Arizona Company reported accounts receivable of $21,200,000 at the end of its 2009 fiscal year. This amount was net of an allowance for doubtful accounts of $1,456,000. During 2010, Georgia sold $72,300,400 of merchandise on credit. It collected $48,520,555 from customers. Accounts valued at $2,125,000 were written off as uncollectible during 2010. Arizona's management estimates that 8% of the year-end accounts receivable balance will be uncollectible.   What amount will Arizona report for accounts receivable?

At 31 December 20X8, Small Ltd. reported gross accounts receivable of $2,481,800. Investigation showed the following: The credit balance in the allowance for doubtful accounts was $182,400 after write-offs for the year but before any bad debt adjustment. Bad debt expense is based on a percentage of receivables. Based on the latest available facts, $280,000 will not be collected due to collection issues. Terms of 1/10, n/30 were granted to all customers. Accounts receivable were recorded gross, and the discounts taken were recorded when taken by the customers in a discounts account, reported contra to the sales account. Estimated discounts inherent in the closing accounts receivable balance were $30,600. The allowance for sales discounts account was established at $29,800 last year and has not been adjusted since. Prepare year-end adjusting entries with respect to accounts receivable. Show how the net accounts receivable would appear on the statement of financial position on 31…

On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $69,600 and $2,600, respectively. During the year Kincaid reported $183,000 of credit sales. Kincaid wrote off $1,650 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $215,500. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. The net realizable value of receivables appearing on Kincaid's Year 2 balance sheet will amount to: Multiple Choice O O $33,620. $32,670. $37,100. $35,450.

The following information is extracted from Shelton Corporation’s accounting records at the beginning of 2016: Accounts Receivable $64,000 Allowance for Doubtful Accounts 1,100 (credit) During 2016, sales on credit amounted to $568,000, $559,000 was collected on outstanding receivables and $2,500 of receivables were written off as uncollectible. On December 31, 2016, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. 1. Prepare the journal entry necessary to record Shelton’s estimate of bad debt expense for 2016. 2. Prepare the Accounts Receivable section of Shelton’s December 31, 2016, balance sheet. 3. Compute Shelton’s receivables turnover. (Round to one decimal place.)

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Jarden Company has credit sales of $3,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit brence of $14,500. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of pust experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. Expected Percent December 31, 2017 Accounts Receivable. $830,000 254,000 86,000 38,000 12,000 Accounts receivable Required: 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2017, using the aging of accounts rece method. X Not due: 1 to 30 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles x X Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due X X Percent uncollectible (#.##%) # Uncollectible 1.25% 2.00 6.50 32.75 68.00 Estimated…

A company had a beginning Accounts Receivable balance of $939,400 and a credit balance of $1,200 in the Allowance for Doubtful Accounts. During the month, total sales of $5,275,000 were made. Of the total sales, $4,150,000 were credit sales while the remaining amount was cash sales. The company collected $3,825,000 from customers for amounts owed. It estimates that 0.5% of credit sales are uncollectible. Prepare the adjusting entry at the end of the month. Account Names DR CR  Blank 1. Fill in the blank, read surrounding text.  Blank 2. Fill in the blank, read surrounding text.  Blank 3. Fill in the blank, read surrounding text.  Blank 4. Fill in the blank, read surrounding text.  Blank 5. Fill in the blank, read surrounding text.  Blank 6. Fill in the blank, read surrounding text.  Blank 7. Fill in the blank, read surrounding text.  Blank 8. Fill in the blank, read surrounding text.  Blank 9. Fill in the blank, read surrounding text.  Blank 10. Fill in the blank, read…

Dongguk Industry began the accounting year of 2010 with accounts receivable balance of $650,000 and a balance in the allowance for doubtful accounts (bad debts) of $19,500. During 2010, credit sales totaled $7,290,000 and cash collected from customers totaled $7,500,000. Actual write-offs of specific accounts receivable in 2010 were $19,000, as this amount turned out to be finally uncollectible. At the end of the year, an accounts receivable analysis, using the percentage of accounts receivable method (aging method), indicated a required (desired) allowance for doubtful accounts balance of $12,600. No accounts receivable previously written off were collected.   Required:   1. Provide relevant journal entries to record the transactions during 2010 (including credit sales, cash collection from customers, and write-off of uncollectible accounts receivable).   2. Provide an (adjusting) entry to record bad debt expense at the end of 2010.     3. What is the net realizable value(net book…

At the beginning of the current period, Flounder Corp. had balances in Accounts Receivable of $224,000 and in Allowance for Doubtful Accounts of $10,080. During the period, it had net credit sales of $896,000 and collections of $854,560. It wrote off uncollectible accounts receivable of $8,176. Uncollectible accounts are estimated to total $28,000 at the end of the period. (Omit recording cost of goods sold.) (a-c) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period.

Jawhawks Company estimates bad debt expense to be 3% of credit sales. On December 31, 2015, the company reported accounts receivable and an allowance for doubtful accounts of $86,500 and $2,100, respectively. During 2016, the company’s credit sales and collections were $404,000 and $408,000, respectively, and $2,340 in accounts receivable were written off. Determine the company’s Net Realizable Value of Accounts Receivable on December 31, 2016.   answer: 68,280 how do you get to this answer I keep getting 68,040