A partial aging of accounts receivable for Cullumber Cleaning Services is given in the accompanying table. Fill in the missing parts of the following aging schedule for Cullumber Cleaning Services. (Round value of account answers to the nearest whole dollar, e.g. 5,275 and % of total account answers to 1 decimal place, e.g. 12.1%.) Age of Accounts (days) Value of Account % of Total Account 10 $293,940 % 30 $175,260 I % 45 $ % 60 75 Total $69,000 $42,780 $690,000 % % 100.0% Determine the firm's effective days' sales outstanding. (Round intermediate calculations to 3 decimal places, e.g. 5.275 and answer to 1 decimal place, e.g. 12.2.) Cullumber's effective days' sales outstanding is days. A Qu

A partial aging of accounts receivable for Cullumber Cleaning Services is given in the accompanying table. Fill in the missing parts of the following aging schedule for Cullumber Cleaning Services. (Round value of account answers to the nearest whole dollar, e.g. 5,275 and % of total account answers to 1 decimal place, e.g. 12.1%.) Age of Accounts (days) Value of Account % of Total Account 10 $293,940 % 30 $175,260 I % 45 $ % 60 75 Total $69,000 $42,780 $690,000 % % 100.0% Determine the firm's effective days' sales outstanding. (Round intermediate calculations to 3 decimal places, e.g. 5.275 and answer to 1 decimal place, e.g. 12.2.) Cullumber's effective days' sales outstanding is days. A Qu

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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A partially completed aging of receivables schedule for Lindy Designs follows: a. Determine the amount estimated to be uncollectible by completing the aging of receivables schedule. Round calculations to the nearest dollar. Age Interval Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due 181-365 days past due Over 365 days past due Total Date Balance Account $550,000 96,500 43,750 22,250 5,600 3,100 1,250 $722,450 Estimate of Uncollectible Accounts Percentage 2.50% 4.00% 9.50% 16.00% 31.00% 60.00% 95.00% Estimate of Uncollectible Accounts Amount $ 13,750 3,860 4,157 3,560 1,736 1,860 1,188 b. If Allowance for Doubtful Accounts has a credit balance of $9,700, journalize the adjusting entry for the bad debt expense for the year. If an amount box does not require an entry, leave it blank. Debit Credit 30,111
A partial aging of accounts receivable for a cleaning service is given in the accompanying table. Fill in the missing parts of the following aging schedule for the cleaning service. (Round value of account answers to the nearest whole dollar, e.g. 5,275 and % of total account answers to 1 decimal place, e.g. 12.1%.) Age of Accounts (in days) Value of Account % of Total Account 10 $262,000 % 30 $131,000 % 45 $ % 60 $57,000 % 75 $27,000 % Total $670,000 100.0% Determine the firm’s effective days’ sales outstanding. (Round answer to 1 decimal place, e.g. 12.2.) effective days' sales outstanding is ______ days. How does it compare with the industry average of 36 days? The firm is_____________efficient than other firms in the industry.
The following summarizes the aging of accounts receivable for Orange Incorporated as of July 31, Year 1: Number of Days Unpaid Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Total Accounts Receivable 11.130 $ 175,982 89,200 53,600 31,800 Historical % Uncollectible 17,424 margin of error +/-3 www. 29 12% 18% The unadjusted balance of the Allowance for Doubtful Accounts of Orange Incorporated is a credit balance in the amount of $17.578 on July 31, Year 1. What is the amount of the adjusting entry to be recorded on July 31 Year 17 35%
Assume the aging of accounts receivable method was used by the company and that $7050 of the accounts receivable as of Dec 31 were estimated to be uncollectible. You are now required to: a) Determine the amount to be charged to uncollectible expense( show your workings for the computation of this figure).
Sequoia, Inc. has given you the following information from its aging of Accounts Receivable. Using this information, determine the amount of the journal entry to record the estimated uncollectible accounts. Current $27,000 2% uncollectible 31 - 60 days 61- 90 days 6,000 5% uncollectible 3,000 15% uncollectible 91 and up 1.800 16% uncollectible The current balance in Allowance for Doubtful Accounts is a $144 debit. O A. $54,000 O B. $1,722 O C. $1,578 O D. $1,434
! Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable. Percent uncollectible Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X Total $575,000 X a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. XX c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Percent Uncollectible (%) 0 $397,000 Complete the table below…
Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $293,000 1 % 31-60 days 110,000 8 61-90 days 35,000 20 91-120 days 13,000 55 More than 120 days 18,000 80 Total receivables $469,000
Marigold Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. (a) Correct answer icon Your answer is correct. Calculate the total estimated uncollectibles based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable $212,900 $80,500 $47,100 $41,900 $25,500 $17,900 % uncollectible 1% 4% 5% 8% 20% Estimated Bad debts $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) - (d) (b) Prepare the year-end adjusting journal entry to record the Bad Debt Expense using the aged uncollectible accounts receivable…
The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Total Accounts Receivable $ 127,700 Historical % Uncollectible 90,400 54,800 33,000 Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,307 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,201 of uncollectible accounts on August 15, 2022. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. 2 Complete this question by entering your answers in the tabs below. Number of Days Unpaid Required A The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated…
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
Req A b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,200 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,700 debit. Req B and C View transaction list Journal entry worksheet < 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $5,200 credit balance. Date December 31 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal Show less ▲
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $890,000; Allowance for Doubtful Accounts has a credit balance of $8,000; and sales for the year total $4,010,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $36,800. a. Determine the amount of the adjusting entry for uncollectible accounts.$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ c. Determine the net realizable value of accounts receivable.$