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Chargal ilantities laa laa arts | TN Email satel Aratta as the H - - Recording Uncollectable Receivables Review the accounts receivable transactions shown in the general Journal on the Fan-Tastic Sports Gear in panel 1. How does the company appear to be handing uncollectie receivable? direct write of method 2. You have made the following observations during your revew of the accounting records, in decitine whether Fan-Tastic Fourts Gear Inc. ta handiag uncobactibile rucnivables appropriately, which of these obre decision 3. Most of the company's sales are on account An analysis of the company's accounts receivable shot more accounts will be collective than last year c. Collection agencies are routinely used d. Company als Last year wore 19,100,000 and are expected to cane by 8380,000 the vow Badebt is ring expert The company is primarily to all businesses, who are more to have cash flow wome Hand pservations previstystein (2) You have recommended that Fantastie Spo Gear Int. Use the tired write al method to record de pe 4.1 1. Asume that Fantastic Sports Gear Inc. will be using the allowance the levelect the item from the following list that should be added to the ring chart of 2. Make the souties shown on the FontaotkSports Car panutand more way hors. It an amount box does not realize an entry, weave it burk, Ian 1 Allowance for Del Amounts Accountseselvato's Sports Corp 21 Cast Allowance for Doubtful Accounts Account Receivable sportswear 1. Assume that the Sports Gencing the methode. Starom the fog list that should be that of want Batanes of Aging Account collect counts e refer sortear bonited mole petty cat be dues tekee Thiet Ret Value of Recce bledit ses 21 cash Allerhelor Obil Actors Account Receiver Sportswear futi 15 cuvingine Allerwante De ce Har 4 Ch About Pat Cash l 1 HHHHH H thg 4 Hai B l Beche Scene ARCH Pete Not what the trial balance for Mard. You see that we can sedative altce of 75, which would to indicate that are paid too much too bad though the mentet for ardhi ve fint that March the bounting med et 0.755 in pamant of this note robe.futter irigation that november 19,207, this nute relatie was received from Part Feat cafe 1,300. You can find me that women to thin the recent Awney signation content and the interest rate of the more receive from a fost Luthen 2. Imate of 2. the entre trec What we then from astrol the One that the intersection on box does not mounts to the door De Final Guest Funct de 100.000 de ore 1330.000 unitat catatan with Listen the water and we had late of the wing the www samt to be the War of the way to wide to computation to 3. Now what to wear Gown under the doormation memories or under the direct wille metode there is no charge the journal entries shown on the Fan-Tastic Sports Gear Inc. panel and make any necessary changes. If an amount box does not require an entry, Allowance for Doubtful Accounts Accounts Receivable CI's Sports Corp. Cash Allowance for Doubtful Accounts Accounts Receivable-Four Seasons Sportswear Co. Accounts Receivable Healthy Running Inc. Sales Accounts Receivable Four Seasons Sportswear Co. Allowance for Doubtful Accounts Cash Accounts Receivable-Four Seasons Sportswear Co. Cash Accounts Receivable Barb's Best Gear Allowance for Doubtful Accounts Accounts Receivable Healthy Running Inc. Accounts Receivable-The Locker Room Accounts Receivable's Sports Corp. Accounts Receivable Get Your Gear Inc. Accounts Receivable-Ready-2-Go Receivable trial balance for March, you see that Notes Receivable Fast Feet Co. has a negative balance of $255, which would seem to indicate that Fast Feet paid toor countina Intern recorded receipt of $8.755 in Davment of this note recolvable. Further investigation reveals that on November 19, 2017 this note receivable Note Receivable In the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a negative balance of $255, which would seem to indicate that Fast Feet paid too much. Looking back through the journal entries for March, you find that on March 19 the accounting intern recorded receipt of $8,755 in payment of this note receivable. Further investigation reveals that on November 19, 2017, this note receivable was received from Fast Feet Co. for $8,500. You can find no additional information about this note in the accounting records. Assume a 360 day year. Using the preceding information, compute the term and the interest rate of the note receivable from Fast Feet. 1. Term of the note: days 2. Interest rate of the note: % 3. Journalize the entry needed to record information about the note receivable from Fast Feet for the year 2017. Assume that the entry on November 19, 2017 is correct. If an amount box does not require an entry, leave it blank. Round all amounts to the nearest dollar. Dec. 31 4. Journalize the entry needed to record collection of the note at maturity on March 19, 20Y8. Assume that the entry on November 19, 2017 is correct. If an amount box does not require an entry, leave it blank. Round all amounts to the nearest dollar. Mar, 19 Final Questions Fan-Tastic Sports Gear Inc. recorded $3,100,000 of sales last year and projects sales to increase by $350,000 in the current year. Last year, 70% of sales were on account, with over 400 customer accounts. Bad debt expense was $26,187. 1. Assume that Fan-Tastic Sports Gear Inc. used the allowance method last year, and the allowance account at the end of the year had a debit balance of $2,240. The company estimated uncollectible accounts expense using the percent of credit sales method and expected 0.75% of credit sales to be uncollectible. What is the amount of the adjusting entry to provide for doubtful accounts on December 31? Round all computations to the nearest dollar. $ 16,275 2. How much higher (lower) would Fan-Tastic Sports Gear Inc.'s net income have been under the allowance method assumption previously shown in (1) than under the direct write-off method? (Enter "o" if there is no change. Higher y by $ 9,912 3. Using the allowance method, the net realizable value of the receivables would appear on which financial statement? balance sheet Mastery Problem: Receivables Fan-Tastic Sports Gear Inc. You have just been hired as the accountant for Fan-Tastic Sports Gear Inc., a wholesaler of sporting goods and apparel. The previous accountant left abruptly in late December, 2017, and an accounting intern has been drafting the journal entries since January. You are examining the accounting records before finalizing the journal entries for the first quarter of 2048. The following journal shows some of the accounts receivable transactions that you are reviewing. Journal Date Description Credit Debit 9,700 Jan. 17 Sales Bad Debt Expense 9,700 17 Bad Debt Expense Accounts Receivable-Co's Sports Corp. 9,700 9,700 21 Cash Bad Debt Expense Accounts Receivable-Four Seasons Sportswear Co. 10,800 2,100 12,900 Feb. 15 Accounts Receivable-Healthy Running Inc. Bad Debt Expense Sales 3,000 500 3,500 Mar. 4 Accounts Receivable-Four Seasons Sportswear Co. Bad Debt Expense 2,100 2.100 2,100 4 Cash Bad Debt Expense 2,100 13 Cash Accounts Receivable-Barb's Best Gear 5,540 5,540 - 2,100 Bad Debt Expense 2,10 13 Cash Accounts Receivable-Barb's Best Gear 5,540 5,54 20,970 31 Bad Debt Expense Accounts Receivable-Healthy Running Inc. Accounts Receivable-The Locker Room Accounts Receivable-cu's Sports Corp. Accounts Receivable-Get Your Gear Inc. Accounts Receivable-Ready-2-Go 5,250 4,100 2,780 7,050 1,790 Recording Uncollectable Receivables Review the accounts receivable transactions shown in the general journal on the Fan- Tastic Sports Gear Inc. panel. 1. How does the company appear to be handling uncollectible receivables? direct write-off method 2. You have made the following observations during your review of the accounting records. In deciding whether Fan-Tastic Sports Gear Inc. is handling uncollectible receivables appropriately, which of these observations are key factors in your decision? a. Most of the company's sales are on account. b. An analysis of the company's accounts receivable shows more accounts will be uncollectible than last year. c. Collection agencies are routinely used. d. Company sales last year were $3,100,000 and are expected to increase by $350,000 this year. e. Bad debt is a rising expense. f. The company sells primarily to smaller businesses, who are more likely to have cash Chargal ilantities laa laa arts | TN Email satel Aratta as the H - - Recording Uncollectable Receivables Review the accounts receivable transactions shown in the general Journal on the Fan-Tastic Sports Gear in panel 1. How does the company appear to be handing uncollectie receivable? direct write of method 2. You have made the following observations during your revew of the accounting records, in decitine whether Fan-Tastic Fourts Gear Inc. ta handiag uncobactibile rucnivables appropriately, which of these obre decision 3. Most of the company's sales are on account An analysis of the company's accounts receivable shot more accounts will be collective than last year c. Collection agencies are routinely used d. Company als Last year wore 19,100,000 and are expected to cane by 8380,000 the vow Badebt is ring expert The company is primarily to all businesses, who are more to have cash flow wome Hand pservations previstystein (2) You have recommended that Fantastie Spo Gear Int. Use the tired write al method to record de pe 4.1 1. Asume that Fantastic Sports Gear Inc. will be using the allowance the levelect the item from the following list that should be added to the ring chart of 2. Make the souties shown on the FontaotkSports Car panutand more way hors. It an amount box does not realize an entry, weave it burk, Ian 1 Allowance for Del Amounts Accountseselvato's Sports Corp 21 Cast Allowance for Doubtful Accounts Account Receivable sportswear 1. Assume that the Sports Gencing the methode. Starom the fog list that should be that of want Batanes of Aging Account collect counts e refer sortear bonited mole petty cat be dues tekee Thiet Ret Value of Recce bledit ses 21 cash Allerhelor Obil Actors Account Receiver Sportswear futi 15 cuvingine Allerwante De ce Har 4 Ch About Pat Cash l 1 HHHHH H thg 4 Hai B l Beche Scene ARCH Pete Not what the trial balance for Mard. You see that we can sedative altce of 75, which would to indicate that are paid too much too bad though the mentet for ardhi ve fint that March the bounting med et 0.755 in pamant of this note robe.futter irigation that november 19,207, this nute relatie was received from Part Feat cafe 1,300. You can find me that women to thin the recent Awney signation content and the interest rate of the more receive from a fost Luthen 2. Imate of 2. the entre trec What we then from astrol the One that the intersection on box does not mounts to the door De Final Guest Funct de 100.000 de ore 1330.000 unitat catatan with Listen the water and we had late of the wing the www samt to be the War of the way to wide to computation to 3. Now what to wear Gown under the doormation memories or under the direct wille metode there is no charge the journal entries shown on the Fan-Tastic Sports Gear Inc. panel and make any necessary changes. If an amount box does not require an entry, Allowance for Doubtful Accounts Accounts Receivable CI's Sports Corp. Cash Allowance for Doubtful Accounts Accounts Receivable-Four Seasons Sportswear Co. Accounts Receivable Healthy Running Inc. Sales Accounts Receivable Four Seasons Sportswear Co. Allowance for Doubtful Accounts Cash Accounts Receivable-Four Seasons Sportswear Co. Cash Accounts Receivable Barb's Best Gear Allowance for Doubtful Accounts Accounts Receivable Healthy Running Inc. Accounts Receivable-The Locker Room Accounts Receivable's Sports Corp. Accounts Receivable Get Your Gear Inc. Accounts Receivable-Ready-2-Go Receivable trial balance for March, you see that Notes Receivable Fast Feet Co. has a negative balance of $255, which would seem to indicate that Fast Feet paid toor countina Intern recorded receipt of $8.755 in Davment of this note recolvable. Further investigation reveals that on November 19, 2017 this note receivable Note Receivable In the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a negative balance of $255, which would seem to indicate that Fast Feet paid too much. Looking back through the journal entries for March, you find that on March 19 the accounting intern recorded receipt of $8,755 in payment of this note receivable. Further investigation reveals that on November 19, 2017, this note receivable was received from Fast Feet Co. for $8,500. You can find no additional information about this note in the accounting records. Assume a 360 day year. Using the preceding information, compute the term and the interest rate of the note receivable from Fast Feet. 1. Term of the note: days 2. Interest rate of the note: % 3. Journalize the entry needed to record information about the note receivable from Fast Feet for the year 2017. Assume that the entry on November 19, 2017 is correct. If an amount box does not require an entry, leave it blank. Round all amounts to the nearest dollar. Dec. 31 4. Journalize the entry needed to record collection of the note at maturity on March 19, 20Y8. Assume that the entry on November 19, 2017 is correct. If an amount box does not require an entry, leave it blank. Round all amounts to the nearest dollar. Mar, 19 Final Questions Fan-Tastic Sports Gear Inc. recorded $3,100,000 of sales last year and projects sales to increase by $350,000 in the current year. Last year, 70% of sales were on account, with over 400 customer accounts. Bad debt expense was $26,187. 1. Assume that Fan-Tastic Sports Gear Inc. used the allowance method last year, and the allowance account at the end of the year had a debit balance of $2,240. The company estimated uncollectible accounts expense using the percent of credit sales method and expected 0.75% of credit sales to be uncollectible. What is the amount of the adjusting entry to provide for doubtful accounts on December 31? Round all computations to the nearest dollar. $ 16,275 2. How much higher (lower) would Fan-Tastic Sports Gear Inc.'s net income have been under the allowance method assumption previously shown in (1) than under the direct write-off method? (Enter "o" if there is no change. Higher y by $ 9,912 3. Using the allowance method, the net realizable value of the receivables would appear on which financial statement? balance sheet Mastery Problem: Receivables Fan-Tastic Sports Gear Inc. You have just been hired as the accountant for Fan-Tastic Sports Gear Inc., a wholesaler of sporting goods and apparel. The previous accountant left abruptly in late December, 2017, and an accounting intern has been drafting the journal entries since January. You are examining the accounting records before finalizing the journal entries for the first quarter of 2048. The following journal shows some of the accounts receivable transactions that you are reviewing. Journal Date Description Credit Debit 9,700 Jan. 17 Sales Bad Debt Expense 9,700 17 Bad Debt Expense Accounts Receivable-Co's Sports Corp. 9,700 9,700 21 Cash Bad Debt Expense Accounts Receivable-Four Seasons Sportswear Co. 10,800 2,100 12,900 Feb. 15 Accounts Receivable-Healthy Running Inc. Bad Debt Expense Sales 3,000 500 3,500 Mar. 4 Accounts Receivable-Four Seasons Sportswear Co. Bad Debt Expense 2,100 2.100 2,100 4 Cash Bad Debt Expense 2,100 13 Cash Accounts Receivable-Barb's Best Gear 5,540 5,540 - 2,100 Bad Debt Expense 2,10 13 Cash Accounts Receivable-Barb's Best Gear 5,540 5,54 20,970 31 Bad Debt Expense Accounts Receivable-Healthy Running Inc. Accounts Receivable-The Locker Room Accounts Receivable-cu's Sports Corp. Accounts Receivable-Get Your Gear Inc. Accounts Receivable-Ready-2-Go 5,250 4,100 2,780 7,050 1,790 Recording Uncollectable Receivables Review the accounts receivable transactions shown in the general journal on the Fan- Tastic Sports Gear Inc. panel. 1. How does the company appear to be handling uncollectible receivables? direct write-off method 2. You have made the following observations during your review of the accounting records. In deciding whether Fan-Tastic Sports Gear Inc. is handling uncollectible receivables appropriately, which of these observations are key factors in your decision? a. Most of the company's sales are on account. b. An analysis of the company's accounts receivable shows more accounts will be uncollectible than last year. c. Collection agencies are routinely used. d. Company sales last year were $3,100,000 and are expected to increase by $350,000 this year. e. Bad debt is a rising expense. f. The company sells primarily to smaller businesses, who are more likely to have cash