1.
Concept Introduction:
The amount of gross accounts receivable due from customers at the end of 2017 and 2016.
2.
Concept Introduction: Accounts receivable are created when an entity sells goods or services on credit. Most businesses provide credit to customers. Some of the accounts receivable are considered uncollectible due to various reasons. These uncollectible are recognized as bad debts.
The amount of bad debt write-offs during 2016.
3.
Concept Introduction: Accounts receivable are created when an entity sells goods or services on credit. Most businesses provide credit to customers. Some of the accounts receivable are considered uncollectible due to various reasons. These uncollectible are recognized as bad debts.
The amount of gross sales for 2016.
4.
Concept Introduction: Accounts receivable are created when an entity sells goods or services on credit. Most businesses provide credit to customers. Some of the accounts receivable are considered uncollectible due to various reasons. These uncollectible are recognized as bad debts.
The cash collected from customers during the year 2016 assuming all sales are on a credit basis.
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Intermediate Accounting, 10 Ed
- What is the carrying value of accounts receivable as of December 31, 2016?arrow_forwardA credit balance in Cash Over and Short is reported as a(n) Select one: A. asset. B. liability. C. expense. D. revenue. In 2016, Winslow Company had net credit sales of $1,250,000. On January 1, 2016, Allowance for Doubtful Accounts had a credit balance of $25,000. During 2016, $32,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivables basis). If the accounts receivable balance at December 31 was $360,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2016? Select one: a. $6,000 b. $29,000 c. $36,000 d. $43,000 The interest on a $5,000, 3%, 60-day note receivable is Select one: a. $100. b. $25 c. $150. d. $300. A plant asset was purchased on January 1 for $100,000 with an estimated salvage value of $20,000 at the end of its useful life. The current year's Depreciation Expense is $10,000 calculated on…arrow_forwardBold Company’s 2016 income statement reported total credit revenue of $250,000. Bold’s accounts receivable balance on January 1, 2016 was $30,000, and its December 31, 2016 accounts receivable balance was $10,000. Bold’s accounts payable balance on January 1, 2016 was $25,000, and its December 31, 2016 accounts payable balance was $35,000. How much did Bold collect from customers during 2016?arrow_forward
- Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash sales for 2017 were $100,000. The accounts receivable turnover for 2017 was 5.0, What was Utica's total net sales for 2017?arrow_forwardBerry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days’ sales in receivables ratio for 2018 (round all answers to two decimal places)?arrow_forwardCompany A's net credit sales in 2020 and 2021 are 21115 and 35118 respectively. Cost of sales in 2020 is 15432, and in 2021 is 17088. Company A'a account receivable in 2020 and 2021 are 500 and 1000 respectively and its inventory in 2020 and 2021 are 2839 and 3489 respectively. Company A's cash collections from customers in 2021 are:arrow_forward
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