Stine Co. sells Christmas angels. Stine determines that at the end of December, it has the following aging schedule of AccountsReceivable:CustomerDV GannonJJ JoysenNJ BellJC Werly% uncollectibleTotal Estimated Uncollectible Amounts iTotalNet receivables$500300150200?1002003001 %1-30$300Not yet due3005 %31-60$2005025010 %?Number of Days Past DueOver 9061-9020020020 %?10010050 %Compute the net receivables based on the above information at the end of December. (There was no beginning balance in theAllowance for Doubtful Accounts).

The account receivables are reported as the current assets in the balance sheet. The allowance for…

Stine Co. sells Christmas angels. Stine determines that at the end of December, it has the following aging schedule of Accounts Receivable: Customer DV Gannon JJ Joysen NJ Bell JC Werly % uncollectible Total Estimated Uncollectible Amounts Total $500 300 150 200 ? ? 100 200 300 1% Not yet due 1-30 $300 300 5% 31-60 $200 50 250 10 % Number of Days Past Due Over 90 61-90 200 200 20 % P 100 100 50 % ?

Stine Co. sells Christmas angels. Stine determines that at the end of December, it has the following aging schedule of Accounts Receivable: Customer DV Gannon JJ Joysen NJ Bell JC Werly % uncollectible Total Estimated Uncollectible Amounts Total $500 300 150 200 ? ? 100 200 300 1% Not yet due 1-30 $300 300 5% 31-60 $200 50 250 10 % Number of Days Past Due Over 90 61-90 200 200 20 % P 100 100 50 % ?

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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Jonha's Company had the following accounts receivable (AR) aging schedule. 1-30 31-60 61-90 91+ Company days days days days A $400 $200 $0 $0 B. $500 $100 $0 $0 $400 $400 $0 What % of AR invoices does Jonha's expect to collect in 61-90 days?
Prepare an aging schedule to determine the total estimated uncollectibles at March 31,2018
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 283,500 _______ March 31–60 63,000 _______ February 61–90 252,000 _______ January 91–120 31,500 _______ Total receivables $ 630,000 100% Calculate the percentage of amount due for each month. If the firm had $1,680,000 in credit sales over the four-month period, compute the average collection period. Average daily credit sales should be based on a 120-day period.
Aging of Receivables; Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y7: Not Days Past Due Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 АВС Веauty 19,000 19,000 Angel Wigs 7,100 7,100 Zodiac Beauty 3,500 3,500 Subtotals 1,316,900 752,700 299,000 128,300 39,800 16,400 80,700 The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year. Customer Due Date Balance Arcade Beauty Aug. 17 $5,300 Creative Images Oct. 30 4,700 Excel Hair Products July 3 8,500 First Class Hair Care Sept. 8 6,700 Golden Images Nov. 23 3,300 Ob That Eair Nov 2O
Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Estimated Uncollectible Estimated Uncollectible Age Interval Balance Accounts Percent Accounts Amount Not past due $500,000 3/4 % $3,750 1-30 days past due 55,000 4 2,200 31-60 days past due 25,000 6 1,500 61-90 days past due 18,000 14 2,520 91-180 days past due 13,000 42 5,460 Over 180 days past due 9,500 70 6,650 Total $620,500 $22,080 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $3,975 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31.
21. Ebasan Company estimates its doubtful accounts by aging its accounts receivable. The aging schedule of accounts receivable at December 31, 2020 is presented below: Age of Accounts 0-30 days 31-60 days Amount P1,264,800 691,500 61-90 days 288,600 114,975 91-120 days Over 120 days 59,100 Ebasan's uncollectible accounts experience for the past 5 years are summarized in the following schedule: Year 0-30 31-60 61-90 91-120 Over 120 2019 Receivable (Dec 31) P1,968,750 1,500,000 697,500 0.3% 1.8% 12% 38% 65% 2018 0.5% 1.6% 41% 70% 2017 1.5% 0% 50% 69% 0.2% 0.4% 2016 1,224,000 1,7% 10.2% 47% 81% 2015 1,865,500 0.9% 2.0% 9.7% 33% 95% The balance of the allowance for doubtful accounts at December 31, 2020 before adjustment is P126,751. The necessary adjusting journal entry to adjust the allowance for doubtful accounts as of Dec 31,2020 would include: A. A debit to retained earnings of P13,894, B. A debit to doubtful accounts expense P140,644. C. A credit to doubtful accounts expense…
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At the end of the first year of operations, mayberry advertising had accounts receivable of $21100. Management of the company estimates that 8% of the accounts will not be collected What adjutment would mayberry advertising record to established allowance for uncollectible accounts Do the journal entry worksheet
Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Age Interval Balance Estimated UncollectibleAccounts Percent Estimated UncollectibleAccounts Amount Not past due $902,000 3/4 % $6,765 1-30 days past due 99,200 2 1,984 31-60 days past due 45,100 6 2,706 61-90 days past due 32,500 18 5,850 91-180 days past due 23,500 42 9,870 Over 180 days past due 17,100 65 11,115 Total $1,119,400 $38,290 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,890 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. Dec. 31 - Select - - Select -
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Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Age Interval Balance Estimated UncollectibleAccounts Percent Estimated UncollectibleAccounts Amount Not past due $878,000 3/4 % $6,585 1-30 days past due 96,600 2 1,932 31-60 days past due 43,900 8 3,512 61-90 days past due 31,600 14 4,424 91-180 days past due 22,800 38 8,664 Over 180 days past due 16,700 75 12,525 Total $1,089,600 $37,642 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,775 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select -