The Coronado Pub provides catering services to local businesses. The following information was available for The...

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The Coronado Pub provides catering services to local businesses. The following information was available for The Coronado Pub for the years ended December 31, 2019 and 2020. December 31, 2019 December 31, 2020 Cash Accounts receivable $ 1,880 $ 1,700 46,500 ? Allowance for doubtful accounts 600 ? Other current assets 8,810 7,830 Current liabilities 36,400 44,700 Total credit sales 201,000 250,000 Collections on accounts receivable 188,000 229,000 Coronado management is preparing for a meeting with its bank concerning renewal of a loan and has collected the following information related to the above balances. 1. The cash reported at December 31, 2020, reflects the following items: petty cash $1,600 and postage stamps $100. The other current assets balance at December 31, 2020, includes the checking account balance of $4,260. 2. 3. 4. On November 30, 2020, Coronado agreed to accept a 6-month, $4,890 note bearing 12% interest, payable at maturity, from a major client in settlement of a $4,890 bill. The above balances do not reflect this transaction. Coronado factored some accounts receivable at the end of 2020. It transferred accounts totaling $10,000 to Final Factor, Inc. with recourse. Final Factor will receive the collections from Coronado's customers and will retain 2% of the balances. Final Factor assesses Coronado a finance charge of 3% on this transfer. The fair value of the recourse liability is $400. However, management has determined that the amount due from the factor and the fair value of the resource obligation have not been recorded, and neither are included in the balances above. Coronado charged off uncollectible accounts with balances of $1,600. On the basis of the latest available information, the 2020 provision for bad debts is estimated to be 2.5% of accounts receivable. Your Answer Correct Answer (Used) Your answer is correct. Based on the above transactions, determine the balance for (1) Accounts Receivable and (2) Allowance for Doubtful Accounts at December 31, 2020. (Round answers to O decimal places, e.g. 125.) Accounts receivable ending balance 55900 Allowance for doubtful ending balance 1397.50 Prepare the current assets section of The Coronado Pub's balance sheet at December 31, 2020. (Round answers to O decimal places, e.g. 125.) Cash THE CORONADO PUB Balance Sheet December 31, 2020 Accounts Receivable Interest Receivable 5860 46500 48.9 Due from Factor 200 Note Receivable Postage Stamps Other 4890 100 3570 Total Current Assets 61168.9 (c) Compute Coronado's current ratio and accounts receivable turnover for December 31, 2020. The accounts receivable turnover in 2019 was 4.37. (Round answers to 2 decimal places, e.g. 52.75.) Current ratio Accounts receivable turnover :1 times The Coronado Pub provides catering services to local businesses. The following information was available for The Coronado Pub for the years ended December 31, 2019 and 2020. December 31, 2019 December 31, 2020 Cash Accounts receivable $ 1,880 $ 1,700 46,500 ? Allowance for doubtful accounts 600 ? Other current assets 8,810 7,830 Current liabilities 36,400 44,700 Total credit sales 201,000 250,000 Collections on accounts receivable 188,000 229,000 Coronado management is preparing for a meeting with its bank concerning renewal of a loan and has collected the following information related to the above balances. 1. The cash reported at December 31, 2020, reflects the following items: petty cash $1,600 and postage stamps $100. The other current assets balance at December 31, 2020, includes the checking account balance of $4,260. 2. 3. 4. On November 30, 2020, Coronado agreed to accept a 6-month, $4,890 note bearing 12% interest, payable at maturity, from a major client in settlement of a $4,890 bill. The above balances do not reflect this transaction. Coronado factored some accounts receivable at the end of 2020. It transferred accounts totaling $10,000 to Final Factor, Inc. with recourse. Final Factor will receive the collections from Coronado's customers and will retain 2% of the balances. Final Factor assesses Coronado a finance charge of 3% on this transfer. The fair value of the recourse liability is $400. However, management has determined that the amount due from the factor and the fair value of the resource obligation have not been recorded, and neither are included in the balances above. Coronado charged off uncollectible accounts with balances of $1,600. On the basis of the latest available information, the 2020 provision for bad debts is estimated to be 2.5% of accounts receivable. Your Answer Correct Answer (Used) Your answer is correct. Based on the above transactions, determine the balance for (1) Accounts Receivable and (2) Allowance for Doubtful Accounts at December 31, 2020. (Round answers to O decimal places, e.g. 125.) Accounts receivable ending balance 55900 Allowance for doubtful ending balance 1397.50 Prepare the current assets section of The Coronado Pub's balance sheet at December 31, 2020. (Round answers to O decimal places, e.g. 125.) Cash THE CORONADO PUB Balance Sheet December 31, 2020 Accounts Receivable Interest Receivable 5860 46500 48.9 Due from Factor 200 Note Receivable Postage Stamps Other 4890 100 3570 Total Current Assets 61168.9 (c) Compute Coronado's current ratio and accounts receivable turnover for December 31, 2020. The accounts receivable turnover in 2019 was 4.37. (Round answers to 2 decimal places, e.g. 52.75.) Current ratio Accounts receivable turnover :1 times