The allowance for uncollectible accounts currently has a credit balance of $200 the company's management estimates that 2.5% of net credit sales will be uncollectible net credit sales or 115, 000 what will be the balance of allowance for collectible accounts reported on the balance sheet once the adjustment is made assuming the percent of sales method is used

Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2021, Chez Fred's credit sales and collections were $ 125,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $180 in accounts receivable were written off during 2021 and if the allowance account had a balance of $750 on December 31, 2021? A) $5,820. B) $31,000. C) $31,180. D) None of these answer choices are correct.

On December 31, 2022, Ace Hardware reported the following information on its balance sheet: Accounts Receivable $1,350,000 Allowance for Doubtful Accounts (credit) 81,000 During 2023, the Company had the following transactions related to receivables: Sales on Account Collections on Account Write-offs of uncollectible accounts Recovery of previously written off accounts If bad debts are estimated to be 1.50% of credit sales, determine the ending balance in the Allowance for Doubtful Accounts after adjustment, at the end of 2023: Select one: O $4,500,000 4,275,000 90,000 18,000 a. $67,500 b. $94,500 c. $58,500 d. $76,500 e. $74,250

A recent annual report for FedEx contained the following data: Numerator Denominator Numerator Denominator (dollars in thousands) Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Current Year $ 9,416,000 293,000 $9,123,000 $ 69,703,000 Receivables Turnover Ratio Net sales Average net trade accounts receivable Receivables turnover Average Days Sales in Receivables 365 Previous Year $ 88,452,000 397,000 $ 88,055,000 365 1.43 0 times 255.24 days

At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,000 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 2% of credit sales for the year. Credit sales for the year total $282,000.   Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method on a balance sheet.

At the end of the current year, Accounts Receivable has a balance of $138,000; the opening balance of the Allowance for Doubtful Accounts was $1,450 and credit sales for the current year is $1,100,000, If estimated amount of uncollectible receivable was estimated at 1.5% of total sales, Calculate the estimated uncollectible value using the % of sales method.

Assume Simple Company had credit sales of $255,000 and cost of goods sold of $155,000 for the period. Simple uses the percentage of credit sales method and estimates that 2 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $300.   Required: What amount of Bad Debt Expense would the company record as an end-of-period adjustment?

Prepare the entry to record the write-off of uncollectible accounts during the period. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit Assistance Used

At January 1, 2024, Kennel Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for expected credit losses During 2024, the company had the following summary transactions for receivables: 1. 2. 3. 4. 5. 6. Show Transcribed Text Sales on account, $1.670,000; cost of goods sold, $935.200; return rate of 7% Selling price of goods returned, $83.000: cost of goods returned to inventory, $46,480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47,000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $29,000 (1) Bal v (4) $500,000 46,000 Your answer is partially correct. (1) Prepare T accounts for Accounts Receivable and Allowance for Expected Credit Losses, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances. (Post…