A corporation began 2021 with $38000 balance and accounts receivable and an $600 balance and the allowance for doubtful accounts. During 2021 the company had a credit sales of $45000 on account collections on accounts receivable of 47000 and wrote off uncollectible accounts of 350 during the year the company uses the allowance method and believes that 2% of the credit sales will be uncollected What will the balance be in the accounts receivable account at the end of 2021? What will be the amount of uncollectible expense? What will be the net realizable value of receivables?
Q: The cost of an asset is $1,050,000, and its residual value is $280,000. Estimated useful life of the…
A: Depreciation means the amount expense out of cost of assets due to normal usage of assets , normal…
Q: During June, the following changes in inventory item 27 took place: 1,400 units @ P24 800 units @…
A: The question is related to Inventory Management. The FIFO method of material issue means first in…
Q: 6. Karmee’s cost of goods sold averages 40 percent of the sales value. Karmee’s objective is to…
A: Beginning inventory of February = February sales x cost of goods sold x % inventory =…
Q: How can a balanced scorecard be used to address Corporate Social Responsibility objectives?
A: Over the last few years, corporate social responsibility (CSR) reporting has increased, but the data…
Q: Jaybird Company operates in a highly competitive market where the market price for its product is…
A: Answer: Jaybird company need to reduce its total cost by $45,500 to achieve targeted costs per unit
Q: You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500…
A: Schedule of Cash collection First month Second month Hours worked 170 340 Rate per hour $17…
Q: 00 units; and C: 500 units. If Best Company wishes in, how many of each product will it produce?
A: Calculation of Contribution margin per machine hour and rank given A B C Contribution margin…
Q: The following information for Tuell Company is available: 1. Assume…
A: Inventory refers to all of the items, goods, commerce, and materials held by a company for the…
Q: Human Resources Accounting Checking Savings Loans Administration $540,000 10 10 30 40 10 Human…
A: Step-method of cost allocation. The second method for dispersing service department costs is the…
Q: Question 11 Inventory management refers to the formulation and administration of plans and policies…
A: Inventory is the goods or merchandise held by a company for selling purpose to earn profit.…
Q: Davis Company currently buys a component part for $8.00 per unit. Davis estimates that making the…
A: $3.50 of overhead cost is relevant because only this cost is increasing if making the product.…
Q: On January 1, 2019, ABC Company leased an office building with the following terms: Annual rental at…
A:
Q: Drake Corporation is reviewing an investment proposal. The initial cost is $106,200. Estimates of…
A: Payback period is the method used by the management in determining the possible time taken by the…
Q: Meiji Isetan Corporation of Japan has two regional divisions with headquarters in Osaka and…
A: Return on investment = Net Operating income / Sales Residual income = Net Operating income - Average…
Q: Prepare a comparative balance sheet and discuss the operational performance of the Bank.
A: Comparative Balance sheet helps investors, shareholders and other users of balance sheet to…
Q: One of the following is not a transaction deemed sale and is therefore not subject to VAT. Which is…
A: The answer is stated below:
Q: Pharoah Corp. has the following beginning-of-the-year present values for its projected benefit…
A: Introduction The corridor is equal to 10% of the higher between Projected Benefit Obligation and…
Q: What is the expected balance in Accounts Payatile as of March 31 OA. $26,550 O B. $14,750 OC. $2,990…
A: Solution:- Calculation of the expected balance in accounts payable in the month of March 31 as…
Q: Print Item Estimating Doubtful Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An…
A: Allowance for doubtful accounts = Accounts receivable x % uncollectible Bad debts expense =…
Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: Activity variance is caused by the difference between planning level of activity and actual level of…
Q: Fill in the blanks with the number that corresponds to the correct word or phrse below: 2. GDP…
A: The student has asked multiple fill in the blanks.In the next step, I have answered all the fill in…
Q: 4. What is the balance in Warranty Liability at the end of 2021 and 20 O Answer is complete but not…
A: Warranty refers to a promise or guarantee given by the seller or manufacturer of a product to its…
Q: 11. Chuck Wells purchased a condominium with a market value of $125,000 in The Villages. The…
A: The property tax can be defined as the annual payment required to be paid by the owners of the…
Q: How much is the VAT payable as at January 31, 2020?
A: Vat payable amount is the amount which requires to be paid to the government or tax authority which…
Q: When considering trade of two goods between Ann and Bob, if both have preferences that satisfy "more…
A: Answer:- Pareto efficiency:- Pareto efficiency is that kind of an economic condition in which…
Q: The presumptive input tax may be claimed as a credit against output tax by the following taxpayers,…
A: The question is related to taxation.
Q: Furniture “R” Us (Furniture) Inc., located in Calgary, Alberta, sells office furniture to local…
A: In Canada GST in Alberta is @ 5%. For small businesses for ease in doing…
Q: On January 1, 2021, Mrs. Erich entered into a franchise agreement with KK to market their products.…
A: Franchise Account In the franchise accounting there must be a specific contract with the franchisor…
Q: Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the…
A: Solution 1: In order to compute number of days past due for each customer, we should subtract due…
Q: Do and a remaining useful Iife of five years. At the end of the five years the spotter truck will…
A: The purchase of new non cash assets in exchange of old asset, can lead to increase revenue for the…
Q: sit t ratio,
A: The money supply basically refers to the quantity of money that is available for immediate use in a…
Q: Which of the following statements is true regarding the calculation of a C corporation's taxable…
A: Here discuss about the treatment of taxable income for the C corporation and the details which are…
Q: Blue Company, a calendar year taxpayer, purchased new equipment for $2,100,000 on November 1, 2021…
A: If equipment acquired and sell same year. There is no deprecated on equipment. Following is the…
Q: Angel Burgers Company has the following information for July: Units started 100,000 units Beginning…
A: Equivalent units of production = No of WIP units x % of completion Abnormal loss are taken as…
Q: Given the following: FIFO method: 16 units left in ending inventory. 1/1/2018 Beginning inventory 9…
A: FIFO: Under FIFO method, goods purchased first are sold first. FIFO stands out for…
Q: A. Amirah works as Accounts Executive in Blulnc Sdn Bhd and receives annual salary of RM72,000. In…
A:
Q: In the current year, Megan, who is single, sells stock valued at $48,000 to Brooke for $13,000.…
A: (a) Determination of taxable gift Cost of stock $48,000 Sales to Brooke ($13,000) Taxable…
Q: On April 1, 2021, MNO Company borrowed $15,000 on an 8% note payable. The maturity date of the note…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Steven Company has fixed costs of $365,640. The unit selling price, variable cost per unit, and…
A: Total breakeven point = Total fixed costs / Weighted average contribution margin per unit where,…
Q: A store building was constructed on January 2, 2009 with a cost of P570,000. Its estimated useful…
A: Depreciation means a fall in the value of the tangible assets due to wear & tear (use of…
Q: stion 8 Golden Corporation have the following information from its books: Sales P1,600,000 Credit…
A: The average days sales tells about the number of days taken to convert inventory into sales. Average…
Q: These statements are presented to you for evaluation:
A: Any person can transfer his property to whom so ever he wants but there are certain conditions to be…
Q: Se t Sailnd On December 2. Coley Corp. acouired 00 shares of ts S2 par value common stock for $21…
A: The correct answer in the given question is: Credit Treasury Stock $ 14,700. On Purchase of…
Q: How much is the VAT on the gross receipts of Mr. Hernandez for the year?
A: Gross receipts are those receipts which have been earned by the person from the selling of products…
Q: Jack Jones, an American residing in New Jersey, USA, single, died on October 1, 2020. His executor…
A: Promissory note from Jose Juan, a resident of Pampanga shall not be included in gross estate…
Q: 5. Ben just signed the lease on his first apartment. He wants standard form insurance for the least…
A: 6.$24,800, Since no. of leasehold is not given 7. Municipality will raise money from property tax…
Q: A company's best sale s mix is determined using contribution margin per unit of scarce resource.…
A: The sales mix is a formula that calculates how much of each product a company sells in relation to…
Q: Jacques is an alien assigned in the Philippines to manage the regional area headquarters of Deli…
A: The Non Resident Aliens in Philippines are subject to income tax on the incomes…
Q: factor that could explain why the falsifying of financial statements is occurring so frequently.
A: The practice of utilizing innovative accounting procedures to make a firm's financial statements…
Q: Question 1 The Consolidated Statement of Financial Position Electra is a small publicly listed…
A: Determination of Consolidated statement of financial position Electra and Helios Consolidated…
Step by step
Solved in 4 steps
- The Company had the following information relating to its accounts receivable: · Accounts receivable, 12/31/2020- P780,000· Credit sales during 2021- P3,290,000· Collections from customers during 2021 (excluding recovery of P20,000)- P3,640,000· Accounts written off during 2021- P85,000· Collection of accounts written off in prior years- P20,000· Estimated uncollectible accounts per aging at 12/31/2021- P63,000 At December 31, 2021, The Company's accounts receivable before allowance for uncollectible accounts should beVKS Company had the following information relating to its accounts receivable: · Accounts receivable, 12/31/2020- P780,000· Credit sales during 2021- P3,290,000· Collections from customers during 2021 (excluding recovery of P20,000)- P3,640,000· Accounts written off during 2021- P85,000· Collection of accounts written off in prior years- P20,000· Estimated uncollectible accounts per aging at 12/31/2021- P63,000 At December 31, 2021, VKS Company's accounts receivable before allowance for uncollectible accounts should becontinue to collect the assigned accounts receivable. On December 1, 2020, Solvent Company assigned specific accounts receivable totaling P5,000,000 as collateral on a P4,000,000 12% note from a certain bank. The entity will Problem 8-14 (IAA) addition to the interest on the note, the bank also charged 506 finance fee deducted in advance on the asigned accounts. The December collections of assigned accounts receivable amounted to P2,000,000 less cash discount of P200,000. On December 31, 2020, the entity remitted the collections to the bank in payment for the interest accrued on December 31, 2020 and the note payable. The entity accepted sales returns of P100,000 on the assigned accounts and wrote off assigned accounts of P300,000. 1. What amount of cash was received from the assignment of accounts receivable on December 1, 2020? a. 4,000,000 b. 3,800,000 c. 4,750,000 d. 3,750,000 2. What is the carrying amount of note payable on December 31, 2020? a. 1,840,000 b. 2,140,000 c.…
- In your year end audit of A. Bonifacio Corporation, the Cashier showed a cashaccountability of P 240,000 as at December 31, 2019. The following transaction are summarized for theyear 2020:Disbursements for costs and expenses 15,000,000Income Tax Payable 200,000Payment of Notes Payable to BPI 800,000Proceeds of BDO borrowings – one year 2,000,000Ordinary Shares Subscribed 18,000,000Ordinary Shares Subscription Receivable 6,000,000Acquisition of various property and equipment 9,000,000Depreciation of property and equipment 600,000Accounts written off 100,000Collection from credit sales 11,200,000 What is the cashier’s accountability?Alex Corporation has the following account balances on December 31, 2020: Accounts receivable ₱ 400,000 Allowance for uncollectible accounts 8,400 Alex completed the following transactions in 2019: Net credit sales, ₱ 4,000,000. Collections on accounts, ₱ 3,870,000. Write-off of uncollectible accounts, ₱ 10,000. Recovery of accounts previously written-off, ₱ 2,000. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: 1. Journalize the foregoing transactions. 2. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Alex report on its December 31, 2020 balance sheet? 3. Assume that Alex uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to be uncollectible. Compute the uncollectible accounts expense and the…ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
- On December 31, 2025, the “Receivables” account of AA. Company show a debit balance of P5,950,000 Subsidiary details show the following: Accounts receivable, P725,000; Loans receivable, P100,000; Instalments receivable, normally due 1 year to two years, P300,000; Customers’ accounts reporting credit balances arising from sales returns, P30,000; Advance payments for purchase of merchandise, P150,000; Customers’ accounts reporting credit balances arising from advance payments, P20,000; Cash advances to subsidiary, P400,000; Claim from insurance company, P15,000; Subscription receivable due in 60 days, P300,000; Accrued interest receivable, P10,000, Deposit on contract bids, P3,000,000 and Advances to shareholders (collectible in 2024), P1,000,000. How much is the amount to be presented as “loans and receivables” under current assets section of the balance sheet?On April 4, 2021, LASTNATOBEYBE, Inc. sold goods on account to acustomer for P1,000,000, terms were 2/10, n/30. The company factoredthe accounts receivable on April 4 to a financial institution on April 14,2021. The factor charged 8% and withheld 15% of the receivablesfactored.How much is the proceeds from factoring?On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or uncollectible accounts. Based on past experience, 2% of credit sales would be uncollectible. During the current year, the entity wrote off P325,000 of uncollectible accounts. Credit sales for the year totaled P9,000,000. What is the uncollectible accounts expense? a. P325,000 b. P180,000 c. P440,000 d. P65,000
- ook int ences During 2020, Jesse Jericho Enterprises Corporation recorded credit sales of $786,000. At the beginning of the year, Accounts Receivable, Net of Allowance was $93,500. At the end of the year, after the Bad Debt Expense adjustment was recorded but before any bad debts had been written off, Accounts Receivable, Net of Allowance was $70,000. Required: 1. Assume that on December 31, 2020, accounts receivable totalling $10,000 for the year were determined to be uncollectible and written off. What was the receivables turnover ratio for 2020? (Round your answer to 1 decimal place.) Receivables turnover ratio 2. Assume instead that on December 31, 2020, $11,000 of accounts receivable was determined to be uncollectible and written off. What was the receivables turnover ratio for 2020? (Round your answer to 1 decimal place.) Receivables turnover ratioCYZ Company had the following information relating to its accounts receivable: Accounts receivable, 12/31/2020-P780,000 Credit sales during 2021- P3,290,000 Collections from customers during 2021 (excluding recovery of P20,000)- P3,640,000 Accounts written off during 2021-P85,000 Collection of accounts written off in prior years- P20,000 Estimated uncollectible accounts per aging at 12/31/2021-P63,000 At December 31, 2021, CYZ Company's accounts receivable before allowance foruncollectible accounts should beRequired: Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method:Determine the amount to be charged to the uncollectible expense account.Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31 Journal Entries Date Particulars Debit($) Credit($) 10.1.20 Accounts Receivable 11000 To sales 11000 15.5.20 Allowance for uncollectible accounts(2500+400) 2900 To accounts receivable 2900 4.8.20 Cash(70% of 11000) 7700 Allowance for uncollectible accounts(30% of $11000) 3300 To Accounts Receivable 1100 26.10.20 Accounts Receivable(30% of $400) 120 To allowance for uncollectible accounts 120 26.10.20 Cash 120 To accounts receivable 120…