Current Attempt in ProgressYour answer is incorrect.Blossom Inc.'s books revealed the following data at year end after all adjustments were made:Cash salesSales returns (on credit sales)Allowance for expected credit losses (credit balance)Credit salesAccounts receivable$822000O $198700.O $195000.Ⓒ$187000.O $183300390003700562000195000Blossom estimates the expected rate of credit losses to be 6%.The net realizable value or carrying value of accounts receivable after the credit losses is recognized is

Introduction:Allowances for credit losses on accounts receivable are specific provisions made by…

Current Attempt in Progress Your answer is incorrect. Blossom Inc.'s books revealed the following data at year end after all adjustments were made: Cash sales $822000 Sales returns (on credit sales) 39000 Allowance for expected credit losses (credit balance) 3700 Credit sales 562000 Accounts receivable 195000 Blossom estimates the expected rate of credit losses to be 6%. The net realizable value or carrying value of accounts receivable after the credit losses is recognized is O $198700. O $195000. Ⓒ$187000. O $183300.

Current Attempt in Progress Your answer is incorrect. Blossom Inc.'s books revealed the following data at year end after all adjustments were made: Cash sales $822000 Sales returns (on credit sales) 39000 Allowance for expected credit losses (credit balance) 3700 Credit sales 562000 Accounts receivable 195000 Blossom estimates the expected rate of credit losses to be 6%. The net realizable value or carrying value of accounts receivable after the credit losses is recognized is O $198700. O $195000. Ⓒ$187000. O $183300.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 25E

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The following select financial statement information from Vortex Computing. Compute the accounts receivable turnover ratios and the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Vortex Computing if industry average for accounts receivable turnover ratio is 4 times and days sales in receivables ratio is 85 days?
The following select financial statement information from Candid Photography. Compute the accounts receivable turnover ratios and the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Candid Photography if industry average for accounts receivable turnover ratio is 3 times and days sales in receivables ratio is 150 days?
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CAN SOMEONE HELP ME FIGURE OUT THE TOTAL ESTIMATED UNCOLLECTIBIES AND THE BAD DEBIT EXPENSE ? Skysong Company has accounts receivable of $112,400 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is a $1,500 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is shown below.
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Current Attempt in Progress Bridgeport Limited had net sales in 2023 of $2.2 milion. At December 31, 2C23, before adjusting entnes, the balances in selected accounts were as follows: Accounts Receivable $231,300 debit: Allowance for Expected Credit Losses $3.000 detit. Assuming Bridgeport has examined the aging of the accounts receivable and has determined the Alowance for Expected Credit Losses should have a balance of $25,900, prepare the December 31, 2023 journal entry to record the adjustment toAllowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry s required, select "To Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit eTextbook and Media
The following is select financial statement information from Vortex Computing: Year Net Credit Sales Ending Accounts Receivable 2018 $1,557,200 $398,000 2019 $1,755,310 $444,400 2020 $1,865,170 $500,780 Compute the accounts receivable turnover ratios and the number of days’ sales in receivables ratios for 2019 and 2020 (round answers to two decimal places): 2019 Accounts Receivable Turnover = ["", "", "", ""] times. 2019 Days' Sales in Receivables = ["", "", "", ""] days. 2020 Accounts Receivable Turnover = ["", "", "", ""] times. 2020 Days' Sales in Receivables = ["", "", "", ""] days. What do the outcomes tell a potential investor about Vortex Computing, if 2020 industry average for accounts receivable turnover ratio is 4.00 times and days’ sales in receivables ratio is 91.25 days? It takes Vortex Computing ["", "", ""] its competitors in the industry to collect on accounts receivable. If a lender were deciding between companies,…