Sandhill Company has a balance in its Accounts Receivable control account of $10,700 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $3,500; Cuddyer Company, balance $2,300; and Freeze Company. During January, the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company Credit Sales Collections Returns $8.500 $8,300 $0 6,900 2,700 3,200 9,000 9,300 0

Sandhill Company has a balance in its Accounts Receivable control account of $10,700 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $3,500; Cuddyer Company, balance $2,300; and Freeze Company. During January, the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company Credit Sales Collections Returns $8.500 $8,300 $0 6,900 2,700 3,200 9,000 9,300 0

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 44E: Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note:...

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Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Crane Company has a balance in its Accounts Receivable control account of $11,400 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $3,900; Cuddyer Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company Credit Sales Collections $9,000 6,500 8,100 $7,700 2,500 8,700 Returns What is the January 31 balance in the control account? Balance in the control account $ Balance in the Freeze Company subsidiary account $ $0 2,700 What is the January 1 balance in the Freeze Company subsidiary account? 0
Pharoah Company has a balance in its Accounts Receivable control account of $ 11,300 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $ 3,700; Cuddyer Company, balance $ 2,900; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $ 8,600 $ 8,400 $ 0 Cuddyer Company 6,700 2,400 3,500 Freeze Company 8,200 9,300 0 (a) What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account $ enter the balance in the Freeze Company subsidiary account in dollars (b) What is the January 31 balance in the control account? Balance in the control account $ enter the balance in the control account in dollars (c) Compute the balances in the subsidiary accounts at the end of the month. Balances in the subsidiary accounts…
Sunland Company has a balance in its Accounts Receivable control account of $11,100 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $4,400; Cuddyer Company, balance $2,500; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $8,500 $7,600 $ 0 Cuddyer Company 6,900 2,200 2,500 Freeze Company 8,600 8,900 0 What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account $enter the Balance in the Freeze Company subsidiary account in dollars
Crane Company has a balance in its Accounts Receivable control account of $11,400 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $3,900; Cuddyer Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company Credit Sales $9,000 6,500 8,100 Collections $7,700 2,500 8,700 Returns $0 2,700 0
Blossom Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $4,200: Cuddyer Company, balance $2,200, and Freeze Company. During January the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company (a) Credit Sales Collections $9,000 $7,900 2.600 8.800 7.100 8.500 Returns $0 3.000 Balance in the Freeze Company subsidiary account S 0 What is the January 1 balance in the Freeze Company subsidiary account?
The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…
When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. How should each item be reported on Palma Company’s statement of financial position?
When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. Give the journal entry to eliminate the above account and to set up the appropriateaccounts to replace it.
For the month of December, the records of ABC Corporation show the following information: Gross sales – 120,000; Cash received on accounts receivable - P 70,000; Cash sales - 60,000; Accounts Receivable, December 1 - 160,000; Accounts Receivable written off as uncollectible - 2,000. The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What is the balance of accounts receivable as of December 31?