The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal): Item/Account Accounts Receivable 44,000 Inventory 2019 ($) 2018 ($)| 32,000 42,000 38,000 Net Sales (all credit) 370,000 350,000 Cost of Goods Sold 154,000 152,000 Net Income 27,200 24,800 Use this information to determine the accounts receivable average collection period for FY 2019.

The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020:     OutstandingBalance   Percentage Estimatedto be Uncollectible 0 – 30 days outstanding   $160,000   0.5% 31 – 60 days outstanding   66,000   2.5% 61 – 90 days outstanding   40,200   4.0% 91 – 120 days outstanding   20,600   6.5% Over 120 days outstanding   5,600   10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.

Financial accounting question

The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020:     OutstandingBalance   Percentage Estimatedto be Uncollectible 0 – 30 days outstanding   $156,000   0.5% 31 – 60 days outstanding   65,400   2.5% 61 – 90 days outstanding   40,000   4.0% 91 – 120 days outstanding   20,800   6.5% Over 120 days outstanding   5,100   10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit             (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…

The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020:     OutstandingBalance   Percentage Estimatedto be Uncollectible 0 – 30 days outstanding   $154,000   0.5% 31 – 60 days outstanding   63,200   2.5% 61 – 90 days outstanding   39,100   4.0% 91 – 120 days outstanding   21,600   6.5% Over 120 days outstanding   5,300   10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit             (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…

Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Surf and Tide.   Surf Tide Sales revenue $19,176.1 $10,381 Allowance for doubtful accounts, beginning 78.4 119 Allowance for doubtful accounts, ending 110.8 124 Accounts receivable balance (gross), beginning 2,873.7 1,743 Accounts receivable balance (gross), ending 2,994.7 1,553 Instructions a) Calculate the accounts receivable turnover and average collection period for both companies. My answer for (a)     Surf Tide Net Accounts Receivable, beginning (Accounts receivable balance (gross), beginning-Allowance for doubtful accounts, beginning) (2,873.7-78.4) =2,795.3 (1,743-119) =1,624 Net Accounts Receivable, ending (Accounts receivable balance (gross), ending-Allowance for doubtful accounts, ending) (2994.7-110.8) =2,883.9 (1,553-124) =1,429 Average Net Accounts Receivable (Net Accounts Receivable, beginning+Net Accounts Receivable,…

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Meta Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2019. The entity wrote of uncollectible accounts tolling P20,000 during the current year 2018 2019 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 42. Under Cash basis, what amount should be reported as sales for the current year? а. 4,900,000 b. 4,350,000 c. 4,300,000 d. 4,280,000 43. What amount of bad debts are recognized for the current year? а. 60,000 b. 70,000 80,000 d. 110,000 С.

The following information (in millions) was taken from the December 31 financial statements Accounts receivable, gross Allowance for expected credit losses Accounts receivable, net Revenues Total current assets Total current liabilities 13) Calculate the current ratio for 2020 13) 2021 $ 1.102 28 1,074 14,477 3,426 3,120 2020 $ 1.080 26 1,054 13,819 3,102 3,274 2019 $ 1.241 28 1,213 14,917 2,830 4,287

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