Mr. Husker’s Tuxedos Corp. ended the year 2021 with an average collection period of 33 days. The firm’s credit sales for 2021 were $56.2 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker’s Tuxedos? (Enter your answer in dollars not in millions.) Accounts Receivable = __________

Mr. Husker’s Tuxedos Corp. ended the year 2021 with an average collection period of 33 days. The firm’s credit sales for 2021 were $56.2 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker’s Tuxedos? (Enter your answer in dollars not in millions.) Accounts Receivable = __________

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...

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Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
Mr. Husker's Tuxedos Corp. ended the year 2021 with an average collection period of 35 days. The firm's credit sales for 2021 were $56.4 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker's Tuxedos? (Enter your answer in dollars not in millions.) Accounts receivable
Mr. Husker's Tuxedos Corp. ended the year 2021 with an average collection period of 32 days. The firm's credit sales for 2021 were $56.1 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker's Tuxedos? (Enter your answer in dollars not in millions. Use 365 days a year.)
At December 1, 2021, Vaughn Company's accounts receivable balance was $1860. During December, Vaughn had credit revenues on account of $7080 and collected accounts receivable of $6070. At December 31, 2021, the accounts receivable balance is $850 credit. Ⓒ $850 debit Ⓒ $2870 debit. O $2870 credit.
ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
(Accounts receivable and uncollectible accounts) The following information relates to Bedford Company’s accounts receivable: Accounts receivable balance on December 31, 2023 $ 900,000Allowance for expected credit losses balance on December 31, 2023 55,000Credit sales made in 2024 5,800,000Collections from customers on account in 2024 4,900,000Accounts receivable written off in 2024 70,000Accounts previously written off that were recovered in 2024(not included in the collections above) 6,000After grouping its receivables by geographic region, the credit risk characteristic identified as being best for determining credit losses, and estimating the expected rate of credit losses for each group, the company estimates that the total expected credit losses at December 31, 2024, will be $80,000. The allowance account is to be adjusted accordingly. Required Calculate the ending balance in Accounts Receivable, as at December 31, 2024.Calculate the Allowance for Expected Credit…
The Accounts Receivable balance for Wedge Company at December 31, 2023, was $27,000. During 2024, Wedge earned revenue of $461,000 on account and collected $324,000 on account. Wedge wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the reguirements. Requirement 1. Assume Wedge had an unadjusted $2,100 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Wedge's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 2. Assume Wedge had an unadjusted $1,800 debit balance in Allowance for Bad Debts at December 31, 2024. Journalize Wedge's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first,…
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,443,630, beginning accounts receivable balance of $588,900, and an ending accounts receivable balance of $624,450. A. Compute the accounts receivable turnover ratio and the number of days' sales in receivables ratio for 2018. Round answers to two decimal places. times days B. What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of day's sales ratio is 180 days? Accounts receivable turnover ratio Sales in receivables ratio a. Millennial Manufacturing collects its accounts more quickly than its competitors. b. A lender may favour Millennial Manufacturing over its competitors because of its faster collection period. c. Without prior years' data it is hard to tell if Millennial Manufacturing is really more efficient than its competitors. d. All of the above statements may be correct.
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The following are excerpts from the financial statements of 2018 and 2019 of Mandela Corporation. 2019 2018 Sales $187,600 $195,000 Accounts Receivable (net): Beginning of Year 68,100 66,500 End of Year 60,200 68,100 A newly hired manager has started implementing new credit policies. Required: a. As a consultant, you are contracted to analyze Accounts Receivable Turnover and Number of Days’ Sales in Receivable and provide opinion as to whether Mandela’s credit policy changes are working b. What conclusions does your analysis suggest. Are the new credit policies working?
What is Disney's Average Collection Period for the year ending 9/30/2019 using Yahoo finance data? Use this information for accounts receivable: 2018 accounts receivable 8,275,000 2019 accounts receivable 12,882,000 28.6 years 29.1 years 34.1 days 54.7 days