Anton Corporation had a balance of $2,400 in Prepaid Supplies at the beginning of the year. The company pu had a balance of $1,700. What is the amount of Supplies Expense that Anton Corporation will recognize for th OA. $1,700 OB. $1,900 OC. $1,200 OD. $500
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- A company has the following account balances at the end of the year:• Credit Sales = $400,000• Accounts receivable = $80,000• Allowance for Uncollectible Accounts = $400 credit The company estimates 1% of credit sales will be uncollectible. At what amount would Allowance for Uncollectible Accounts be reported in the current year’s balance sheet? a. $4,000.b. $4,400. c. $3,600. d. $800.Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.Oman chromite company LLC had sales last year of OMR 500,000, including cash sales of OMR 208,000. If its average collection period was 120 days, its opening accounts receivable is OMR 100,000, the closing accounts receivable is closest to ____________.(Assume a 365 days year.) a. OMR 192,000 b. OMR 96,000 c. OMR 98,000 d. OMR 92,000
- PHE, Inc.estimates warranty expense at 2% of sales. Sales during the year were $4 million and warranty related cash expenditures were $34,000. What was the balance in the Warranty Liability account at the end of the year? Select one: a. $80,000 b. $36,000 c. $34,000 d. $46,000 e. $56,000Walc Factory is a manufacturer that makes all sales on 30-day credit terms. Annual sales areapproximately $20 million. At the end of 2010, accounts receivable were presented in the company’sbalance sheet as follows:Accounts receivable from clients . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,800,000Less: Allowance for doubtful accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000During 2011, $115,000 of specific accounts receivable were written off as uncollectible. Of theseaccounts written off, receivables totaling $9,000 were subsequently collected. At the end of 2011,an aging of accounts receivable indicated a need for a $75,000 allowance to cover possible failureto collect the accounts currently outstanding.Walc Factory makes adjusting entries for uncollectible accounts only at year-end.Instructionsa. Prepare the following general journal entries:1. One entry to summarize all accounts written off against the Allowance for…a. Beauty of the Sea purchased inventory from a large supplier. The supplier offered a credit term of 3/10, n/30. Indicate whether this debt is an example of account payable, long-term or short-term debt. b. Adoptions and More drew on 8 annual notes totaling $250,000 to be paid upon completion of the office it is building. The company intends to pay $75,000 next year. What is that portion considered?
- The beginning accounts payable in the books of PT company was $400,000 and ending balance of accounts payable were $370,000. The company recorded last year cost of goods sold in the books as $700,000 and this year as $750,000. Calculate average number of days accounts payable outstanding. Answer choices: a. 187 days b. 195 days c. 204 days d. 190 daysAn entity provided the following information for the current year: Accounts receivable – January 1 P2,000,000 Credit sales 10,000,000 Collection from customers, excluding recovery of accounts written off 8,000,000 Accounts written off as worthless 100,000 Sales return 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on December 31 150,000 Estimated uncollectible accounts on December 31 per aging 300,000 What is the “amortized cost” of accounts receivable on December 31?A company had net sales of $29, 800and accounts receivable of S4, 400for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28A company had net sales of $29,800and accounts receivable of $4,400 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28
- You are provided with the following information:Sales for the year $400 000Discounts provided during the year to customers for early payment $10 000Doubtful debts expense for the year $5 000Opening balance of accounts receivable $90 000Closing balance of accounts receivable $80 000Opening balance of the provision for doubtful debts $9 000Closing balance of the provision for doubtful debts $8 000Cost of goods sold for the year $60 000Purchases for the year (on credit terms) $80 000Discounts received for early payment to suppliers $2 000Stock write-offs owing to water damage caused by melting ice inthe Antarctic$5 000HI5020 Corporate Accounting Tutorial Assignment T1 2021 Page 3 of 5Opening balance of trade creditors $40 000Closing balance of trade creditors $35 000Opening balance of inventory $10 000Closing balance of inventory $25 000Required:(a) Calculate the cash receipts from customers during the year. (3.5 marks)(b) Calculate the cash payments to suppliers during the year. (3.5…A. Assume that all sales are on account. If sales revenue was $18,000,000 and the average days in accounts receivable was 38 days for the last operating year, what would the average accounts receivable balance have been? a. $1,680,000 b. $1,500,000 c. $1,875,000 d. $18,000,000 B. If accounts receivable is projected to be $800,000 at the beginning of the next operating year and $1,100,000 at the end of the next operating year: would cash be generated by accounts receivable or needed to fund accounts receivable? And, by how much? a. $300,000 of cash needed to fund accounts receivable b. $1,100,000 of cash needed to fund accounts receivable c. $500,000 of cash needed to fund accounts receivable d. $300,000 of cash generated by accounts receivableA company has the following account balances at the end of the year:• Credit Sales = $400,000• Accounts receivable = $80,000• Allowance for Uncollectible Accounts = $400 debitThe company estimates future uncollectible accounts to be 4% of accounts receivable. At what amount would Bad Debt Expense be reported in the current year’s income statement? a. $400.b. $2,800.c. $3,200.d. $3,600.