The financial data for A Company is the following:Balance sheet data (in $ millions) at 12/31Accounts receivableLess: allowance for doubtful accountsAccounts receivable (net)Income statement data, year ending 12/31Net sales (assume all on credit)Uncollectible accounts expense2021$ 5001503502020$ 450140310$33,400 $21,5001001101. Compute the accounts receivable turnover ratio for 2021 and 2020.2. Wat amount of accounts receivable was collected in 2021?3. How much was the write off of uncollectible accounts in 2021?2019$410160250$19,20095

Accounts receivable turnover tells how many times sales have been converted into cash. More the…

The financial data for A Company is the following: Balance sheet data (in $ millions) at 12/31 Accounts receivable Less: allowance for doubtful accounts Accounts receivable (net) 2021 $ 500 150 350 2020 $ 450 140 310 Income statement data, year ending 12/31 Net sales (assume all on credit) Uncollectible accounts expense 1. Compute the accounts receivable turnover ratio for 2021 and 2020. 2. Wat amount of accounts receivable was collected in 2021? 3. How much was the write off of uncollectible accounts in 2021? $33,400 100 $21,500 110 2019 $410 160 250 $19,200 95

The financial data for A Company is the following: Balance sheet data (in $ millions) at 12/31 Accounts receivable Less: allowance for doubtful accounts Accounts receivable (net) 2021 $ 500 150 350 2020 $ 450 140 310 Income statement data, year ending 12/31 Net sales (assume all on credit) Uncollectible accounts expense 1. Compute the accounts receivable turnover ratio for 2021 and 2020. 2. Wat amount of accounts receivable was collected in 2021? 3. How much was the write off of uncollectible accounts in 2021? $33,400 100 $21,500 110 2019 $410 160 250 $19,200 95

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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
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