Business, 09.06.2020 23:57 ariiii56

The Accounts Receivable balance for Bach Consulting is $4,400,000 as of May 31, 2020. Before calculating and recording the month’s bad debt expense, there is a credit balance in the Allowance for Doubtful Accounts of $80,000. The May 2020 net sales were $30,000,000. In the past several years, 1% of net sales have proven uncollectible. An aging of accounts receivable results in a $360,000 estimate for the Allowance for Doubtful Accounts as of May 31, 2020. PART A: PERCENT OF SALES METHOD

Assume that Bach Consulting uses the percent of sales method to estimate future uncollectible accounts.

What adjusting entry does Bach make to record May 2020 Bad Debt Expense?
What is "Accounts Receivable, net" on Bach’s May 31, 2018 Balance Sheet? $
What is "Bad Debt Expense" on Bach’s May 2020 Income Statement? $
PART B: ANALYSIS OF RECEIVABLES METHOD

Assume that Bach Consulting instead uses the analysis of receivables method to estimate future uncollectible accounts.

What adjusting entry does Bach make to record May 2020 Bad Debt Expense?
What is "Accounts Receivable, net" on Bach’s May 31, 2018 Balance Sheet? $
What is "Bad Debt Expense" on Bach’s May 2020 Income Statement? $
Problem 3

Use PVH Corp.’s financial statement information to answer the following questions.

Provide the following account balances for PVH:
February 2, 2020

February 3, 2019

Accounts Receivable (gross)

Allowance for Doubtful Accounts

Accounts Receivable, net

Which of the above numbers represents the amount of its February 2, 2020 Accounts Receivable balance that PVH expects to collect in the subsequent year(s)?
Which of the above numbers represents that amount that PVH believes it will not collect from its customers as of February 2, 2020?
Which of the above numbers represents the total amount PVH is owed by customers as of February 2, 2020?
Provide the journal entry (both accounts and amounts) that PVH must have made to record its estimate of Bad Debt Expense in fiscal year 2019.
Provide the journal entry (both accounts and amounts) that PVH must have made to record Accounts Receivable writeoffs in fiscal year 2019.

Answers: 3

Show answers

Answers

Answer from: 02s54mcoupe

Assume that Bach Consulting uses the percent of sales method to estimate future uncollectible accounts.

What adjusting entry does Bach make to record May 2020 Bad Debt Expense?

Dr Bad debt expense 300,000 (= $30,000,000 x 1%)

Cr Allowance for doubtful accounts 300,000

What is "Accounts Receivable, net" on Bach’s May 31, 2018 Balance Sheet? $4,100,000 (= $4,400,000 - $300,000)

What is "Bad Debt Expense" on Bach’s May 2020 Income Statement? $300,000

Assume that Bach Consulting instead uses the analysis of receivables method to estimate future uncollectible accounts.

What adjusting entry does Bach make to record May 2020 Bad Debt Expense?

Dr Bad debt expense 280,000 (= $360,000 - $80,000)

Cr Allowance for doubtful accounts 280,000

What is "Accounts Receivable, net" on Bach’s May 31, 2018 Balance Sheet? $4,120,000

What is "Bad Debt Expense" on Bach’s May 2020 Income Statement? $280,000

Use PVH Corp.’s financial statement information to answer the following questions.

Provide the following account balances for PVH:

February 2, 2020 February 3, 2019

Accounts Receivable (gross) $762,000,000 $800,000,000

Allowance for Doubtful Accounts $21,000,000 $22,000,000

Accounts Receivable, net $741,000,000 $778,000,000

Which of the above numbers represents the amount of its February 2, 2020 Accounts Receivable balance that PVH expects to collect in the subsequent year(s)?

$741,000,000

Which of the above numbers represents that amount that PVH believes it will not collect from its customers as of February 2, 2020?

$21,000,000

Which of the above numbers represents the total amount PVH is owed by customers as of February 2, 2020?

$762,000,000

Provide the journal entry (both accounts and amounts) that PVH must have made to record its estimate of Bad Debt Expense in fiscal year 2019.

Dr Bad debt expense 22,000,000

Cr Allowance for doubtful accounts 22,000,000

Provide the journal entry (both accounts and amounts) that PVH must have made to record Accounts Receivable writeoffs in fiscal year 2019.

Dr Allowance for doubtful accounts 22,000,000

Cr Accounts receivable 22,000,000

Explanation:

Accounts receivable = $4,400,000

beginning balance Allowance for doubtful accounts = $80,000

May's net sales = $30,000,000

1% of net sales are uncollectible

aging of accounts receivable results in a $360,000 estimate for the Allowance for doubtful accounts as of May 31, 2020

Answer from: Quest

well based on 99% of parents have dont something wrong to there kids mabey even stole money from you so based on maney inccedent i would choose guilt

Answer from: Quest

Nothing will happen.maybe some more oxygen will be saved.but the answer is no.

Another question on Business

Business, 22.06.2019 07:10

1. the healthy pantry bought new shelving and financed $7,300 with 36 monthly payments of $267.65 each. suppose the firm pays the loan off with 13 payments left. use the rule of 78 to find the amount of unearned interest. 2. the healthy pantry bought new shelving and financed $7,300 with 36 monthly payments of $267.65 each. suppose the firm pays the loan off with 13 payments left. use the rule of 78 to find the amount necessary to pay off the loan. ! i entered 967.82 for question 1 and 5,455.78 for question 2 and it said it was

Answers: 3

Answer

Business, 22.06.2019 09:30

The 39 percent and 38 percent tax rates both represent what is called a tax "bubble." suppose the government wanted to lower the upper threshold of the 39 percent marginal tax bracket from $335,000 to $208,000. what would the new 39 percent bubble rate have to be? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places,e.g., 32.16.)

Answers: 3

Answer

Business, 22.06.2019 12:10

Profits from using currency options and futures.on july 2, the two-month futures rate of the mexican peso contained a 2 percent discount (unannualized). there was a call option on pesos with an exercise price that was equal to the spot rate. there was also a put option on pesos with an exercise price equal to the spot rate. the premium on each of these options was 3 percent of the spot rate at that time. on september 2, the option expired. go to the oanda.com website (or any site that has foreign exchange rate quotations) and determine the direct quote of the mexican peso. you exercised the option on this date if it was feasible to do so. a. what was your net profit per unit if you had purchased the call option? b. what was your net profit per unit if you had purchased the put option? c. what was your net profit per unit if you had purchased a futures contract on july 2 that had a settlement date of september 2? d. what was your net profit per unit if you sold a futures contract on july 2 that had a settlement date of september 2

Answers: 1

Answer

Business, 22.06.2019 17:20

Andy owns islander surfboard inc. in the past, andy has always given his employees bonuses during the holidays if they reached certain sales goals. this year, even though the company is thriving, he decided to cut bonuses from employees and award them to himself instead. what ethical theory of leadership is andy following?

Answers: 1

Answer

You know the right answer?

The Accounts Receivable balance for Bach Consulting is $4,400,000 as of May 31, 2020. Before calcula...

Questions