(d) (e) Current ratio Accounts receivable turnover (f) Average collection period :1 times days

Percent of sales method At the end of the current year, Accounts Receivable has a balance of $745,000; Allowance for Doubtful Accounts has a credit balance of $6,500; and sales for the year total $3,350,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ X b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ X Allowance for Doubtful Accounts $ X Bad Debt Expense $ X c. Determine the net realizable value of accounts receivable. < $ X

Based on the financial statements provided, compute the following financial ratios. Show your workings and round your figures to 2 decimal places. Ratio 2020 2019 Current Ratio     Quick Ratio     Debt Ratio (%)

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $875,000; Allowance for Doubtful Accounts has a debit balance of $8,000; and sales for the year total $3,940,000. Bad debt expense is estimated at 1.25% of sales. a.  Determine the amount of the adjusting entry for uncollectible accounts.$ b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.   Adjusted BalanceDebit (Credit) Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $   c.  Determine the net realizable value of accounts receivable.$

19. The accounts receivable turnover is 8.14, and average net accounts receivable during the period is $400,000. What is the amount of net credit sales for the period? Brief Exercises Identify different types of receivables. BE8.1 (LO 1), C The following are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balan a. Sold merchandise on account for $64,000 to a customer. b. Received a promissory note of $57,000 for services performed. c. Advanced $10,000 to an employee. Record basic accounts receivable transactions. PEO AR Rooord the following transactions on the books of Jarvis Co. (Omit cost of goods sold entries.)

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Bad debt expense is estimated at 1/4 of 1% of sales. 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 $4 Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.

us Kimmel, tinancial Accounting, Be US eo 1 Srstom Announcements CALCATO Brief Exercise 8-10 Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w be Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment c indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current a arder of liquidity) Pronghorn Corp Balance Sheet (partial) wT O secouNTS

What does the accounts receivable turnover ratio measure? Multiple Choice Average balance of accounts receivables How quickly accounts receivable turn into cash How quickly inventory turns into accounts receivable How quickly the accounts receivable balance increases

please answer questions 13, 14, and 15

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $870,000, Allowance for Doubtful Accounts has a debit balance of $8,000, and sales for the year total $3,920,000. Bad debt expense is estimated at 3/4 of 1% of sales. 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 Adjusted Balance Debit (Credit) c. Determine the net realizable value of accounts receivable.