What is the balance for Receivables, net on the Consolidated Balance Sheets for Home Depot, Inc.? CONVERT the number presented in the balance sheet to actual dollars. Home Depot, Inc. presents its financial statements in millions of dollars. For example, if the Accounts receivable, net balance. shown is 5,324, then multiply 5,324 by $1,000,000 and enter 5324000000. Enter numbers only: DO NOT enter a dollar sign ($) or commas (.).
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- Classifying Items Related to Receivables and Payables in a Balance Sheet When examining the accounts of WholeFoods Company, we ascertain that balances relating to both receivables and payables are included in a single controlling account (called receivables), which has an $7,200 debit balance. An analysis of the details of this account reveals the following. Items Debit Credit Accounts receivable—customers $16,000 Accounts receivable—officers (current collection expected) 1,000 Travel advances to sales staff 400 Accounts payable for merchandise $7,700 Unpaid salaries 1,320 Credit balances in customer accounts (accounts receivable) 800 Cash received in advance from customers for goods not yet shipped 180 Allowance for doubtful accounts, adjusted 200 Indicate how each of the items should be reported on WholeFoods Company’s balance sheet. Some accounts below may have a zero balance. Do not use negative signs in your answers. Cash and…Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31Bleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet 'Debit Credit Debit Credit Cash 12,300 Accounts Receivable 25,000 Merchandise Inventory 16,000 Store Supplies 1,100 Office Supplies 600 Prepaid Insurance 1,500 Store Equipment 66,000 Accumulated Depreciation-Store Equipment 38,000 Office Equipment 18,000 Accumulated Depreciation-Office Equipment 10,000 Accounts Payable 22,300 Salaries Payable 400 Long-Term Notes Payable 36,000 Carlo Perez, Capital 50,600 Carlo Perez, Drawing 32,000 Income Summary 17,000 16,000 Sales 61,500 Sales Returns and Allowances 500 Purchases 23,000 700 Purchases Returns and Allowances
- When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. How should each item be reported on Palma Company’s statement of financial position?When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. Give the journal entry to eliminate the above account and to set up the appropriateaccounts to replace it.Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts. Sales revenue Total current assets (a) 2022 $3,740 3,350 390 Answer each of the following questions. Accounts receivable turnover $4,670 4,350 320 35,490 37,990 7,174 7,268 2021 Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) The average collection period for 2022 times days
- In the balance sheet, accounts Receivable, where did you get 489,555 from?Accounts Receivable Calculations The following amounts were reported for Cotton, Newton, and Miller Companies: Required: Next Level Compute the missing amounts.Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. $16,800 $19,500 $17,400 $17,900
- Sweet Company has the following account balances: \table [[Inventory, 556,000], [Prepaid Insurance, 12,000], [Cash, 360,000], [Accounts Receivable,260,000], [Supplies, 26, 000], [Allowance for Doubtful Accounts, 36,000]] When listing Accounts Receivable, what is the cash (net) realizable value to be presented on the statement of financial position? 620,000 260,000 296,000 224,000Required: 1. Calculate the exchange gain or loss to be reported in 20X7. (Do not round intermediate calculations.) 2. Calculate the accounts receivable on the 31 December 20X7 statement of financial position. 3. Calculate the sales revenue to be recorded from the transactions listed above. Thumb up if you have the correct answer! ThanksKitty Inc. shares the following information with you and ask you to determine their ending receivables balance. What is the correctly computed balance? opening accounts receivable, $40 million Sales $160 million and Collections $145 million. Answer: