Selected data from Emporia Company follow: Balance Sheets As of December 31 Accounts receivable Year 3 Year 2 Allowance for doubtful accounts 000'009$ $480,000 (000'0t) Net accounts receivable Inventories, lower of cost or market 000'09s$ 000'095$ 000'00ss 000'005$ Income Statement For the Years Ended December 31 Year 3 Year 2 Net credit sales 000'00 'zs $1,950,000 000'009 Net cash sales Net sales 000'os5 000'000 'E 000ʻ005 '7 000 008 000'008 Cost of sold Selling, general, and administrative expenses Other expenses 1,520,000 240,000 50,000 000'08 $1,810,000 Total operating expenses $2,180,000 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) times a. Accounts receivable turnover times b. Inventory turnover Net margin

The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?

Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Accounts Estimated Receivable Loss % $ 90,000 20,000 11,000 6,000 Over 180 days past due 4,000 Total accounts receivable $ 131,000 Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 296 4 The balance of the allowance for uncollectible accounts is $520 on December 31, before any adjustments. Transaction Record bad debts expense 5 10 25 (a) What amount of bad debts expense will LaFond report in its income statement for the year? $0 Cash Asset (b) Use the financial statement effects template to record LaFond's bad debts expense for the year. Use negative signs with your answers, when appropriate. Noncash Assets Balance Sheet Liabilities Contributed Capital (c) What is the balance of accounts receivable on it December 31 balance…

Rahul

a

At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000

The following information is from the annual financial statements of Raheem Company, Year 2 Year 3 $ 270,000 20,900 $ 201,000 16,700 Net sales Accounts receivable, net (year-end) (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover of 20.5, is Raheem performing better or worse at collecting receivables than its competitor? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its accounts receivable turnover for Year 2 and Year 3. Year 2: Year 3:1 Choose Numerator: 7 1 1 Accounts Receivable Turnover Choose Denominator: (Required 1 Year 1 $ 248,000 15,400 W Accounts Receivable Turnover Accounts receivable turnover = Required 2 > times times

Selected data from Fanning Company follow:  Balance SheetsAs of December 31   Year 3   Year 2 Accounts receivable $ 392,000     $ 375,000   Allowance for doubtful accounts   (19,600 )     (15,000 ) Net accounts receivable $ 372,400     $ 360,000   Inventories, lower of cost or market $ 478,000     $ 431,000       Income StatementFor the Years Ended December 31   Year 3   Year 2 Net credit sales $ 2,019,000     $ 1,753,000   Net cash sales   408,000       314,000   Net sales   2,427,000       2,067,000   Cost of goods sold   1,602,000       1,434,000   Selling, general, and administrative expenses   239,600       214,500   Other expenses   39,600       22,100   Total operating expenses $ 1,881,200     $ 1,670,600      Requireda. Compute the accounts receivable turnover for Year 3.b. Compute the inventory turnover for Year 3.c. Compute the net margin for Year 2.

Subject: acounting

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.