20. Kerr Co.'s accounts payable balance at December 31, 2012 was $1,300,000 before considering the following transactions: Goods were in transit from a vendor to Kerr on December 31, 2012. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2012. The goods were received on January 4, 2013. Goods shipped to Kerr, f.o.b. shipping point on December 20, 2012, from a vendor were lost in transit. The invoice price was $50,000. On January 5, 2013, Kerr filed a $50,000 claim against the common carrier In its December 31, 2012 balance sheet, Kerr should report accounts payable of

At December 31, 2017, Laramie Imports Inc. reported this information on its balance sheet. Accounts receivable   $647,000 Less: Allowance for doubtful accounts   41,000 During 2018, the company had the following summary transactions related to receivables and sales. Laramie uses the perpetual inventory system. 1.   Sales on account amounted to $2,369,000. The cost of the inventory sold was $2,155,790. 2.   Sales returns and allowances with a total sales price of $38,000 and a cost of $34,580 were restored to inventory. 3.   Collections of accounts receivable were $2,079,000. 4.   Write-offs of accounts receivable deemed uncollectible, $46,200. 5.   Recovery of bad debts previously written off as uncollectible, $13,600.   Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.    No. Account Titles and Explanation Debit Credit 1.…

At December 31, 2017, Laramie Imports Inc. reported this information on its balance sheet. Accounts receivable   $647,000 Less: Allowance for doubtful accounts   41,000 During 2018, the company had the following summary transactions related to receivables and sales. Laramie uses the perpetual inventory system. 1.   Sales on account amounted to $2,369,000. The cost of the inventory sold was $2,155,790. 2.   Sales returns and allowances with a total sales price of $38,000 and a cost of $34,580 were restored to inventory. 3.   Collections of accounts receivable were $2,079,000. 4.   Write-offs of accounts receivable deemed uncollectible, $46,200. 5.   Recovery of bad debts previously written off as uncollectible, $13,600.   Calculate the receivables turnover ratio and average collection period. (Round receivables turnover to 1 decimal place, e.g. 5.2. Round average collection period to nearest whole day, e.g. 15.) Receivables turnover ratio      times…