Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cordova, inc., reported the following receivables

Cordova, Inc., reported the following receivables in its December 31, 2017...

60.1K

Verified Solution

Question

Accounting

image
Cordova, Inc., reported the following receivables in its December 31, 2017 year-end balance sheet Current annet Accounts receivable, net of $53,000 in allowance for uneollectible accounts Interest receivable Notes receivable $385.000 19,700 420,000 Additional information: 1. The notes receivable account consists of two notes, a $110,000 note and a $310.000 note. The $110,000 note is dated October 31 2017, with principal and interest payable on October 31, 2018. The $310,000 note is dated March 31 2017 with principal and X interest payable on March 31, 2018 2. During 2018, sales revenue totaled $2.130,000 $1,990,000 cash was collected from customers, and $42,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 9% of year-end gross accounts receivable earn Cordova 2018 income Required: 1. In addition to sales revenue, what revenue and expense amounts related to receivables will l statement? 2. Calculate the receivables turnover ratio for 2018. (Round your answer to 2 decimal places db expense unts receivable mover ratio

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A rough analysis of cell contents suggests their cytoplasm contains 5% by weight of solutes: 1%...

Chemistry
Q

describe microcephaly clinically and what are other infections from it? 100 or more words please.

Biology
Q

A numerical taxonomist studying the branched lamentous alga, Cladophora glom- erata, believes she has discovered a new...

Basic Math
Q

The outermost region of the adrenal gland is responsible for ...Water and electrolyte balanceCarbohydrate metabolismBlood...

Biology
Q

9 10 11 12 14 13 Pelvic Scapular Pubic Gluteal Mammary Lumbar Inguinal Sternal Sacral...

Biology
Q

The revenue from selling bicycles varies directly to the number of bicycles sold. When 92...

Algebra
Q

Form the negation of the statement Saturday does not come after Friday Choose the correct...

Algebra
Q

.For Franklin inc Sales is 1,800,000 fixed expenses are 500,000 and contribution margin ratio is...

Accounting
Q

Marilyn Terrill is the senior auditor for the audit of Uden Supply Company for the...

Accounting
Q

In determining earnings per share, interest expense, net of applicable income taxes, on convertible debt...

Accounting
Q

For regular income tax purposes in 2018, Yolanda, who is single, is in the 32%...

Accounting
Q

Tip Top Corp. produces a product that requires nine standard gallons per unit. The standard...

Accounting