Presented below is information for Ayayai Company. 1.   Beginning-of-the-year Accounts Receivable balance was $23,100. 2.   Net sales (all on account) for the year were $104,700. Ayayai does not offer cash discounts. 3.   Collections on

Q: Liang Company began operations in Year 1. During its first two years, the company completed a number…

A: Journal entry is a process of initially recording and classifying business transactions into books…

Q: The following data were provided by Ninety Incorporated for the year 2021: Accounts Receivable,…

A: Revenue is regarded as the income that is raised by the organization from its business operations.…

Q: The following are the transaction for the month of February     Cash Sales   $45000   Credit…

A: Accounts receivable:  It is a current asset of an organization. It is the amount due from customers…

Q: Liang Company began operations in Year 1. During its first two years, the company completed a number…

A: The bad debt expense represents the estimated percentage levied on net accounts receivable. The net…

Q: As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January,…

A: Given that, Opening balance of accounts receivables = P500000 Sales for the month of Jan = P1200000…

Q: Swiss Clothing Store had a balance in the Accounts Receivable account of $820,000 at the beginning…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January,…

A: The budget is prepared to estimate the requirements for the future period.

Q: At​ year-end, StickStick has cash of $ 22 comma 000$22,000​, current accounts receivable of $ 80…

A: Calculate the receivables turnover ratio.

Q: Assuming a 365-day year, how long (in average days) does the collectibles from customers stay as…

A: Assuming a 365-day year, how long (in average days) does the collectibles from customers stay as…

Q: ABC Corporation uses the cash basis of accounting. Damalerio collected P1,400,000 from its customers…

A: Sales Revenue under the accrual basis of accounting = Collection from customers during the year +…

Q: Presented below is information for Ayayai Company. 1.   Beginning-of-the-year Accounts Receivable…

A: Accounts Receivable Turnover = Credit Sales / Average Receivables  Beginning Accounts Receivable…

Q: The following information relates to Jack Company's accounts receivable for year 2: Accounts…

A: Accounts receivable is an asset for a company which can be to pay off the current liabilities or…

Q: The general ledger account for Accounts Receivable shows a debit balance of $50,000. Allowance for…

A: Under the aging method, first the post adjustment in allowance for doubtful accounts is computed.…

Q: accounts receivable balance of $391,648. Credit sales for the year just ended were $5,338,411. How…

A: Calculate the number of days to realize Account receivable as follow: Number of days required = 365…

Q: Harvey Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning…

A: We have the following information: Opening balance of Account Receivables: $390,000 Closing balance…

Q: At the beginning of the year, AlLmight had a receivable amounting to P 100,000. The recorded sales…

A: Bad debts expense = Total receivables - collectible receivables  where, Collectible receivables =…

Q: Accounts Receivable on 1 January were P412,800, and on 31 December P524,400. During the year…

A: Gross sales mean the total sales before deducting the sales return and sales discount etc.  Gross…

Q: Walker Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: Twist Corp. has a current accounts receivable balance of $357,615. Credit sales for the year just…

A: Given Information Current Accounts Receivable balance = $357,615 Credit Sales for year end…

Q: Batik Clothing Store had a balance in the Accounts Receivable account of P390,000 at the beginning…

A: The average collection period is calculated by dividing the average balance of accounts receivable…

Q: Jinx Company provided the following information for the current year in relation to accounts…

A: Formula: Net sales = Credit sales - sales return.

Q: Presented below is information for Sarasota Company. 1. Beginning-of-the-year Accounts Receivable…

A: Loss on factor = Finance charge + resource liability Where,  Finance charge = accounts receivable…

Q: Presented below is information for Concord Company. 1.   Beginning-of-the-year Accounts Receivable…

A: Accounts Receivable Turnover Ratio = Sales Revenue/ Average Accounts Receivable Days to collect…

Q: The following data were taken from the records of Millet Corporation for the year ended December 31:…

A: Carrying value of the accounts receivable on December 31 = Sales on account - Accounts receivable…

Q: Presented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Liang Company began operations in Year 1. During its first two years, the company completed a number…

A: The allowance for doubtful accounts is created to maintain the balance for estimated bad debt…

Q: At the beginning of current year, Nostalgia Company reported the following information: Accounts…

A: Accounts receivable are described as those customers or firms who failed to provide cash payment to…

Q: The financial statements of the Tigger Manufacturing Company reports net sales of S560,000 and net…

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: Churos Inc. began the current year with the following:   Accounts receivable 2,000,000 Allowance…

A: Cash Basis:. It is the accounting  method  that perceives incomes and costs at the time cash is…

Q: Presented below is information for Jones Company. 1.    Beginning-of-the-year Accounts Receivable…

A:

Q: The following information relates to a company's accounts receivable: accounts receivable balance at…

A: The account receivables balance is the total amount due from the customers.

Q: On January 1, the company’s account receivable and accounts payable were P1,200,000 and P1,500,000,…

A: Calculation of Gross Sales Gross Sales = Ending balance of Accounts Receivable + Cash Received from…

Q: Marbel had $4,448 million in sales and $1,218 million in ending accounts receivable for the current…

A: Note: Day's sales uncollected determines the no. of days a company take to collect its receivable on…

Q: Liang Company began operations in Year 1. During its first two years, the company completed a number…

A:

Q: Damalerio Corporation uses the cash basis of accounting. Damalerio collected P1,400,000 from its…

A: Prepare a T-account of accounts receivable and post the beginning balance, ending balance and cash…

Q: Credit sales during the year were $425,000, the Allowance for Uncollectible Accounts had a beginning…

A: Uncollectible accounts are those accounts receivables from which amount due on credit sales will not…

Q: Presented below is information for Concord Company. 1.   Beginning-of-the-year Accounts Receivable…

A: Part 2) Computation of closing balance of accounts receivable is as follows:

Q: Presented below is information for Flint Company: Beginning of the year accounts receivable balance…

A: The initial, methodical recording of all monetary business transactions is called a journal entry.…

Q: (Analysis of Receivables) Presented below is information for Jones Company.1. Beginning-of-the-year…

A: Definition: Accounts receivable: Accounts receivable refers to the amounts to be received within a…

Q: Presented below is information for Sunland Company. 1.   Beginning-of-the-year Accounts Receivable…

A: Journal: Recording of a business transactions in a chronological order.

Q: As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January,…

A: Solution: Accounts receivable balance as of March 31, 2021 = March credit sales * 40% = 1600000 *…

Q: The following data are taken from the financial statements of Colby Company. Accounts receivable…

A: Introduction: Financial statements include specific information about a company's operations and…

Q: During the current year, Robby’s Camera Shop had sales revenue of $157,000, of which $74,000 was on…

A: Given, 1) Bad debts of $1,800 to be accounted for. 2) provision for Doubtful debts to be created…

Q: The following information relates to a company’s accounts receivable: accounts receivable balance at…

A: Answer) Calculation of Ending Balance of Gross Accounts Receivable Ending Balance of accounts…

Q: John has opening balances on his trade receivables of £68,000 and an allowance for receivables of…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.