(8 Problems 1) On January 1, 2021, Cali Consulting has a $110,000 balance in accounts receivable and a $0 balance in the Allowance for Uncollectible Accounts. During 2021, Cali provides $205,000 of service on account. The company collected $190,000 cash from Accounts Receivable. Uncollectible accounts are estimated to be 3% of sales on account. a. What is the amount of uncollectible accounts expense recognized in 2021? b. What is the amount of cash flows from Operating activities that would appear on the 2021 Cash Flow statement? Show the impact (with amounts) of each of the following items on the horizontal C. Oquation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. 3. Study guide - Chapter 5 (with solutions).docx O A 69°F P. f5 f12 6J prt sc I14 &
(8 Problems 1) On January 1, 2021, Cali Consulting has a $110,000 balance in accounts receivable and a $0 balance in the Allowance for Uncollectible Accounts. During 2021, Cali provides $205,000 of service on account. The company collected $190,000 cash from Accounts Receivable. Uncollectible accounts are estimated to be 3% of sales on account. a. What is the amount of uncollectible accounts expense recognized in 2021? b. What is the amount of cash flows from Operating activities that would appear on the 2021 Cash Flow statement? Show the impact (with amounts) of each of the following items on the horizontal C. Oquation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. 3. Study guide - Chapter 5 (with solutions).docx O A 69°F P. f5 f12 6J prt sc I14 &
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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