doubtful Accounts had a credit balance of $25,000. During 2016, $32,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivables basis). If the accounts receivable balance at December 31 was $360,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2016? Select one: a. $6,000 b. $29,000 c. $36,000 d. $43,000 The interest on a $5,000, 3%, 60-day note receivable is Select one: a. $100. b. $25 c. $150. d. $300. A plant asset was purchased on January 1 for $100,000 with an estimated salvage value of $20,000 at the end of its useful life. The current year's Depreciation Expense is $10,000 calculated on…arrow_forward
- Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash sales for 2017 were $100,000. The accounts receivable turnover for 2017 was 5.0, What was Utica's total net sales for 2017?arrow_forwardPresented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for 2. early payment. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.arrow_forwardBerry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days’ sales in receivables ratio for 2018 (round all answers to two decimal places)?arrow_forward
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- As of December 31, 2017 Cash $ 17,900 Accounts payable $ 29,500 Accounts receivable $ 39,600 Notes payable 15,400 Less: Allowance for doubtful accounts 3,200 36,400 Unearned revenue 3,800 Inventory 61,100 Total current liabilities $ 48,700 Prepaid expenses 7,400 Total current assets $ 122,800 The following errors in the corporation's accounting have been discovered: Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. 1. The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 2. Sales for the first day in January 2018 in the amount of $ 11,100 were entered in the sales journal as of December 31, 2017. Of these, $ 7,000 were sales on…arrow_forwardWhich of the following accounts will get affected when cash is received from sale made on account in the last month? a. Cash and Service Revenue b. Cash and Accounts Receivable c. Cash and Salary Expense d. Cash and Notes Payablearrow_forwardMerck & Company reported the following from its 2016 financial statements. $ millions 2013 2014 2015 2016 Accounts receivable, net $7,682 $7,121 $6,981 $7,511 Allowance for doubtful accounts 154 163 175 213 a. Compute accounts receivable gross for each year. $ millions 2014 Accounts receivable, gross $ 2013 $ $ 2015 $ 2016arrow_forward
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