pls answer the following question, thanks Your examination of the records of a company that follows the cash basis of accounting tells you that the company's reported cash-basis earnings in 20XX are $33,890. If this firm had followed accrual-basis accounting practices, it would have reported the followingyear-end balances.Accounts receivableSupplies on handUnpaid wages owedOther unpaid expenses20XX$3,6101,4051,8651,81020XX-1$3,0251,6002,4101,055Determine the company's net earnings on an accrual basis for 20XX.Net earnings on an accrual basis for 2020 $

The income retained by a firm company after account for its operating cost, taxes, interest, and…

Answered: Net earnings on an accrual basis

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates bad debts at an amount equal to 2% of credit sales, calculate (1) bad debt expense for the year and (2) the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
Use the following information from financial statements of Hamilton Inc. Information from Balance Sheet Accounts: 12/31/2020 12/31/2021 Accounts receivable, gross Allowance for uncollectible accounts 5,000 70,000 90,000 Advances from customers 1,600 600 Information from Income Statement Accounts: Revenue (gross) carned during 2021 277,000 Bad debt expense in 2021 5,200 Other Information: Accounts receivable of 3,900 were written off during the year 2021.
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) Income statement data, year ending 12/31 Net sales (assume all on credit) Uncollectible accounts expense 2021 $ 500 150 350 2020 $ 450 140 310 $33,400 $21,500 100 110 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? 2019 $410 160 250 $19,200 95
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (creditbalance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cashcollections from customers, $1,450,000. Assuming the company estimates bad debts at an amount equal to 2% ofcredit sales, calculate (1) bad debt expense for the year and (2) the year-end balance in the allowance for uncollectible accounts.
Cullumber, Inc. reported the following item in its balance sheet at December 31, 2022: Accounts receivable, net of $986 allowance $59678 Which statement is true? Cullumber’s customers owe $60664. During the year, customers charged $59678 on account. Cullumber expects its customers to pay $58692. The balance owed by customers is $59678.
Suppose the balance in the Allowance for Doubtful Accounts at the end of year is a $400 Debit balance before adjustment. The company estimates future uncollectible accounts to be $3,200. At what amount would Bad Debt Expense be reported in the current year's income statement? A. $400 B. $2,800 C. $3,600 D. $3,200
Johnson Ltd. reported the following information on financial statements for the year ended December 31, 2019: Accounts receivable $3,001,000 Allowance for doubtful accounts 94,930 Bad debts expense 153,130 Assume all 2019 balance are normal balances. During 2020, the company had the following transactions related to receivables: 1. Sales were $26,421,000, of which $21,105,000 were on account. 2. Collections of accounts receivable were $19,762,000. 3. Writeoffs of accounts receivable were $102,800. 4. Recoveries of accounts previously written off as uncollectible were $21,100. (Note that this amount is not included in the collections referred to in item b above. On December 31, 2019, Mills Manufacturing Ltd. had a $176,000 balance in its Accounts Receivable and a $10,000 balance in its Allowance for Doubtful Accounts. During 2020, the company made total sales of $955,000, of which $230,000 were cash sales. By the end of the year, Mills had received payments of $654,000 from its…
A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. Is presented here: Accounts receivable Less: Allowance for bad debts $ 21,700 (2,900) The company's accounting records revealed the following Information for the year ended December 31, 2020: Sales (all on account) Cash collections from customer's Accounts written off Bad debts expense (accrued at 12/31/20) At December 31, 2020 Accounts receivable Less: Allowance for bad debts Accounts receivable (Net) $ 18,800 $ $ 165,500 151,000 Required: Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint. Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) 4,100 5,000 0
The following data were taken from the records of Millet Corporation for the year ended December 31: Sales on account, P7,200,000; Accounts receivable written off as a result of permanentimpairment, P50,000; Notes receivable to settle accounts, P800,000; Purchases on account,P7,800,000; Payments to creditors, P6,400,000; Purchase discounts, P520,000; Sales returns,P30,000; Collections received to settle accounts, P4,900,000; Notes given to settle accounts, P500,000; Purchase returns, P140,000; Payments of notes, P200,000; Discounts taken bycustomers, P80,000; Collection on notes receivable, P360,000. What is the carrying value of the accounts receivable on December 31?
What is the net realizable value of accounts receivable at the end of year, given the following information:Balance in Accounts Receivable at end of year, $104,000Balance in Allowance for Doubtful Accounts, beginning of year, $2,000 debitWrite-offs during year, $5,000Bad debt expense for year, $9,000Recoveries during year of accounts previously written-off, $2,000

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