Required: determine the VAT amounts to pay.
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Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
The following are some information for Sham Co. for 7/2016: VAT: 16%, All transactions were paid in cash:
1. Sales amounts in 7/2013 were 400,000 NIS including VAT.
2. Purchase amounts in 7/2013 were 300,000 NIS not include VAT.
3. Return sales amounts in 7/2013 were 10,000 NIS including VAT.
4.
1. Required: determine the VAT amounts to pay.
Step by step
Solved in 2 steps
- The following are some information for Sham Co. for 7/2020: VAT: 16%, All transactions were paid in cash: VAT balance was 4,280 NIS (credit) Sales amounts in 7/2020 were 400,000 NIS including VAT. Purchase amounts in 7/2020 were 300,000 NIS not include VAT. Return sales amounts in 7/2020 were 10,000 NIS including VAT. Bad debt amounts in 7/2020 were 2,500 NIS including VAT. Required: 1- Determine the VAT amounts which you should pay or return. 2- Record the entries for transactions. 3- prepare VAT ledger for month 7/20209. Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10.220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of S5,470, record the vear-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.General Mills reported the following information in its 2017 financial statements ($ in millions): 2017 2016Balance Sheet:Accounts receivable, net $ 1,430.1 $ 1,360.8Income statement:Sales revenue $ 15,619.8 A note disclosed that the allowance for uncollectible accounts had a balance of $24.3 million and $29.6 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $16.6 million.Required:Determine the amount of cash collected from customers during 2017.
- Sherlock Company’s net accounts receivable were P250,000 at December 31,2011 and P300,000 at December 31, 2012. The accounts receivable turnover for 2012 was 5.0. What were Sherlock’s total net sales for 2012?a. P1,375,000b. P1,500,000c. P1,600,000d. P2,750,000PA4. 9.2 Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. Record the year-end adjusting entry for 2018 bad debt using the income statement method. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Jawhawks Company estimates bad debt expense to be 3% of credit sales. On December 31, 2015, the company reported accounts receivable and an allowance for doubtful accounts of $86,500 and $2,100, respectively. During 2016, the company’s credit sales and collections were $404,000 and $408,000, respectively, and $2,340 in accounts receivable were written off. Determine the company’s Net Realizable Value of Accounts Receivable on December 31, 2016. answer: 68,280 how do you get to this answer I keep getting 68,040
- Bartell Co has provided you with the following information for the year ended December 31, 2016 • Net credit sales are $248,000 for the year . Based on historical data, management expects that 2.0% of credit sales will be uncollectible. . Based on historical data, management expects that 5.0% of outstanding receivables will be uncollectible. • Allowance for Doubtful Accounts (XA) has a credit balance of $600 at January 1, 2016. • Accounts Receivable (A) has a debit balance of $66,000 at December 31, 2016. Bartell Co wrote off $2,000 of Accounts Receivable as uncollectible. Estimate Bad Debt Expense for 2016 using the percentage of credit sales method. Round your answer to the nearest dollar: $ Estimate Bad Debt Expense for 2016 using the aging of receivables method Round your answer to the nearest dollar: $113. Khaled Company provides for bad debts expense at the rate of 4% of credit sales. The following data are available for 2011: Allowance for doubtful accounts, 1/1/11 (Cr.) $ 12,500 Accounts written off as uncollectible during 2011 9,500 Credit sales in 2011 1,250,000 The balance for Allowance for doubtful accounts, 31/12/11 (Cr.) * (2 Points)Pronghorn Corp.’s balance sheet at December 31, 2016, included the following. Note receivable $600,000 Interest receivable 34,000 Accounts receivable 1,385,000 Less: Allowance for doubtful accounts receivable 90,000 1,295,000 $1,929,000 The following occurred in 2017. 1. Pronghorn made sales of $10,680,000. All sales were credit sales. Pronghorn allows some discounts for early payment of receivables and uses the gross method to record sales. 2. Customer accounts of $83,750 were written off during the year. 3. Accounts receivable of $10,780,000 were collected. Collections for the year included $200,000 of accounts on which 2% sales discounts were allowed. 4. $10,500 was received in payment of an account which was written off the books as worthless in 2016. 5. At year-end (December 31, 2017), Pronghorn estimated that its Allowance for Doubtful Accounts needed a balance of $72,000. This estimate is based on an…
- Swifty Corp.’s balance sheet at December 31, 2016, included the following. Note receivable $660,000 Interest receivable 36,000 Accounts receivable 1,415,000 Less: Allowance for doubtful accounts receivable 95,000 1,320,000 $2,016,000 The following occurred in 2017. 1. Swifty made sales of $10,540,000. All sales were credit sales. Swifty allows some discounts for early payment of receivables and uses the gross method to record sales. 2. Customer accounts of $83,500 were written off during the year. 3. Accounts receivable of $10,640,000 were collected. Collections for the year included $200,000 of accounts on which 1% sales discounts were allowed. 4. $12,500 was received in payment of an account which was written off the books as worthless in 2016. 5. At year-end (December 31, 2017), Swifty estimated that its Allowance for Doubtful Accounts needed a balance of $73,000. This estimate is based on an analysis of…Baxter Ltd recorded sales of $480 000 during the year with $350 000 being on credit. Bad debts in the past have averaged 2% of credit sales. Using the income statement method, the amount to provide for estimated bad debt expense for the year is: nil. $7 000 $9 600 $2 600Bramble Corp.’s balance sheet at December 31, 2016, included the following. Note receivable $600,000 Interest receivable 32,000 Accounts receivable 1,395,000 Less: Allowance for doubtful accounts receivable 87,000 1,308,000 $1,940,000 The following occurred in 2017. 1. Bramble made sales of $10,680,000. All sales were credit sales. Bramble allows some discounts for early payment of receivables and uses the gross method to record sales. 2. Customer accounts of $88,750 were written off during the year. 3. Accounts receivable of $10,780,000 were collected. Collections for the year included $300,000 of accounts on which 2% sales discounts were allowed. 4. $13,500 was received in payment of an account which was written off the books as worthless in 2016. 5. At year-end (December 31, 2017), Bramble estimated that its Allowance for Doubtful Accounts needed a balance of $75,000. This estimate is based on an analysis of…