XI H 5-Preparing an Income statement -Excel困FILEHOMEINSERTPAGE LAYOUTFORMULASDATAREVIEWVIEWSign In-11-A ACalibriO- A Alignment NumberConditional Format asCellCellsEditingPasteBFormattingTable StylesClipboardFontStylesA2fe(Accounts are in alphabetical order.)E1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1.2 (Accountslare in alphabetical order.)Accounts Payable$48,0886,9605Accounts Receivable13,445Cash4,800EquipmentInsurance Expense1,35011,800Operating ExpenseOther Expenses3,482106,05011Other Revenues4,800Rent ExpenseSalaries Expense126,8821317,20014Short-term Notes Payable15,40015Test Prep Revenue9,10016Tutoring Revenue1,04617Unearned Revenue1819 Required:20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references8 of 8NextDrev 15 Kequirea:20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references21 to select account titles and amounts to be included on the income statement.22 Note: List revenues and expenses in order of largest to smallest dollar amounts.2324 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or25 "Net Loss" as appropriate based on the value calculated in cell C42.2627READING READINESS Company28Income Statement29For the Month Ended January 31, 20X130Revenues:31323334Total Revenues35Expenses:3678Total ExpensesSheet1100%EADYHintShow Mettempt(s)

The question is based on the concept of Financial Accounting.

8,088 4 Accounts Payable 6,960 Accounts Receivable 13,445 Cash 4,800 Equipment Insurance Expense 7 1,350 8 11,800 Operating Expense Other Expenses 3,482 6,050 10 11 Other Revenues 4,800 12 Rent Expense 6,882 Salaries Expense Short-term Notes Payable 13 17,200 14 15,400 15 Test Prep Revenue 9,100 Tutoring Revenue Unearned Revenue 16 1,046 17 18 19 Required: 20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 96

8,088 4 Accounts Payable 6,960 Accounts Receivable 13,445 Cash 4,800 Equipment Insurance Expense 7 1,350 8 11,800 Operating Expense Other Expenses 3,482 6,050 10 11 Other Revenues 4,800 12 Rent Expense 6,882 Salaries Expense Short-term Notes Payable 13 17,200 14 15,400 15 Test Prep Revenue 9,100 Tutoring Revenue Unearned Revenue 16 1,046 17 18 19 Required: 20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 96

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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S Word Problem 7-35 (Algo) [LU 7-2 (2)] On March 16, Jangles Corporation received a $20,500 invoice dated March 13. Cash discount terms were 3/10, n/30. On March 20, Jangles sent an $8,200 partial payment. a. What credit should Jangles receive? (Round your answer to the nearest cent.) Credit b. What is Jangles' outstanding balance? (Round your answer to the nearest cent.) Outstanding balance Check my work
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Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
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PA 4. LO 9.2 Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Help EBccl Frinciple: cf 2.1 Deacrise the Inccr Quiz Interim Exam #1 Teet - https://anu.instructure.com/courses/9045/quizzes/42651/take 110% vas Conner Pride reports year-end credit sales in the amount of $567,000 and accounts receivable of $134,000. Conner uses the balance sheet method to report bad debt estimation. The estimation percentage is 4.6%. What is the estimated balance uncollectible using the balance sheet method? O $26,082 O $6,164 $260,820 O $61,640
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0.69 8:34 KB/S 2:44 5G Vo 1 LTE 2 +91 98156 34462 Yesterday, 9:12 pmek 2.docx ACC1310 Lab 1-Week 2 Accounts Receivable Bad Debts • Recording Bad Debt - Percentage of sales Aging of receivables • Write off Bad Debt • Recovery of Bad Debt QS 8-1 Entries for sale on credit and subsequent collection LO1 Journalize the following transactions for Kimmel Company (assume a perpetual inventory system): a. On March 1, Kimmel Company sold $40,000 of merchandise costing $32,000 on credit terms of n/30 to JP Holdings. b. On March 27, JP Holdings paid its account in full. QS 8-5Adjusting entry to estimate bad debts- percentage of sales LO2,3 Lexton Company uses the allowance method to account uncollectible accounts receivable. At year-end, October 31, it was estimated that 0.6% of net credit sales were uncollectible based on past experience. Net sales were $690,000, of which 2/3 were on credit. Record the entry at year-end to estimate uncollectible receivables. QS 8-6Adjusting entry to estimate bad…