The December 31, 2021 statement of financial position of Mulan Company showed the current receivableswith the following details:Trade accounts receivable186,000Allowance for doubtful accounts(4.000)Claims against shipper for goods lost in transit lastmonth6,000Goods out on consignment at 30% above cost52,000Security deposit on lease of warchouse to store someinventories60,000TOTAL300.000QUESTION:What is the correct current net receivables of Mulan Company at December 31, 2021?O P 240,000O P 188,000O P 300,000O P 248,000

Correct answer is P 188000 Trade accounts receivable 186000 Allowance for doubtful debts…

Answered: The December 31, 2021 statement of…

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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Required Information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following sccount balances: Accounts Debit Credit $ 27,100 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipnent Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) 5e, 200 $ 6,200 22, B00 66, 800 25, e00 3,5ee 30,5ee 70, e00 55,e00 25,100 Common Stock Retained Earnings Totals $190,300 $198,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,e0e. The cards are redeenable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,88e. January 15 Firework sales for the first half of the month total $155,e0e. All of these sales are on account. The cost of the units sold is $83,88e. January 23 Receive $127,480 from custoners on accounts receivable. January 25 Pay $11e,eee to…
The accounting records of JasonJohnson Company provided the data below for years ending 30 June 2022 and 30 June 2021: 2022 2021 $ $ Sales (all on credit) for the year 950,000 Cost of goods sold for the year 380,000 Discount provided to customers for early payment 3,500 Bad debts expense for the year 2,500 Depreciation expense 55,000 Net profit 509,000 30 June 2022 30 June 2021 $ $ Accounts receivable 160,000 140,000 Less: Allowance for doubtful debts 4,500 4,200 155,500 135,800 Inventory 88,360 62,200 Accounts payable 55,500 47,700 Required: a. Based on the information given, prepare the section of cash flows statement for “net cash flows from operating activities” for the year ended 30 June 2022 for JasonJohnson company. Show your calculations for each item included in the section of the statement. b. Prepare a…
Errol Company estimates its allowance for doubtful accounts usingpercentage of sales method. The total sales of the company for 2021amounted to P10,000,000, P3,000,000 of which are sold for cash. Erroldetermined that 12% is an appropriate estimate of bad debts expense.Errol also provided the following information:Write-offs during the period amounted to P500,000Allowance for doubtful accounts at the beginning of 2021 amounted toP285,000Recoveries of amounts previously written-off amounted to P120,000The accounts receivable as of December 31, 2021 is P5,000,000How much is the allowance for doubtful expense account as ofDecember 31, 2021?
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
45. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
Number 1
In 2021 Coronado Co. had credit sales of $1810000 and sales returns and allowances related to these sales of $150000. Its comparative balance sheet at December 31, 2021 showed the following: 2021 2020 Accounts receivable $775000 $676000 Less: Allowance for doubtful accounts 74000 66000 Carrying amount $701000 $610000 The company's average collection period for 2021 is (Round answers to 0 decimal places. Use 365 days for the calculation purpose) O 136 days. O 144 days. O 146 days. O 160 days.
1. Accounts receivable balance as of December 31, 2020 2. Allowance for doubtful accounts as of December 31, 2020 3. Net realizable value, December 31, 2020 4. Doubtful accounts expense for 2020
Bartell Co has provided you with the following information for the year ended December 31, 2016 • Net credit sales are $248,000 for the year . Based on historical data, management expects that 2.0% of credit sales will be uncollectible. . Based on historical data, management expects that 5.0% of outstanding receivables will be uncollectible. • Allowance for Doubtful Accounts (XA) has a credit balance of $600 at January 1, 2016. • Accounts Receivable (A) has a debit balance of $66,000 at December 31, 2016. Bartell Co wrote off $2,000 of Accounts Receivable as uncollectible. Estimate Bad Debt Expense for 2016 using the percentage of credit sales method. Round your answer to the nearest dollar: $ Estimate Bad Debt Expense for 2016 using the aging of receivables method Round your answer to the nearest dollar: $1
The unadjusted trial balance of X Company on December 31, 2021 showed the Accounts Receivable with a debit balance of P 150,000 and a credit balance of P 3,000 for the Allowance for Bad debts. The management estimated that bad debts will 8% of the outstanding accounts receivable How much is the bad debts expense for 20217
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