ABC Company has the following accounts and normal balance: please give answer the accounting question ABC Company has the following accounts and normal balances:CashAccounts Receivables$4,000$8,000Allowance for Doubtful Accounts $500Accounts PayableUnearned RevenueRevenueRent ExpenseWage ExpenseCapital$2,500$4,000$9,000$1,000$4,000$1,000Assuming no adjusting journal entries are made, Net Income would equal:a. $18,000b. $15,000c. $7,000d. $4,000

Step 1: Define Net IncomeNet income is an important indicator of the profitability of the business,…

Answered: ABC Company has the following accounts…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
b. Show how the Accounts Receivable account and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet. Note: Do not use negative signs with any of your answers. Balance Sheet (excerpt) Current assets Cash $ XX,XXX Accounts receivable 2$ 560,000 Less Allowance for doubtful accounts + (13,400) Inventory XXX,XXX Other current assets X,XXX Total Current Assets $XXX,XXX
Match the term with its definition. Allowance Method Cash Factoring Net Realizable Value Percentage-of-Receivables Method Restricted Cash A procedure that records unc [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 18 Hours, 38 Minutes, 32 Seconds The amount of the accounts receivable balance that the company actually expects to receive. Correct Answer A procedure that records uncollectible accounts by recording the bad debt expense on an estimated basis in the accounting period in which the sale on accout takes place. C A method of selling accounts receivable where the seller guarantees payment to the purchaser in the event the debtor fails to pay. Correct Answer short term investments with a maturity date of three months or less Generated through transactions from customers for goods bought or services rendered. Correct Answer When material, is required to be segregated and shown as either a current or long term asset on the balance sheet depending on it's expected…
Receivables on the Balance Sheet Identify any errors in the following partial balance sheet. Napa Vino CompanyBalance SheetDecember 31, 20Y6 Assets Current assets: Cash $78,500 Notes receivable $300,000 Interest receivable (4,500) Notes receivable, net 295,500 Accounts receivable $1,200,000 Allowance for doubtful accounts 11,500 Accounts receivable, net 1,211,500 The interest receivable should be . The allowance for doubtful accounts should be .
How do I solve Cash Net Realizable Value based on this journal entry?
Answer only please.
K. Brant D. Eaton S Klein C. Sheen Total % uncollectible Account No. 1 2 3 4 5 6 7 $800 Debit 500 300 5 550 At the beginning of the period, ABC had balances in Accounts Receivable of $100,000 and in Allowance for Doubtful Accounts of $56 (credit). Prepare a journal entry to record the above estimate using the following Chart of Account. Chart of Account 200 200 2,050 500 2% Description Cash $600 $200 150 Sales Revenue Credit 200 600 350 200 400 5% 10% 25% 50% Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Sales Return and Allowance Sales Discount Enter the Account No. and amount for the entry. 400 Amount 269
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Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were OMR500,000 debit and OMR5000 credit balances respectively at December 31, and the uncollectible accounts are estimated to be 5% of accounts receivable. Find out the ending balance of ADFA from the above given information . a . None of the given options b . OMR 30000 C. OMR 25000 d . OMR 20000
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