Adjusted Trial BalanceDebitCreditCash$25,000Accounts Receivable13,900Prepaid Insurance5,200Land13,500Accounts Payable$12,400Salaries Payable1,500Common Stock35,000Retained Earnings10,200Dividends5,000Service Revenue54,900Insurance Expense7,600Salaries Expense39,000Miscellaneous Expense4,800$114,000$114,000 E. Prepare a post-closing trial balance. If an amount box does not require an entry field, leave it blank.Company TPost-Closing Trial BalanceDecember 31, 2020DebitCredit

Post-closing trial balances are prepared after all the closing entries, in which all the temporary…

Answered: Adjusted Trial Balance Debit Credit…

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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Simons Industries reported net income of $69,000 for the current year. The balances and activity in its accounts receivable accounts follow. In addition, the company recorded $3,400 of bad debt expense and wrote off $2,500 of uncollectible accounts. E (Click the icon to view the balances and activity in accounts receivable accounts.) Prepare the operating section of the cash flow statement under the indirect method. (Use a minus sign or parentheses for any amounts to be subtracted. If an input field is not used in the statement, leave the field empty; do not select a label or enter a zero.) Simons Industries Partial Statement of Cash Flows (Indirect Method) Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Cash Provided (Used) by Operating Activities
1
Subject: acounting
Using the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it. Write- off Method cash 15,000 accounts receivable 40,000 less: allowance for doubtful accounts 6,000 36,000 inventory 15,000 total current assets 66,000 before write off after Write off Accounts receivable 50,000 49,000 allowance for DA 3,000 2,0000 cash Realizable value 47,000 47,000
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
Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: • Sales are budgeted at $305,000 for November, $325,000 for December, and $225,000 for January. • Collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 80% of sales. • The company desires to have an ending merchandise inventory at the end of each month equal to 70% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. • Other monthly expenses to be paid in cash are $22,600. Monthly depreciation is $28,500. . Ignore taxes. Assets Cash: Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash…
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1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00
The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
Account Title Beginning Balance Ending Balance Accounts receivable $28,600 $40,500 Allowance for doubtful accounts 1,760 2,160 Notes receivable 47,200 47,200 Interest receivable 930 4,234 The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest? Please explain how you find the cash received for interest
how do you do the IF formula?

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