Roth Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $70,000 of services on account. 2. Collected $38,500 cash from accounts receivable. 3. Paid $30,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Percent Likely to Be Number of Days Past Due Amount Uncollectible Current $16,700 0.01 0 to 30 5,100 0.05 31 to 60 4,000 0.10 61 to 90 1,900 0.30 Over 90 days 3,800 0.50 Required Allowance Balance a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Required A Required B Required C Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed.

Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.

At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.

Roth Service Company experienced the following transactions for Year 1, its first year of operations: Provided $72,000 of services on account. Collected $41,000 cash from accounts receivable. Paid $28,000 of salaries expense for the year. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $16, 800 0.01 0 to 30 5,900 0.05 31 to 60 3,400 0.10 61 to 90 1, 100 0.30 Over 90 days 3,800 0.50 Required Organize the transaction data in accounts under an accounting equation. Prepare an income statement for Roth Service Company for Year 1. What is the net realizable value of the accounts receivable at December 31, Year 1?

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A company reports the following: Sales $117,530 Average accounts receivable (net) 16,790 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables, Round interim calculations to the nearest dollar and final answers to one dedmal place. Assume a 365-day year.

Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1                                                      1,300,000Credit sales                                                                                     5,500,000Sales return                                                                                    150,000Accounts written off                                                                       100,000Collections from customers                                                           5,000,000Estimated future sales return on December 31                             50,000Estimated uncollectible accounts per aging at year-end              250,000 What amount should be reported as net realizable value of accounts receivable on December 31?

The year-end balance in accounts receivable is $300,000, the Allowance for Uncollectible Accounts had a beginning of year balance of $2,500 credit, accounts written off during the year were $2,200. An aging of accounts receivable determined that $6,000 of receivables will be uncollectible. What is the net realizable value of accounts receivable at year end?     $298,700     $294,000     $293,700     $294,300

Yates Company's records provide the following information concerning certain account balances and changes in these account balances during the current year. Accounts Receivable: Jan. 1, balance $41,000, Dec. 31, balance $55,000, uncollectible accounts written off during the year, $6,000; accounts receivable collected during the year, $159,000. Compute Sales revenue for the year.

The following information is available for Monty's Best Corporation about the age of its receivables at December 31, its year end: Number of days outstanding Accounts Receivable Estimated percentage uncollectible (a) 0-30 $410,000 3% Total Estimated Uncollectible Accounts $ tA 31-60 $250,000 5% 61-90 $210,000 10% Over 90 $90,000 Using the above aging schedule, determine the total estimated uncollectible accounts. 15%