This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts his balance is given after writing-off uncollectible accounts nd has a credit balance) imated uncollectible accounts based on aging analysis e aging approach is used to estimate bad debts, what amount should be ded as bad debts expense for 20X1? $334,000 850,000 725,000 12,000 1,700 13,200

This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts his balance is given after writing-off uncollectible accounts nd has a credit balance) imated uncollectible accounts based on aging analysis e aging approach is used to estimate bad debts, what amount should be ded as bad debts expense for 20X1? $334,000 850,000 725,000 12,000 1,700 13,200

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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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. $2,181,050 $3,134,000 Cash sales Credit sales In addition, its unadjusted trial balance includes the following items. $949,602 debit $ 10,550 debit Accounts receivable Allowance for doubtful accounts 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1a. Current assets: %24
Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. $2,181,050 $3,134,000 Cash sales Credit sales In addition, its unadjusted trial balance includes the following items. $949,602 debit $10,550 debit Accounts receivable Allowance for doubtful accounts 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c. (Do not round intermediate calculations.) Current assets.
1 Self-Show... The following information relates to Hanover Foods, Inc. for the year 20X1: A,B LMO," Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers dur 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts (this balance is given after writing-off uncollectible accounts and has a credit balance) 1,700 13,200 Estimated uncollectible accounts based on aging analysis What is the balance of the Accounts Receivable account at December 31, 20X1? $334,000 850,000 725,000 12,000 (
The allowance for doubtful accounts had a credit balance of Dreamer Company reported the "Receivables" account with Problem 4-1 (IAA) Deeamer Company reported the "Receivables" account with a debit balance of P2,000,000 at year-end. of P50,000 on same date. Subsidiary details revealed the following: le Trade accounts receivable Trade notes receivable Installments receivable, normally due 1 year to two years Customers' accounts reporting credit 775,000 100,000 300,000 ts. balances arising from sales return Advance payments for purchase of merchandise 30,000) 150,000 ad Customers' accounts reporting credit balances arising from advance payments Cash advance to subsidiary for Claim from insurance entity Subscriptions receivable due in 60 days Accrued interest receivable ( 20,000) 400,000 15,000 300,000 10,000 2,000,000 Required: cho a. Prepare one compound entry to reclassify the receivables account. b. Compute the amount to be presented as "trade and other receivables" under current…
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.
Emilio Co. had the following information relating to its accounts receivable: Accounts receivable, Jan. 1 Allowance for doubtful accounts, Jan. 1 Credit sales Sales discounts Collection from customers (excluding recoveries) Accounts written off Accounts previously written off but were eventually collected P2,000,000 40,000 10,000,000 70,000 8,700,000 120,000 60,000 Compute for the doubtful accounts expense for the year and the ending balance of the allowance for doubtful accounts given the following independent assumptions: Page 1 of 5 1. Uncollectible accounts are estimated at 1.5% of net credit sales. 2. Uncollectible accounts are estimated at 7.5% of outstanding accounts receivable.