Problem 5: The following selected accounts were taken from the trial balance of Romen Company as December 31, 2020: Accounts receivable 750,000 150,000 450,000 2,700,000 525,000 3,900,000 30,000 150,000 240,000 900,000 1 800 000 Installment receivable – 2018 Installment receivable - 2019 Installment receivable – 2020 Beginning inventory Purchases Freight-in Repossessed merchandise @ NRV Repossession loss Cash sales Credit sales
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- The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…
- 9) JSC Company reported accounts receivable P8,000,000 on December 31, 2020 and allowance for doubtful accounts P1,000,000 on January 1, 2020. During the year, accounts P400,000 were written off and recoveries written off totaled P100,000. Table factors for three periods Amount Uncollectible Under 30 days 5,000,000 10% 31 – 180 days 1,500,000 20% 181 – 360 days 1,000,000 50% More than one year 500,000 100% What amount should be reported as doubtful accounts expense for the current year? A. 1,800,000 B. 1,100,000 C. 1,000,000 D. 1,400,000The following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for baddebts of $9,750 and $15,336, respectively $179,866 $225,851 Required:a. If $11,849 of accounts receivable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint: Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) b. The December 31, 2020, Allowance account balance includes $3,034 for a past due account that is not likely to be collected. This account has not been written off.(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If it had been written off, will there be any effect of the write-off on net income and ROI for the year ended December 31, 2020? Yes No c. The…A. Based on the above and the result of your audit, answer the following(Round off present value factors to four decimal places and final answers to nearest hundred) 4. The current-portion of long-term notes receivable as of December31, 2022 is
- Use the following information for the next questions:A trial balance before adjustments included the following:CreditSales₱425,000Sales returns and allowance Accounts receivableAllowance for doubtful accounts₱14,000 53,0007609,000Debit If the estimate of uncollectibles is made by taking 10% of gross account receivables, the amount of the adjustment is23.K-Pop Company prepared an aging of its accounts receivable at December 31, 2021 and determined that the estimated uncollectibles on that date was P74,300. During 2021, some customers’ accounts were written off. Additional information is available as follows:Allow. for Uncollectible Accts, Dec. 31, 2020 - P63,000Uncollectible accounts expense reported in the statement of comprehensive income - P18,000Accounts Receivable, Dec. 31, 2021 - P607,500Recovery during 2021 of accounts previously written off - P12,000How much were the accounts written off during 2021?Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
- Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Surf and Tide. Surf Tide Sales revenue $19,176.1 $10,381 Allowance for doubtful accounts, beginning 78.4 119 Allowance for doubtful accounts, ending 110.8 124 Accounts receivable balance (gross), beginning 2,873.7 1,743 Accounts receivable balance (gross), ending 2,994.7 1,553 Instructions a) Calculate the accounts receivable turnover and average collection period for both companies. My answer for (a) Surf Tide Net Accounts Receivable, beginning (Accounts receivable balance (gross), beginning-Allowance for doubtful accounts, beginning) (2,873.7-78.4) =2,795.3 (1,743-119) =1,624 Net Accounts Receivable, ending (Accounts receivable balance (gross), ending-Allowance for doubtful accounts, ending) (2994.7-110.8) =2,883.9 (1,553-124) =1,429 Average Net Accounts Receivable (Net Accounts Receivable, beginning+Net Accounts Receivable,…Maxwell Inc. analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: % Considered Age Group Balance Uncollectible 0-30 days past due $100,000 1% 31-60 days past due 18,000 3% 61-120 days past due 20,000 6% 121-180 days past due 7,000 10% Over 180 days past due 2,000 20% $147,000 The company handles credit losses using the allowance method.The credit balance of the Allowance for Doubtful Accounts is $840 on December 31, before any adjustments.a. Determine the amount of the adjustment for estimated credit losses on December 31.$Answerb. Determine the financial statement effect of a write off of Porter Company’s account on the following May 12, in the amount of $480.Use negative signs with answers, when appropriate.If a transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the…38. The company’s accounts receivable under “61-90 days” category totaleda. P32,600b. P44,320c. P44,600d. P42,000 39. The allowance for bad debts to be reported on the balance sheet at December 31, 20x7, isa. P13,199b. P6,199c. P9,699d. P9,043 40. What entry should be made on December 31, 20x7, to adjust the allowance for bad debts account?a. Bad debt expense 13,699Allowance for bad debts 13,699b. Bad debt expense 5,199Allowance for bad debts 5,199c. Allowance for bad debts 5,199Bad debts expense 5,199d. Bad debt expense 9,699Allowance for bad debts 9,699