Answer:
37.9 days
Explanation:
Given that,
Net sales = $951,000
Beginning accounts receivables = $75,500
Ending accounts receivables = $122,000
Average accounts receivables:
= (Beginning accounts receivables + Ending accounts receivables) ÷ 2
= ($75,500 + $122,000) ÷ 2
= $98,750
Accounts Receivable Turnover:
= Net sales ÷ Average accounts receivables
= $951,000 ÷ $98,750
= 9.63
Average collection period:
= 365 days ÷ Accounts Receivable Turnover
= 365 days ÷ 9.63
= 37.9 days
Answer and Explanation:
The computation is shown below:
a.
The amount of the adjusting entry for bad debt expense should be
= $45,000 + $5,400
= $50,400
The journal entry should be
Bad Debt Expense Dr. 50,400
To Allowance for Doubtful Accounts Cr. 50,400
(Being the bad debt expense is recorded)
b.
Accounts Receivable 675,000
Allowance for Doubtful Accounts 45,000
Bad Debt Expense 50,400
c.
Accounts Receivable 675,000
Less: Allowance for Doubtful Accounts (45,000)
Net realizable value of accounts receivable 630,000
When filing your tax return, the maximum amount you can deduct for a capital loss is $3,000(for individuals and married filing jointly) or $1,500 (for married filing separately).
<h3>What is a tax return?</h3>
A tax return is such or more forms submitted to a taxing body that include earnings, outlays, and other crucial tax data.
Tax returns give taxpayers the option to determine their tax liability, plan out their tax payments, or ask for refunds for any taxes they have paid in excess of what is required.
Some characteristics is of tax returns are-
- For just an individual or corporation having reportable income, such as wages, interests, dividends, capital appreciation, or other earnings, tax returns must typically be filed annually.
- The tax return is just a document submitted to a taxing authority that lists earnings, outlays, and other pertinent financial data.
- Taxpayers compute their tax liabilities, set up tax payments, and request refunds for overpaid taxes on their tax returns.
- Tax returns must typically be filed yearly.
To know more about tax returns, here
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<span>a physical property that describes how something feels mean is called texture.
texture is the feeling of an object.</span>
