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Oakwood Company had accounts receivable of $759000 and an allowance for doubtful accounts of $26000 just prior to writing off as worthless a customer Accs $9500 account receivable

Oakwood Company had accounts receivable of $759,000 and an allowance for doubtful accounts of $26,000 just prior to writing off as worthless a customerAc€?cs $9,500 account receivable. The net realizable value of OakwoodAc€?cs accounts receivable as shown by the accounting records before and after the write-off was as follows:

                         Before               After

 

$759,000          $749,500

 

$733,000          $733,000

 

$735,000          $742,500

 

$733,000          $723,500

20.) At year end, Chief Company has a balance of $18,000 in accounts receivable of which $1,800 is more than 30 days overdue. Chief has a credit balance of $180 in the allowance for doubtful accounts before any year-end adjustments. Chief estimates that 1.0% of current accounts and 9% of accounts over thirty days are uncollectible. How much is bad debt expense?

 

$504

 

$324

 

$180

 

$144

21.) The Roscoe CompanyAc€?cs March 31, 2014 bank statement balance was $70,500. As of March 31, 2014, outstanding checks total $22,200 and deposits in transit total $15,100. How much was RoscoeAc€?cs March 31, 2014 cash balance on RoscoeAc€?cs books?

 

$63,400.

 

$107,800.

 

$77,600.

 

$70,500.

22.)

The cash account and the December bank statement of Gomez Company showed the following: deposits made by Gomez Company during December $95,000; deposits reflected on the December bank statement, $92,000; and deposits in transit on November 30, $6,000. How much were the deposits in transit at the end of December?

 

$3,000.

 

$9,000.

 

$12,000.

 

$6,000.

23.)The Ward Company has provided the following information:

 

  

   

Ac€?c

Net sales totaled $760,000.

 

Ac€?c

Beginning net accounts receivable was $65,500.

 

Ac€?c

Ending net accounts receivable was $86,000.

 

  

   

What was WardAc€?cs receivables turnover ratio?

 
       
 

8.84

 

11.60

 

10.03

 

5.02

24.)

The Ward Company has provided the following information:

Ac€?c

Net sales totaled $940,000.

Ac€?c

Beginning net accounts receivable was $74,500.

Ac€?c

Ending net accounts receivable was $104,000.

   

What was Ward's average collection period? (Use 365 days a year. Do not round intermediate calculations.)

 

69.31 days.

 

34.66 days.

 

28.93 days.

 

40.38 days.

Jun 23 2020 View more View Less

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