Credit Sales Cash Collections Jan. 10 Stern Company... $4,000 Jan. 20 Stern Company.. $2,000 19 Diaz Brothers 1,600 28 Diaz Brothers 1,600 23 Rex Company. 2,500 31 Rex Company . 1,300
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Following is information from Fredrickson Company for its first month of business.
1. Identify the balances listed in the accounts receivable subsidiary ledger.
2. Identify the Accounts Receivable balance listed in the general ledger at month’s end.
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- 4. B Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…pe Sistema TAL Saved TB MC Qu. 5-177 A company reports the following Informartion... A company reports the following Information for the year. Net credit sales $110,000 12,000 98,000 Average accounts Heceivable Cash collections on credit sales What Is the company's receivables turnover ratio? (Round your answer to 1 decimal place.) Multiple Cholce 01.Problem 1 The following summarizes the transactions recorded in the Accounts receivable – trade account of Pratt Corporation: Accounts Receivable – Trade Balance forwarded, net of P9,000 credit balance Charge sales .... Charge for consignment sales Shareholders' subscriptions Receipts from customers, including overpayment of P10,000 106,000 1,250,000 | Write offs ... 25,000 Merchandise returns 1,240,000 7,000 5,500 60,000 Allowance to customers for Recovery of previous write-offs Refunds to customers with credit balances ... 5,000 5,000 | Collection on subscription 50,000 shipping damages Collections on carrier claims 3,000 2,000 45,000 Deposit on contract Claim against common carrier for shipping damages IOUS from employees Cash advances to affiliate Advances to supplier 5,000 1,000 50,000 10,000 Audit notes: a) It was ascertained that half of the adjusted outstanding accounts receivable – trade balance are still currently collectible. The term of sale is 5/30, n/60. Based on past…
- Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000 What should be reported as sales under the cash basis?a. 15,000,000b. 18,000,000c. 17,000,000d. 16,000,000Zips Corp reports the following: Net Credit Sales 100,000 A/R Jan 1 10,000 ADA Jan 1 1,000 A/R Dec 31 15,000 ADA Dec 31 2,000 The Accounts Receivables Turnover Ratio is O 10 9.09 O 100 08Accounts Debit Credit Cash..... P 5,040 Home Office Current . P 21,000 Purchases from outsiders . Shipments from Home Office. Accounts receivable .... Expenses ..... Interest expense.. Gain on sale of equipment.. Sales .... 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. * 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.
- Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000 What should be reported as sales under the accrual basis?a. 10,000,000b. 25,000,000c. 20,000,000d. 5,000,0001. A company, extends credit to its customers. Total Sales is 2 Million, credit Sales is 850,000, Sales Return is 305,000, with percent of uncollectibility set at 4% What is the journal entry under percentage of net credit sales?d. . TimeS mter camed, e. Earnings per share3; f. Price/earnings ratio; and g. Book value per share. Problem 5 ACCOUNTS RECEIVABLE. The Rivers Company reports the following data relative to accounts receivable: 20X2 20X1 Average accounts receivable $ 400,000 $ 416,000 Net credit sales $2.600,000 $3.100,000 The terms of sale are net 30 days. Requirement: Compute the accounts receivable turnover and the collection period. Assume a 365-day уear. Problem 6 INVENTORY. On January 1, 20X6, the River Company's beginning inventory $400,000. During 20X6, River purchased $1,900,000 of additional inventory. On December 31, 20X6, River's ending inventory was $500,000.
- westigate Paragraph S a. Accounts receivable turnover b. Number of days' sales in receivables Accounts receivable, end of year Sales on account EX.17-09.ALGO - Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. 1. Accounts receivable turnover F5 2. Number of days' sales in receivables 2013 F6 W6-Financial Ratio Analysis - Exercise #1.docx Q Search 20Y2 $182,600 $197,000 1,043,900 1,001,560 For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 F7 20 8 18.3 F8 I Styles days F9 20Y1 $211,800 Days prt sc F10 20Y2 DALL home F11 W Days end F12 insertThe following information is available for Rivers, Inc.: 12/31/20A2 12/31/20A1Cost of Goods Sold $ 900,000 $ 700,000Net Sales 1,500,000 1,000,000Accounts Receivable 180,000 200,000Allowance for Doubtful Accounts 30,000 40,000What was the accounts receivable turnover ratio for 20A2? Group of answer choices 8.33 9.68 7.89 5.81YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon