The following information relates to Zulu Company’s accounts
receivable for 2017:
Accounts receivable, 1/1/2017 $ 750,000...
The following information relates to Zulu Company’s accounts
receivable for 2017:
Accounts receivable, 1/1/2017 $ 750,000
Credit sales for 2017 3,100,000
Accounts written off during 2017 45,000
Collections from customers during 2017 2,400,000
Estimated uncollectible accounts at 12/31/2017 95,000
A factor has recently offered to purchase all of Zulu’s
outstanding receivables without recourse for 94% of their face
amount.
Required:
At what net amount should Zulu report its receivables assuming
the company chooses to measure financial assets at fair value?
The December 31, 2015 balance sheet of the Peters Company had
Accounts Receivable of $1,500,000 and...
The December 31, 2015 balance sheet of the Peters Company had
Accounts Receivable of $1,500,000 and a credit balance in Allowance
for Doubtful Accounts of $25,000. During 2018, the following
transactions occurred: Net Sales were 5,000,000.
(a) If the company uses the percentage of sales basis to
estimate bad debts and anticipates 5% of net sales to be
uncollectible, what is the adjusting entry at December 31,
2015.
(b) If the company uses the percentage of receivables basis to
estimate...
Financial Position as of
12/31/16
12/31/17
12/31/18
Cash
$ 89,100
$130,100
$154,500
Accounts receivable
79,700
101,600...
Financial Position as of
12/31/16
12/31/17
12/31/18
Cash
$ 89,100
$130,100
$154,500
Accounts receivable
79,700
101,600
125,400
Inventory
125,400
139,000
172,500
Other assets
162,800
171,400
198,400
Total assets
$457,000
$542,100
$650,800
Accounts payable
$ 39,700
$ 59,600
$ 79,700
Other liabilities
78,200
85,700
109,400
Common stock
198,400
198,400
198,400
Retained earnings
140,700
198,400
263,300
Total liabilities and equity
$457,000
$542,100
$650,800
Income for Years Ended
12/31/17
12/31/18
Sales revenue
$1,062,600
$1,490,760
Less:
Cost of goods sold
498,300
746,000
Other expenses...
At December 31, 2021, Splish Brothers Inc. reported this
information on its balance sheet.
Accounts receivable...
At December 31, 2021, Splish Brothers Inc. reported this
information on its balance sheet.
Accounts receivable
$581,000
Less: Allowance for doubtful accounts
37,000
During 2022, the company had the following transactions related to
receivables.
1.
Sales on account
$2,355,000
2.
Sales returns and allowances
49,000
3.
Collections of accounts receivable
2,050,000
4.
Write-offs of accounts receivable deemed uncollectible
38,000
5.
Recovery of bad debts previously written off as
uncollectible
16,000
Compute the accounts receivable turnover and average collection
period, assuming...
1. Company had the following
balances in their accounts at 1/1/16:
Accounts
receivable??$46,900
AFDA????$2,700
During 2016...
1. Company had the following
balances in their accounts at 1/1/16:
Accounts
receivable??$46,900
AFDA????$2,700
During 2016 the
following occurred:
1.
Sales on
account???$179,000
2.
Collections of
Receivables??$194,000
3.
Write-off of
uncollectible accounts?$900?
4.
Estimate of
uncollectible accounts?7%
What is the
company’s uncollectible expenses for 2016?
What is the net
realizable value of receivables at 12/31/16?
On Dec 31, 2016, Riyadh Company had accounts:
Credit sales
&nb
On Dec 31, 2016, Riyadh Company had accounts:
Credit sales
$2,500,000
Ending accounts receivable
800,000
Sales
discousnts
120,000
Sales returns and
allowances
280,000
Beginning accounts
receivable
750,000
Allowance for doubtful accounts
(credit)
12,000
The aging schedule (aging method) for the company’s accounts
receivable is shown in the following table:
# of Days Outstanding
Amounts
Estimated % Uncollectible
0-30
$ 100,000
2%
31-60
300,000
4%
61-90
300,000
6%
Over 90
100,000...
At December 31, the Azuza Company had a balance of $754,000 in
its Accounts Receivable account...
At December 31, the Azuza Company had a balance of $754,000 in
its Accounts Receivable account and a credit balance of $9,000 in
the Allowance for Doubtful Accounts account. The company aged its
accounts as follows:
Current
$608,000
0–60 days past due
88,000
61–180 days past due
40,000
Over 180 days past due
18,000
$754,000
In the past, the company has experienced credit losses as follows:
one percent of current balances, five percent of balances 0–60 days
past due, 20...
1)
On December 31, 2018, Ava Company had an ending balance of
$7,356 in its accounts...
1)
On December 31, 2018, Ava Company had an ending balance of
$7,356 in its accounts receivable account and an unadjusted
(current) balance in its allowance for doubtful accounts account of
$143. Ava estimates uncollectible accounts expense to be 9% of
receivables. .Based on this information, the amount of net
realizable accounts receivable shown on the 2018 balance sheet is
$___________
2) Hope Company’s total assets were $5,107. Hope collected on
$529 of account receivable that had previously been written...
The following is an aging schedule of Jill Co.’s accounts
receivable at 12/31/2020 (all dollar values...
The following is an aging schedule of Jill Co.’s accounts
receivable at 12/31/2020 (all dollar values in thousands):
Jill uses the aging schedule above to estimate bad debts. During
2020, Jill wrote off $450 in receivables and recovered $60 that had
been written off in prior years. During 2020 credit sales totaled
$12,500 and cash collections from customers were $12,000 (excluding
the previously written off receivable). The 2019 balance sheet
disclosed the following:
Current Assets:
Receivables, net of allowance for...
The Bone Company Ltd. has been factoring its accounts receivable
for the past five years. The...
The Bone Company Ltd. has been factoring its accounts receivable
for the past five years. The factor charges a fee of 2 % and will
lend up to 80 % of the volume of receivables purchased for an
additional 1.5 % per month. The firm typically has sales of
$500,000 per month, 70 % of which are on credit. By using the
factor, the company saves $2,000 per month that would be required
to support a credit department, and saves...