earto December 31.c. RecRoom receives the principal and interest on the note's maturity date.M8-12 Reporting Accounts and Notes Receivable in a Classified Balance SheetLO8-2Assume that Caterpillar, Inc., reported the following accounts and amounts (in millions) in its December 31, 2020, year-end financialstatements. Prepare the current assets section of a classified balance sheet. Assume that the Allowance for Doubtful Accounts relates toAccounts Receivable rather than Notes Regeivable.Accounts PayableAccounts ReceivableAccumulated DepreciationAllowance for Doubtful AccountsCash and Cash EquivalentsInventoriesLoans Payable-Current$ 4,827 Long-Term Debt9,788 Long-Term Notes Receivable10,963 Notes Receivable-Current391 Other Current Assets2,736 Other Current Liabilities8,781 Other Non-current Assets7,209 Property, Plant, and Equipment$22,83415,7438,7311,98814.0339,10523,487Page 393M8-13 Determining the Effects of Credit Policy Changes on Receivables Turnover Ratio and Days to CollectLO8-4

Current Assets:Accounts Receivable: These are sums that clients or customers owe the business for…

Answered: ear to December 31. c. RecRoom receives…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following Is a portion of the current assets section of the balance sheets of Avantl's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for bad debts of $9,884 and $18,755, respectively $178,387 $223,883 Requlred: a. If $11,579 of accounts recelvable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint. Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) Bad debt expense b. The December 31, 2020, Allowance account balance Includes $3,017 for a past due account that is not likely to be collected. This account has not been written off. |(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If It had been written off, will there be any effect of the write-off on net Income and ROI for the year ended December 31, 2020? Yes No c. The level of Avantı's sales…
08:24 C uie Instructions. On 28 February 2019, the debtors control account in the General Ledger of Lesego Fashions showed a debit balance of R8 735, while the debtors list in the Debtors ledger showed a total of R5 584. The errors and omissions described below were found on 28 February 2019. Required: Indicate in the table provided below, how the errors and omissions should be corrected in order to reconcile the control account balance with debtor's list total. No. General Ledger Debtors ledger Debtors list Debtors control Dr (+) Cr (-) Dr (+) Cr (-) 3. The balance on the account of a debtor, R150, was brought down incorrectly as R15. 4. The amount on an invoice issued to A Shokane was miscalculated. The account should be R62 and not R72. 5. Payments to creditors as per the Cash Payment Journal were debited to debtors control account, R3 960. 6. The debtors' journal was undercast and posted accordingly. The total should have been R4 710, and not R4 170. 7. A credit note for R51 was…
c. On December 31, 2019, an aging-of-receivables, indicates that $41 million of the total receivables of $444 million is uncollectible at year-end. Record doubtful-account expense at December 31, 2019. Post this amount to Allowance for Doubtful Accounts, and show its adjusted balance at December 31, 2019. Begin by preparing the journal entry. Date C. Journal Entry Accounts Doubtful-Account Expense Allowance for Doubtful Accounts ▼ Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer. i Data Table Accounts receivable Allowance for doubtful accounts Print Done (In millions) $ 381 (52) x
On October 1. 2020, Shamrock, Inc. assigns $1,160.700 aof its accounts recelvable to Bridgeport National Bank as collateral for a $747,900 note. The bank assesses a finance charge of 3 of the receivables assigned and interest on the note of 9N Prepare the October 1 journal entries for both Shamrock and Bridgeport. fno entryis required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automutically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Shamrock. Inc. Oct. 1 Bridgeport National Bank Oct. 1 Sheffield Incorporated factored $134.100 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments Prepare the journal entry for Sheffield to record the sale, assuming that the recourse liability has a fair value of…
A edugen.wileyplus.com W WileyPLUS Bb Return to Blackboard US US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Commun Help | System Announcements Problem 9-01A a-d (Video) At December 31, 2019, Ayayai Co. reported the following information on its balance sheet. Accounts receivable $965,100 Less: Allowance for doubtful accounts 79,700 During 2020, the company had the following transactions related to receivables. 1. Sales on account $3,692,700 2. Sales returns and allowances 49,600 3. Collections of accounts receivable 2,817,800 4. Write-offs of accounts receivable deemed uncollectible 89,600 5. Recovery of bad debts previously written off as uncollectible 27,350 Your answer is correct. Aceur me thatne neh diecouınte w ers Prepare the journal entries to record onch of tho0o fuo trnnanotiono
Additional information: • The cheque received from L. Simpson on the 26th February in settlement of her account was returned by the bank marked R/D on the 28th February 2021. This transaction has not yet been recorded. • The debtors control and debtors list was reconciled on the 31st January 2021 Q.2.1 Open, post to and balance the debtors control account in the general ledger of Towel Talk for February 2021. (Round off to the nearest rand) 2021 2.2 Prepare the individual account of L. Simpson in the debtors ledger of Towel Talk for February 2021. (Round off to the nearest rand) 2.3 Prepare the debtors list of Towel Talk as at 28 February 2021. (Round off to the nearest rand) (Show all workings)
Lean Corporation provided the following information regarding its Notes Receivable as at December 31, 2021. NOTE GROSS CARRYING AMOUNT LIFETIME EXPECTED CREDIT LOSSES 12-MONTH EXPECTED CREDIT LOSSES CREDIT RISK ASSESSMENT A P 3,000,000 P 300,000 P 50,000 Low credit risk B 2,000,000 400,000 40,000 31 days past due C 1,000,000 500,000 60,000 Credit-impaired The loss allowance that the entity should recognize as at December 31, 2021 is A. P 590,000 B. P 900,000 C. P 950,000 D. P 1,200,000 WITH SOLUTION PLS
The following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for baddebts of $9,750 and $15,336, respectively $179,866 $225,851 Required:a. If $11,849 of accounts receivable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint: Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) b. The December 31, 2020, Allowance account balance includes $3,034 for a past due account that is not likely to be collected. This account has not been written off.(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If it had been written off, will there be any effect of the write-off on net income and ROI for the year ended December 31, 2020? Yes No c. The…
. Lean Corporation provided the following information regarding its Notes Receivable as at December 31, 2021. NOTE GROSS CARRYING AMOUNT LIFETIME EXPECTED CREDIT LOSSES 12-MONTH EXPECTED CREDIT LOSSES CREDIT RISK ASSESSMENT A P 3,000,000 P 300,000 P 50,000 Low credit risk B 2,000,000 400,000 40,000 31 days past due C 1,000,000 500,000 60,000 Credit-impaired The loss allowance that the entity should recognize as at December 31, 2021 is A. P 590,000 B. P 900,000 B. P 950,000 C. P 1,200,000
At December 31, 2019, SoundMaster Company reported this informationon its balance sheet.Accounts receivable $960,000Less: Allowance for doubtful accounts 78,000During 2019, the company had the following transactions related to receivables.1. Sales on account $3,600,0002. Sales returns and allowances 150,0003. Collections of accounts receivable 3,100,0004. Write-offs of accounts receivable deemed uncollectible 92,0005. Recovery of bad debts previously written off as uncollectible 28,000 Instructionsa) Prepare the journal entries to record each of these five transactions. Assumethat no cash discounts were taken on the collections of accounts receivable.(Omit cost of goods sold entries.)b) Enter the January 1, 2019, balances in Accounts Receivable andAllowance for Doubtful Accounts, post the entries to the two accounts(use T-accounts), and determine the balances.c) Prepare the journal entry to record bad debt expense for 2019, assumingthat aging the accounts receivable indicates that…
(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000
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

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