ASSIMILATION ☆ ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable Merchandise Inventory Prepaid Expenses Furniture Acc. Dep. -Fumiture Transportation Equipment P Acc. Dep.- Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital TOTAL Assets Debit 123,153 10,000 659,340 132.200 774,307 3.200 900,000 1,400,000 Credit 15,000 45,000 140,000 960,300 234,000 4,000 2.600 1,300 2,600,000 P 4,002,200 P 4,002,200 Requirement 1: Compute the accounting equation for the above post-closing trial balance of Pinklane Company as of Dec. 31, 2016. Liabilities Equity

ASSIMILATION ☆ ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable Merchandise Inventory Prepaid Expenses Furniture Acc. Dep. -Fumiture Transportation Equipment P Acc. Dep.- Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital TOTAL Assets Debit 123,153 10,000 659,340 132.200 774,307 3.200 900,000 1,400,000 Credit 15,000 45,000 140,000 960,300 234,000 4,000 2.600 1,300 2,600,000 P 4,002,200 P 4,002,200 Requirement 1: Compute the accounting equation for the above post-closing trial balance of Pinklane Company as of Dec. 31, 2016. Liabilities Equity

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 2.4C

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based on that solution just want to ask how find gross profit and net profit？
ASSIMILATION · ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable Merchandise Inventory Prepaid Expenses Furniture Acc. Dep. - Furniture Transportation Equipment Acc. Dep.- Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital TOTAL Debit 123,153 10,000 659,340 132.200 774,307 3,200 900,000 1,400,000 4,002,200 P Requirement 2: Prepare Statement of Financial Position as of Dec. 31, 2016. A Account Form B. Report Form Credit 15,000 45,000 140,000 960,300 234,000 4,000 2.600 1,300 2,600,000 4,002,200
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1 of 2 On December 21 2017. Wildhorse Co. purchased $730,000 of commercial paper from Voight, Inc. The commerc paper matures January 14, 2018. Currency and coin on hand amounted to $10,446, A money market fund account held at Rogers, Inc. (a mutual fund organization) permits Wildhorse Co. to write chee on the full account balance, which was $930,000 at December 31, 2017. Wildhorse Co. has agreed to maintain a cash balance of $200,000 at all times at First National Bank of Alexander to ensure future credit availability. The balance in Wildhorse Co's petty cash fund is $400. During December 2017, Wildhorse Co. made travel advances to employees totaling $30,000 for executive travel that 9. 10. will occur during the first quarter of 2018. The employees will not reimburse the company for the advance, but are required to spend the funds on company-related travel and to submit receipts. The company received an LO.U. trom Stiller LLP, a company customer, on December 12. 2017. in the amount of…
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Question 3 of 8 > -/2 View Policies Current Attempt in Progress What is the journal entry to record an uncollectible accounts receivable? Bad Debt Expense XXX Allowance for Doubtful Accounts XXX Bad Debt Expenses XXX Accounts Receivable XXX Accounts Receivable XXX Allowance for Doubtful Accounts XXX Allowance for Doubtful Accounts XXX Accounts Receivable XXX Save for Later Attempts: 0 of 1 used Submit Ans