Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 6/30/2020 (Q4) 3/31/2020 (Q3) 12/31/2019 (02) Balance Sheets: Accounts receivable, net $ 15,761 $ 19,810 $ 12,900 $ 24,550 $ 23,330 $ 22,120 Income statements: Sales revenue Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio" answers to 3 decimal places and "Average collection period" answers to 2 decimal places. Receivables turnover ratio Q4 Receivables turnover ratio Q3 times times Average collection period Q4 days Average collection period Q3 days

Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 6/30/2020 (Q4) 3/31/2020 (Q3) 12/31/2019 (02) Balance Sheets: Accounts receivable, net $ 15,761 $ 19,810 $ 12,900 $ 24,550 $ 23,330 $ 22,120 Income statements: Sales revenue Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio" answers to 3 decimal places and "Average collection period" answers to 2 decimal places. Receivables turnover ratio Q4 Receivables turnover ratio Q3 times times Average collection period Q4 days Average collection period Q3 days

Name: Macroware Corporation reported the following information in its finan
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Description: Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions):Balance Sheets:Three Months Ended6/30/2020 (04) 3/31/2020 (Q3) 12/31/2019 (Q2)Accounts receivable, netIncome statement

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 6/30/2020 () 3/31/2020 (Q3) 12/31/2019 () Balance Sheets: Accounts receivable, net Income statements : Sales revenue $15, 761 $ 19,810 $ 12,900 24, 550 $ 23,330:22,120 Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio " answers to 3 decimal places and " Average collection period" answers to 2 decimal places. Receivables turnover ratio Q4 times Receivables turnover ratio Q3 1.427 times Average collection period Q4 Average collection period Q3 days 63.79 days Balance Sheets: Accounts receivable, net Income statements: Sales revenue Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 3/31/2020 (03) 12/31/2019…
The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…
The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.
The following data are taken from the financial statements of Cullumber Company. 2022 2021 Accounts receivable (net), end of year $ 587,000 $ 585,000 Net sales on account 4,927,000 3,921,000 Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $554,500. (Round answers to 1 decimal place, e.g. 12.5.) 2022 2021 Accounts receivable turnover Enter turnover in times rounded to 1 decimal place. times Enter turnover in times rounded to 1 decimal place. times Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 2022 2021 Average collection period Enter the collection period in days rounded to 1 decimal place. days Enter the collection period in days rounded to 1 decimal place. days
The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Surf and Tide. Surf Tide Sales revenue $19,176.1 $10,381 Allowance for doubtful accounts, beginning 78.4 119 Allowance for doubtful accounts, ending 110.8 124 Accounts receivable balance (gross), beginning 2,873.7 1,743 Accounts receivable balance (gross), ending 2,994.7 1,553 Instructions a) Calculate the accounts receivable turnover and average collection period for both companies. My answer for (a) Surf Tide Net Accounts Receivable, beginning (Accounts receivable balance (gross), beginning-Allowance for doubtful accounts, beginning) (2,873.7-78.4) =2,795.3 (1,743-119) =1,624 Net Accounts Receivable, ending (Accounts receivable balance (gross), ending-Allowance for doubtful accounts, ending) (2994.7-110.8) =2,883.9 (1,553-124) =1,429 Average Net Accounts Receivable (Net Accounts Receivable, beginning+Net Accounts Receivable,…
BTS Company had the following data relating to its accounts receivable.Accts. Receivable, Dec. 31, 2020 - P1,300,000Credit sales for 2021 - P5,400,000Collections from customers during 2021, excluding recoveries - P4,750,000Accounts written off on Sept. 30, 2021 - P95,000Recoveries of accounts previously written off in prior years - P20,000Est. uncollectible receivables per aging, Dec. 31, 2021 - P165,000How much is the amortized cost of BTS Company’s accounts receivable at December 31, 2021?
The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…
The following data are taken from the financial statements of Colby Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 Accounts Receivable turnover Average collection period (b) 2022 $550,000 2022 2021 4,300,000 4,000,000 7.9 times $540,000 2021 7.5 times 46.2 days 48.7 days What conclusions about the management of accounts receivable can be drawn from the accounts receivable turnover and the average collections period.
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
-What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for 2021? (assume Accounts Receivable, net was $500,000 on December 31, 2020) -What is XYZ's Asset Turnover for 2021? (assume total assets were $14 million on December 31, 2020) Account Balance Data Debit Credit Cash 217,650 Accounts Receivable 545,000 Interest Receivable 1,200 Allowance for Doubtful Accounts 8,450 Merchandise Inventory 778,000 Prepaid Insurance 30,000 Notes Receivable Land 2,000,000 Office Building 4,000,000 Office Equipment 320,000 Store Building 9,000,000 Store Equipment 3,560,000 Accumulated Depreciation - office building and equipment 1,580,000 Accumulated Depreciation - store building and equipment 4,126,000 Goodwill 700,000