Smiles Entertainment had the following accounts and balances at December 31: 22 Account Debit Credit Cash $11,800 Accounts Receivable 2,360 Prepaid Insurance Supplies Accounts Payable Skipped 3,120 1,360 $ 5,900 T. Happy, Capital 5,980 Service Revenue 8,800 Salaries Expense 680 Utilities Expense 1,360 Totals $20,680 $20,680 Using the information in the table, calculate the company's reported net income for the period. Multiple Choice $1,460. $4,540.

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…

The following data (in millions) were adapted from recent financial statements of CVS Health Corporation (CVS).   Year 2 Year 1 Sales   $256,776     $194,579   Operating income   12,467     10,170   Average accounts receivable   18,624     15,406   1.  Compute the accounts receivable turnover for Years 1 and 2. Round to one decimal place.   Accounts Receivable Turnover Year 2 fill in the blank 1 Year 1 fill in the blank 2 2.  Compute the days' sales in receivables for Years 1 and 2. Assume there are 365 days in the year, and round to the nearest day.   Number of Days' Salesin Receivables   Year 2 fill in the blank 3 days Year 1 fill in the blank 4 days 3.  Compute the return on sales for Years 1 and 2. Round to one decimal place.   Return on Sales   Year 2 fill in the blank 5 % Year 1 fill in the blank 6 % 4.  Based on the results in parts 1, 2, and 3, all the following are true except: The change in accounts receivable turnover from Year 1 to…

Accounts receivable turnover and days’ sales in receivables Financial statement data for years ending December 31 for Schultze-Solutions Company follow:   20Y2 20Y1 Sales   $1,848,000     $1,881,000   Accounts receivable:                 Beginning of year   195,300     184,700       End of year   224,700     195,300   a. Determine the accounts receivable turnover for 20Y2 and 20Y1. If required, round the final answers to one decimal place.   AccountsReceivableTurnover 20Y2 fill in the blank 1 20Y1 fill in the blank 2   b. Determine the days’ sales in receivables for 20Y2 and 20Y1. Use 365 days, if required round the final answers to one decimal place.   Days’ Salesin Receivables 20Y2   fill in the blank 3  days 20Y1   fill in the blank 4  days   c. Does the change in accounts receivable turnover and the days’ sales in receivables from 20Y1 to 20Y2 indicate a favorable or unfavorable change