Question
please answer all three questions per chegg guidelines 34. Jackson Co had the following accounts receivable December 31: DAYS OUTSTANDING AMOUNT ESTIMATED % UNCOLLECTIBLE 0-30
please answer all three questions per chegg guidelines
34. Jackson Co had the following accounts receivable December 31:
DAYS OUTSTANDING | AMOUNT | ESTIMATED % UNCOLLECTIBLE |
---|---|---|
0-30 | $ 420 | 2% |
31-60 | 140 | 5% |
61-120 | 100 | 10% |
Over 120 | 120 | 20% |
During the year, Jackson wrote off $12 in receivables. Jackson's January 1 allowance for credit losses was $40. What is Jackson's credit loss expense for the year?
$18
$21.40
$49.40
$55.40
35. Huckabee Company has the following information:
2020 | 2019 | |
---|---|---|
Accounts Receivable | $ 80,000 | $ 72,000 |
Revenues | 400,000 | 372,000 |
Huckabee's 2020 days' sales in accounts receivable is:
a. 69 days
b. 70 days
c. 72 days
d. 73 days
36. Hazelton Corp. prepares a bank reconciliation at the end of every month. At the end of May, the cash T-account showed a balance of $1,360 and the bank statement showed a balance of $1,445. The bank statement listed service charges of $30 and NSF checks totaling $85. The correct amount of cash for Hazelton is:
a. $1,130
b. $1,160
c. $1,245
d. $1,445
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