Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me out, thank you Patterson's Commercial Metals, Inc Financial Data for 2019 Beginning Accounts Receivable Ending Accounts Receivable Sales (assume all sales are

image text in transcribed

please help me out, thank you

Patterson's Commercial Metals, Inc Financial Data for 2019 Beginning Accounts Receivable Ending Accounts Receivable Sales (assume all sales are credit) % sales estimated uncollectible Repinning balance in the Allowance for Uncollectible Accounts $56,000 $68. $195.000 .59% $223. (edit bulan The ending Accounts Receivable are aged (with the corresponding uncollectible%) accordingly 1-30 days $36,000 31-60 days $22.000 61-90 days S7.500 91+ days $2.500 S68,000 1.75% 4.8% 11.3% 39% Part A: Use the percentage of sales approach. 1.) Prepare the necessary adjusting entry for the end of 2019. 2.) Determine the ending balance in Allowance for Uncollectible Accounts 3.) And the Net Realizable value of Patterson's receivables for 2019. 4.) Calculate receivables turnover ratio and days sales to collect for 2019. Part B: Do it all over again using the aging of receivables approach

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Managers And Entrepreneurs

Authors: Charles T. Horngren

9th Edition

1323167897, 9781323167892

Students also viewed these Accounting questions