In the statement of financial position at 31 December20X5, Ken reported net receivables of $12,000. During20X6 Ken made sales on credit of $125,000 andreceived cash from credit customers amounting to $115,500. At 31 December 20X6, Ken wished to writeoff debts of $7,100 and increase the allowance forreceivables by $950 to $2,100. What is the netreceivables figure to include in the statement offinancial position at 31 December 20X6?

The objective of the question is to calculate the net receivables figure to include in the statement…

Answered: In the statement of financial position…

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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Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.
This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts $334,000 850,000 725,000 12,000 (this balance is given after writing-off uncollectible accounts and has a credit balance) Estimated uncollectible accounts based on aging analysis If the aging approach is used to estimate bad debts, what amount should be recorded as bad debts expense for 20X1? 1,700 13,200
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K Blended Corporation uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $1,000. During the year Blended wrote off uncollectible receivables of $2,200. Blended recorded Bad Debts Expense of $3,300. What is Blended's year-end balance in Allowance for Bad Debts? OA. $5,500 OB. $1,100 C. $2,100 OD. $4,300 1
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Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $157,000 of accounts payable on September 30 and $135,000 on October 31. Total purchases on credit during October were $286,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Company had a $105,000 balance in Accounts Receivable. During October, the company collected $105,390 from its credit customers. The October 31 balance in Accounts Receivable was $94,000. Determine the amount of sales on credit that occurred in October. c. During October, Alameda Company had $107,500 of cash receipts and $108,150 of cash disbursements. The October 31 Cash balance was $21,100. Determine how much cash the company had at the close of business on September 30. Complete this question by entering your answers in the tabs below. Required A Required B Required C On September 30, Valerian Company had a $105,000 balance in Accounts…
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At 1 July 20X2 the receivables allowance of Q was $18,000. During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables allowance required was to be $16,000 as at 30 June 20X3. What amount should appear in Q's statement of profit or loss for receivables expense for the year ended 30 June 20X3

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