The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers du Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts (this balance is given after writing-off uncollectible accounts and has a credit balance) 13,200 Estimated uncollectible accounts based on aging analysis What is the balance of the Accounts Receivable account at December 31, 20X1? 20X1 $334,000 850,000 725,000 12,000 1,700

The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers du Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts (this balance is given after writing-off uncollectible accounts and has a credit balance) 13,200 Estimated uncollectible accounts based on aging analysis What is the balance of the Accounts Receivable account at December 31, 20X1? 20X1 $334,000 850,000 725,000 12,000 1,700

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9E

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The allowance for doubtful accounts had a credit balance of Dreamer Company reported the "Receivables" account with Problem 4-1 (IAA) Deeamer Company reported the "Receivables" account with a debit balance of P2,000,000 at year-end. of P50,000 on same date. Subsidiary details revealed the following: le Trade accounts receivable Trade notes receivable Installments receivable, normally due 1 year to two years Customers' accounts reporting credit 775,000 100,000 300,000 ts. balances arising from sales return Advance payments for purchase of merchandise 30,000) 150,000 ad Customers' accounts reporting credit balances arising from advance payments Cash advance to subsidiary for Claim from insurance entity Subscriptions receivable due in 60 days Accrued interest receivable ( 20,000) 400,000 15,000 300,000 10,000 2,000,000 Required: cho a. Prepare one compound entry to reclassify the receivables account. b. Compute the amount to be presented as "trade and other receivables" under current…
This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts $334,000 850,000 725,000 12,000 (this balance is given after writing-off uncollectible accounts and has a credit balance) Estimated uncollectible accounts based on aging analysis If the aging approach is used to estimate bad debts, what amount should be recorded as bad debts expense for 20X1? 1,700 13,200
Presented below is information related to Samhan Trading Corp. Prepare necessary entries in general journal form for Samhan with terms 2/10, n/60. a. Account receivable of OMR 24,000 (gross) are factored with Salem Credit Corp, without guarantee at a financing charge of 7%. Cash is received for the proceeds; collections are handled by the finance company (These accounts were past the discount period). b. Specific account receivable of OMR 12,000 (gross) are pledged to Salem Credit Corp, as a security of a loan of OMR 8,000 at a finance charge of 5% of the amount of loan. The finance company will make the collection (These accounts were past the discount period).
The credit manager of Olympic Sporting Goods has gathered the following infor. mation about the company's accounts receivable and credit losses during the cur rent year: EXERCISE B-4 Uncollectible Accounts Ex- pense- Allowance Net credit sales for the year $3,000,000 Methods and .... Direct Write-Off Accounts recelvable at year-end 360,000 .... Uncollectible accounts recelvable: Actually written off during the year. Estimated portlon of year-end recelvables expected to prove uncollectible (per aglng schedule)... $43,650 18,000 61,650
Activity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.
1. Record the January 1 credit balance of $26,000 in a T account for Allowance for Doubtful Accounts. 2. Journalize the transactions. Post each entry that affects the following selected T ac- counts and determine the new balances: Allowance for Doubtful Accounts Bad Debt Expense 3. Determine the expected net realizable value of the accounts receivable as of December 31. bacing the provision for uncollectible accountsS on an
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
Required information [The following information applies to the questions displayed below.] On December 31, Jarden Co's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Age of Accounts Receivable Expected Percent Uncollectible 1.35% Accounts Receivable $ 840,000 336,000 67, 200 33,600 13,440 Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 2.10 6.60 33.25 69.00 2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 Record the estimated bad debts.
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
April Ltd. reported various selected balances in its 31 December 20X7 unadjusted trial balance: Accounts receivable $ 1,9 80,000 dr. Special accounts receivable 261,000 dr. Accounts receivable-U.S. 115,000 dr. Allowance for doubtful accounts 176,950 cr. Allowance for sales discounts 49,500 cr. The following transactions and events are noted: 1. An analysis of accounts receivable indicates that $980,000 are still in the discount period. An allowance of $98,000 is needed for sales discounts. 2. An analysis of accounts receivable indicated that $216,000 of accounts receivable should be written off. Of the remaining balance, 70% was current, and, after the allowance for sales discounts, approximately 5 % was deemed doubtful. Of the 30% noncurrent, 65% was doubtful. 3. The U.S. account receivable was recorded when the exchange rate was $1.15. The exchange rate at year-end was $1.10. 4. The special account receivable was a single account receivable from a customer with an excellent credit…
Required information [The following information applies to the questions displayed below.] On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Age of Accounts Receivable Expected Percent Uncollectible 1.35% 2.10 6.60 33.25 69.00 Accounts Receivable $ 880,000 352,000 70,400 35,200 14,080 Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31. Accounts Percent Estimated Receivable Uncollectible (#.##%) Uncollectible Not due: 1 to 30: 31 to 60: X %3D 61 to 90: X Over 90: X Estimated balance of allowance for uncollectibles II
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