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The following information was taken from the financial records of Sodigaz, Inc. Year 2 Year 1 Sales Accounts receivable: Beginning of year End of year
The following information was taken from the financial records of Sodigaz, Inc. Year 2 Year 1 Sales Accounts receivable: Beginning of year End of year The accounts receivable turnover for each year is $285,000 $278,500 29,600 41,000 18,900 29,600 a.Year 2: 14.7; Year 1: 9.6 b.Year 2: 8.1; Year 1: 11.5 S.Year 2: 9.4; Year 1: 7.0 C d.Year 2: 11.5; Year 1: 8.1 A 60-day, 7% note for $9,600, dated April 15, is received from a customer on account. The face value of the note is a. $9,712 b. $672 c. $9,600 d. $10,272 At the end of the current year, Accounts Receivable has a balance of $706.700; Allowance for Doubtful Accounts has a credit balance of $6,042; and sales for the year total $2,277,000. Bad debt expense is estimated at 1/2 of 1% of net sales a. Determine the amount of the adjusting entry for bad expense. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Recelvable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. a The following information was taken from the financial records of Sodigaz, Inc. Year 2 Year 1 Sales $285,000 $278,500 Accounts receivable: Beginning of year 29,600 18,900 End of year 41,000 29,600 The number of days' sales in receivable for Year 2 is a. 45.2 b. 24.8 C. 38.8 d. 31.8 a
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