Collections from Accounts Receivable

Related BrainMass Solutions

• Fresh Co. estimated cash receipts; Planet Corp cash collected; Zurich cash flow

  E4 - 11 Determining cash collections on account The following information was taken from the 2005 financial statement of Planet Corporation: Accounts receivable, January 1, 2005 $ 21,600 Accounts receivable, December 31, 2005 $ 30,400 Sales

• Uncollectible Account Receivable - Allowance Method

  the allowance for uncollectible accounts was estimated to be 3% of uncollected accounts receivable each year.

• Working with Receivables

  As the net Accounts Receivable is $54,600, then the company can expect to collect $54,600 from the customers.

• Calculating: accounts receivable balance, bad debt expense, accounts receivables written off and more...

  What were total cash collections in Year 7 from customers (for cash sales and collections from customers who had purchased on account in either Year 6 or Year 7)? f.

• Balancing sheet

  Sales of $280,000 less collections of $225,000 results in an ending accounts receivable balance of $55,000 as calculated below.

• Tiny Company: Compute the balance of accounts receivable

  receivables should show: Accounts Receivable Balance = Total Accounts Receivable - Collections from Customers Accounts Receivable Balance = $68,000 - $48,000 Accounts Receivable Balance = $20,000 Amount of overage (shortage)

• Ending Accounts Receivable balance

  All sales are on account and so this would be the accounts receivable. The collections from customers are $198,000.

• Bad Debt question

  $16,500 Sales $480,000 Less: Cash collections from customers $435,000 Accounts Receivable $45,000 Bad debts expense 16,500 Allowance for Bad debts expense 16,500 Allowance for Bad debts expense 10,500

• Leis Co.

  Collections of accounts receivable 2,810,000 4. Write-offs of accounts receivable deemed uncollectible 90,000 5.

• Missing Amounts

  Accounts receivable 12/31/x0 1,700,000 yen Sales on account during 20x1 4,500,000 Collections of accounts receivable during 20x1 3,900,000 Accounts receivable ? 4.