Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Is

Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Is

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 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Elegant Universal uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Universal considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.
Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Linens considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Complete the following 2019 comparative income statements for 2019, showing net income changes as a result of the changes to the balance sheet aging method categories. D. Describe the categories change effect on net income and accounts receivable.
Noren Company uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Noren Company considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Complete the following 2019 comparative income statements for 2019, showing net income changes as a result of the changes to the balance sheet aging method categories. D. Describe the categories change effect on net income and accounts receivable.
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
SM Company prepared an aging of its accounts receivable at December 31, 2021 and determined that the estimated uncollectibles on that date was P74,300. During 2021, some customers’ accounts were written off. Additional information is available as follows:Allow. for Uncollectible Accts, Dec. 31, 2020 - P63,000Uncollectible accounts expense reported in the statement of comprehensive income - P18,000Accounts Receivable, Dec. 31, 2021 - P607,500Recovery during 2021 of accounts previously written off - P12,000How much were the accounts written off during 2021?
Ace Company uses the Aging of receivables method to account for uncollectible accounts. Thecompany had the following balances on January 01, 2019.Part AAccounts receivable...........................................$2,800,000Allowance for uncollectible accounts...................$88,800 (credit)The company completed the following transactions during 2019. April 20-- Wrote off the balance of $1,000 from Shari Wickham’s account asuncollectible. November 27- Re-instated the account of Louis Benn and recorded the collection of$1,500 as payment in full for her account which had been written off earlier. December 31sti. Recorded the uncollectible account expense based on the aging schedule. Theschedule showed that $124,500 of accounts receivable was estimated asuncollectible.ii. Made the closing entry for the uncollectible expense account.Requirements:1. Prepare journal entries for each transaction (No narrations required)2. Prepare the Allowance for Uncollectible and the Accounts…
Discussion question: Ace Company uses the Aging of receivables method to account for uncollectible accounts. The company had the following balances on January 01, 2019. Part A Accounts receivable...........................................$2,800,000 Allowance for uncollectible accounts...................$88,800 (credit) The company completed the following transactions during 2019. April 20-- Wrote off the balance of $1,000 from Shari Wickham’s account as uncollectible. November 27- Re-instated the account of Louis Benn and recorded the collection of $1,500 as payment in full for her account which had been written off earlier. December 31st- Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $124,500 of accounts receivable was estimated as uncollectible. Made the closing entry for the uncollectible expense account. Requirements: Prepare journal entries for each transaction (No narrations required) Prepare the Allowance for…
Sigma Company began operations on January 1, 2020. On December 31, 2020 and 2021, the entity provided for uncollectible accounts expense based on 1% of annual credit sales. Required: Determine the allowance for doubtful accounts on January 1, 2021. Determine the allowance for doubtful accounts on December 31,2021 before adjustments. Determine the required allowance on December 31,2021. Prepare the adjustment to record the doubtful account expense for the current year.
Bulldog Manufacturing had a $1,250 debit balance in Allowance for Doubtful Accounts at December 31, 2019 before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts ....................................... $164,000 2% 1-30 days past due ..................................... 17,000 3% 31-60 days past due ................................... 6,500 5% 61-90 days past due ................................... 3,250 14% Over 90 days past due ............................... 5,000 40% Total Accounts Receivable ......................... $195,750 Additional Information: On January 20, 2020, management determined that a customer, Joe’s Supplies Inc., went bankrupt. As a result, their full balance outstanding of $4,000 was…
From the following particulars of Al Zahra LLC for the year 2019, a. Accounts receivable on 1st Jan 2019 RO 20000. b. During the year RO 18000 was collected from the Opening Accounts receivables and the remaining was treated as uncollectable. c. Sales during the year was RO 175000 d. Amount collected from current years sales was RO 150000 e. From the year 2019 Al Zahra LLC started to use Allowance Method for writing off the un collectables. f. Allowance to be created @ 10% on closing receivables Prepare a) Account of receivables and
From the following particulars of Al Zahra LLC for the year 2019, a. Accounts receivable on 1st Jan 2019 RO 20000. b. During the year RO 18000 was collected from the Opening Accounts receivables and the remaining was treated as uncollectable. c. Sales during the year was RO 175000 d. Amount collected from current years sales was RO 150000 e. From the year 2019 Al Zahra LLC started to use Allowance Method for writing off the un collectables. f. Allowance to be created @ 10% on closing receivables