1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 9.7? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turmover Ratio times Days to Collect days

1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 9.7? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turmover Ratio times Days to Collect days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following are selected 2020 transactions of Teal Corporation. Purchased inventory from Ripken Company on account for $125,000. Teal records purchases gross and uses a periodic inventory system. Sept. 1 Issued a $125,000, 12-month, 12% note to Ripken in payment of account. Borrowed $125,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $145,000 note. Oct. 1 Oct. 1 (a) Your answer has been saved. See score details after the due date. Prepare journal entries for the selected transactions above. (If no entry is required, select "NO Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit eptember 1 v Purchases 125,000 Accounts Payable 125,000 Ictober 1 Accounts Payable 125,000 Notes Payable 125,000 ober 1 Cash 125,000 Discount on Notes Payable 20,000 Notes…
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ABC Inc.'s accounting records disclose the following: P 1,800,000 Accounts receivable, January 1, 2021 Allowance for doubtful accounts, January 1, 2021 (credit balance) Sales for the year Collections from customers during the year 90,000 15,000,000 13,080,000 The following additional information was also obtained: > Included in the amount collected from customers was the recovery of P30,000 receivable from a customer whose account had been charged off as worthless in the prior year. > ABC determined that its receivable from a customer of P150,000 will not be collected, and management authorized its writeoff. > A customer settled its account on December 2, 2021 by issuing a 12%, 6-month note for P600,000. > The accounts receivable balance on December 31, 2021 includes P900,000 past due accounts. > The entity estimated that 20% of past due accounts will not be collected and 5% of the current accounts will not be collected as well. QUESTIONS: (Show your supporting computations in GOOD…
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1) Trade credit terms of 2/10, net 90 are available. Calculate the cost of trade credit whenpayment is made on the net due date using the APR. Use a 360 day year 2) Trade credit terms of 2/10, net 90 are available. Calculate the cost of trade credit whenpayment is made on the net due date using the EAR (also known as APY). Use a 360day year.
Assuming that the market price as of December 31, 2020, is $2.97, record the journal entry. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 6,225.) Date Account Titles and Explanation Debit Credit Dec. 31 Unrealized Holding Gain or Loss - Income 12540 Estimated Liability on Purchase Commitments 12540 eTextbook and Media List of Accounts Attempts: 1 of 1 used (c2) Give the entry in January 2021, when the 38,000-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2020, and that the market price in January 2021 was $2.97 per gallon. Prepare the journal entry for when the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the…
Accounts receivable has a balance of 500,000 It is estimated that 50% of this is uncollectible. Allowance for Bad Debt has a balance of P 10,500. What is the adjusting entries at December 31,2019?
Subject - account Please help me. Thankyou.
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How much increase in the allowance for uncollectible accounts is required on December 31, 2022? 57,400 40,320 43,600 137,400 What is the balance of the allowance for uncollectible accounts after all the necessary adjusting entries on December31, 2022? 127,480 60,000 113,800 117,400
Princeton's detailed age analysis of trade receivables at 31 December 2020 shows the following: Customername Totaloutstanding £ Creditlimit £ 0-30days £ 31-60days £ 61-90days £ Over 90days £ A. Ames 16200 15000 2000 8700 2500 3000 B.Bristow 18300 25000 18300 - - - C.Chen 4700 4800 - 2000 2700 - TOTAL 39200 - 20300 10700 5200 3000 Notes:• The company offers 30 days credit to its customers.• The credit is offered to the customers based on words of mouth• Ames is disputing the quality of some of the goods and refusing to pay, no decision hasbeen made yet (£3,000 over 90 days)• Chen has just put in an order for £5,000, he is a good friend of the directorRequired:What are the key points arising from the credit controller's review in respect of each tradereceivable balance and what suggestions can be made to improve the aged analysis report?
8. For the year ended, December 31, 2020, GERBERA Company estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts, 1/1/20 -₱56,000; Provision for uncollectible accounts during 2020 ( 2% on credit sales of ₱2,000,000) -₱40,000; Uncollectible accounts are written off, 11/30/20 -₱46,000; Estimated uncollectible account per aging, 12/31/20 -₱69,000. After the year-end adjustment, the uncollectible accounts expense for 2020 should be? * PLEASE SHOW YOUR SOLUTIONS IN GOOD ACCOUNTING FORM. THANK YOU