Jackson, Inc. had net sales of $900,000 during 2019. On January 1, 2019, Jackson's accounts receivable were $160,000. On December 31, 2019 Jackson's accounts receivable were $200,000. What was Jackson's accounts receivable turnover for 2019? Select one: a. 5

Jackson, Inc. had net sales of $900,000 during 2019. On January 1, 2019, Jackson's accounts receivable were $160,000. On December 31, 2019 Jackson's accounts receivable were $200,000. What was Jackson's accounts receivable turnover for 2019? Select one: a. 5

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton Corporations accounting records at the beginning of 2019: During 2019, sales on credit amounted to 575,000, 557,400 was collected on outstanding receivables and 2,600 of receivables were written off as uncollectible. On December 31, 2019, Shell on estimastes its bad debts to be 4% of the outstanding gross accounts receivable balance. Required: 1. Prepare the journal entry necessary to record Sheltons estimate of bad debt expense for 2019. 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet. 3. Compute Shelton's receivables turnover. (Round to one decimal place.) 4. It Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?
Carter & Evans reported the following rounded amounts (in millions): 2019 $ 5,435 (305) $ 5,130 $ 40,500 2018 $ 5,140 (310) $ 4,830 $ 39,000 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 9.5?
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…
Shiplt Corporation reported the following rounded amounts (in millions): Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 11.2? Complete this question by entering your answers in the tabs below. Required 1 Required 2 2019 2018 $ 5,355 $ 5,060 (265) (270) $ 5,090 $ 4,790 $ 49,000 $ 47,200 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio Days to Collect times days
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(d) At December 31, 2021, Sunland Company reported this information on its balance sheet. Accounts receivable $592,000 Less: Allowance for doubtful accounts 41,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,780,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,480,000 4. Write-offs of accounts receivable deemed uncollectible 44,000 5. Recovery of accounts previously written off as uncollectible 17,000 X Your answer is incorrect. Compute the accounts receivable turnover and average collection period, assuming the expected uncollectibles informatio provided in (c). (Round answers to 1 decimal place, e.g. 25.2. Use 365 days for calculation.) Accounts receivable turnover Average collection period 3.9 times 93.6 days
1. What amount should be reported as doubtful accounts expense for 2019? Answer: 300,000 2. What amount should be reported as allowance for doubtful accounts on December 31, 2019? Answer: 110,000 3. What is the net realizable value of accounts receivable on December 31, 2019? Answer: 2,650,000 Please attach solutions on how to get the answers above. Thank you!
At December 31, 2019, SoundMaster Company reported this informationon its balance sheet.Accounts receivable $960,000Less: Allowance for doubtful accounts 78,000During 2019, the company had the following transactions related to receivables.1. Sales on account $3,600,0002. Sales returns and allowances 150,0003. Collections of accounts receivable 3,100,0004. Write-offs of accounts receivable deemed uncollectible 92,0005. Recovery of bad debts previously written off as uncollectible 28,000 Instructionsa) Prepare the journal entries to record each of these five transactions. Assumethat no cash discounts were taken on the collections of accounts receivable.(Omit cost of goods sold entries.)b) Enter the January 1, 2019, balances in Accounts Receivable andAllowance for Doubtful Accounts, post the entries to the two accounts(use T-accounts), and determine the balances.c) Prepare the journal entry to record bad debt expense for 2019, assumingthat aging the accounts receivable indicates that…
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5. Blige Corporation had sales revenue of $12,000,000 in 2019 and $15,000,000 in 2020. Accounts receivable were $1,800,000 at the end of 2019 and $2,000,000 at the end of 2020. Required (a) Calculate the accounts receivable turnover ratio for 2019 and 2020. (b) Has the management of accounts receivable improved or worsened from 2019 to 2020? (c) What are the advantages and disadvantages of selling goods on credit? (d) How much cash did Blige Corporation collect from its customers in 2020? (e) If sales in 2021 were expected to be $22,500,000, what would you expect accounts receivable to be at the end of 2021? (f) Does a major increase in accounts receivable create any cash man- agement issues?