At December 31, 2021, Wynne Company reported Accounts Receivable of $45,000 and Allowance for Doubtful Accounts of $3,500. On January 7, 2022, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realizable value of Accounts Receivable at December 31, 2021? Cash realizable value eTextbook and Media List of Accounts $ What entry would Wynne make to write off the Brown account? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts What is the cash realizable value of Accounts Receivable after the Brown account is written off? Cash realizable value $

At December 31, 2021, Wynne Company reported Accounts Receivable of $45,000 and Allowance for Doubtful Accounts of $3,500. On January 7, 2022, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realizable value of Accounts Receivable at December 31, 2021? Cash realizable value eTextbook and Media List of Accounts $ What entry would Wynne make to write off the Brown account? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts What is the cash realizable value of Accounts Receivable after the Brown account is written off? Cash realizable value $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton Corporations accounting records at the beginning of 2019: During 2019, sales on credit amounted to 575,000, 557,400 was collected on outstanding receivables and 2,600 of receivables were written off as uncollectible. On December 31, 2019, Shell on estimastes its bad debts to be 4% of the outstanding gross accounts receivable balance. Required: 1. Prepare the journal entry necessary to record Sheltons estimate of bad debt expense for 2019. 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet. 3. Compute Shelton's receivables turnover. (Round to one decimal place.) 4. It Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?
Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of 1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.
Marmol Corporation uses the allowance method for bad debts. During 2019, Marmol charged 50,000 to bad debt expense and wrote off 45,200 of uncollectible accounts receivable. These transactions resulted in a decrease in working capital of: a. 0 b. 4,800 c. 45,200 d. 50,000
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
At December 31, 2018, Wynne Company reported Accounts Receivable of $45,000 and Allowance for Doubtful Accounts of $3,500. On January 7, 2019, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realializable value of accounts receivab;le after the Brown account is written off?
The following information is related to December 31, 2024 balances. • Accounts receivable . Allowance for doubtful accounts (credit) . Cash realizable value $1430000 (103000) 1327000 During 2025 sales on account were $390000 and collections on account were $217000. The company wrote off $21100 in uncollectible accounts. An analysis of outstanding receivable accounts at year-end indicated that uncollectibles should be estimated at $144000. Bad debt expense for 2025 is: O $62100. O $144000. O $41000. O $19900
The annual report for Fabeck Finishing Corporation contained the following information: (in millions) Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net 2021 $673 32 $641 Assume that accounts receivable write-offs amounted to $13 during 2021 and $3 during 2020, and that Fabeck Finishing did not record any recoveries. Bad Debt Expense 2020 $735 31 $704 Required: Determine the Bad Debt Expense for 2021 based on the above facts. (Enter your answer in millions.) million
The following information is related to December 31, 2021 balances. • Accounts receivable $3490000 • Allowance for doubtful accounts (credit) ( 254000) • Cash realizable value $3236000 During 2022 sales on account were $ 885000 and collections on account were $ 500000. Also during 2022 the company wrote off $49000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $ 323000. The change in the cash realizable value from the balance at 12/31/21 to 12/31/22 was a $ 322000 increase. $ 267000 increase. $ 370000 increase. $ 316000 increase.
The following information is available for Buble Co. (All numbers are in millions.) December 31, December 31, 2021 2020 Accounts Receivable, Net of Allowance for Doubtful Accounts of $410 and $460 $18,450 $16,800 Net Revenues 91,000 85,000 The company recorded Bad Debt Expense of $11 (million) for 2021. Required: 1. What value of accounts receivable was written off during 2021? 2. What was the receivables turnover ratio for 2021? 1. Accounts Receivable Written-Off 2. Receivables Turnover Ratio million times
The following information is related to December 31, 2024 balances. ● Accounts receivable Allowance for doubtful accounts (credit) Cash realizable value $1570000 (111000) 1459000 During 2025 sales on account were $375000 and collections on account were $230000. The company wrote off $23000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectibles should be estimated at $144000. The change in the cash realizable value from 12/31/24 to 12/31/25 was