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Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts recelvable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $39,000 on credit. b. On January 31 , the company estimated bad debts using 2 percent of credit sales. c. On February 4 , the company collected $19,500 of accounts recelvable. d. On February 15 , the company wrote off $200 account receivable. e. During February, the company provided services for $29,000 on credit. f On February 28 , the company estimated bad debts using 2 percent of credit sales. g. On March 1, the company loaned $2,000 to an employee, who signed a 6% note, due in 6 months. h. On March 15, the company collected $200 on the account written off one month earlier. 1. On March 31, the company accrued interest earned on the note. f. On March 31, the company adjusted for uncollectlble accounts, based on the following aging analysis, which includes the preceding transactions (as well as others not listed). Prior to the adjustment, Allowance for Doubtful Accounts has an unadjusted credit balance of $1,190. PA8-4 (Algo) Part 4 4. Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Receivable. Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before, or after, Income from Operations. 4. Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Recelvable. Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before, or after, Income from Operations. PA8-5 (Algo) Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 8-4] HBB Beverages and Fizzy Sodas are two of the largest and most successful beverage companies in the world in terms of the products that they sell and their recelvables management practices. To evaluate their ability to collect on credit sales, consider the following rounded amounts reported in their annual reports (amounts in millions). Required: 1. Calculate the recelvables turnover ratios and days to collect for HBB Beverages and Fizzy Sodas for 2018 and 2017. 2-a. Which of the companies was quicker to convert its recelvables into cash in 2018 ? 2b. Which of the companies was quicker to convert its receivables into cash in 2017? Complete this question by entering your answers in the tabs below. Calculate the recelvables turnover ratios and days to collect for HB8 Beverages and Fizzy Sodas for 2018 and 2017. (Use 365 days in a year. Do not round intermediate calculations on Accounts Receivable Turnover Ratio. Round your final answers to 1 decimal place. Use final rounded answers from Accounts Recelvable Turnover Ratio for Days to Collect ratio calculation.)
