At the end of June 2024, Harbor View Consulting had the following account balances: Account Amount ($) Cash $32,500 Office Equipment $20,000 Furniture $18,500 Accounts Payable $15,000 By the end of the month, this company had recorded the following: Revenues: $72,000 Utilities Expense: $2,500 Phone Expense: $300 Salaries Expense: $6,200 Calculate the net income to be reported by the company at the end of this month. a. $72,000 b. $62,300 c. $63,000 d. $72,500

At the end of June 2024, Harbor View Consulting had the following account balances: Account Amount ($) Cash $32,500 Office Equipment $20,000 Furniture $18,500 Accounts Payable $15,000 By the end of the month, this company had recorded the following: Revenues: $72,000 Utilities Expense: $2,500 Phone Expense: $300 Salaries Expense: $6,200 Calculate the net income to be reported by the company at the end of this month. a. $72,000 b. $62,300 c. $63,000 d. $72,500

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Similar questions

The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…
The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
jitu
Celtics Company had the following data relating to its accounts receivable. Accounts Receivable, December 31, 2022 P1,300,000Credit sales for 2023 5,400,000Collections from customers during 2023, including recoveries 4,750,000Accounts written off on September 30, 2023 125,000Recoveries of accounts previously written off in prior years 25,000Estimated uncollectible receivables per aging, December 31, 2023 165,000 Question:20. How much is Celtics Company's net accounts receivable at December 31, 2023? A. P1,660,000B. P1,685,000C. P1,825,000D. P1,850,000
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
At January 1, 2024, Tarjee Inc. reported the following information on its statement of financial position: Accounts receivable $530,000 40,000 Allowance for expected credit losses ,40,000 During 2024, the company had the following summary transactions for receivables: Sales on account, $1,930,000; cost of goods sold, $1,061,500; return rate, 5% Selling price of goods returned, $76,000; cost of goods returned to inventory, $41,800 Collections of accounts receivable, $1,700,000 Write-offs of accounts receivable deemed uncollectible, $53,000 Collection of accounts previously written off as uncollectible, $12,000 After considering all of the above transactions, total estimated uncollectible accounts, $32,000 Prepare the journal entries to record each of the above summary transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account…
The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…
31.Black Pink Company had the following data relating to its accounts receivable.Accts. Receivable, Dec. 31, 2020 - P1,300,000Credit sales for 2021 - P5,400,000Collections from customers during 2021, excluding recoveries - P4,750,000Accounts written off on Sept. 30, 2021 - P95,000Recoveries of accounts previously written off in prior years - P20,000Est. uncollectible receivables per aging, Dec. 31, 2021 - P165,000How much is the amortized cost of Black Pink Company’s accounts receivable at December 31, 2021?
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…
Space Tech Inc. total annual sales in 2020 were $ 40,000,000 The year ending 12/31/20 account balance for Accounts Receivable (prior to any adjustments) is $ 9,500,000 The year ending 12/31/20 account balance for Allowance for Doubtful Accounts (prior to any adjustme nts) is $ 350,000 The C.F.O. (Chief Finandal Officer) has informe d the accounting departme nt that the year ending 12/31/20 All owance for Doubtful Accounts balance should be 2.5% of annual sales. Required: 1Prepare the necessary year-end adjusting journalentry necessary to reflect the balance expected by the C.F.O. 2 Calculate the Net Accounts Receivable balance (after adjustment).
Potaw Company reported the following data at the end of 2019: Sales revenue (80% on credit) Expenses (25% on credit) Accounts receivable, net at December 31, 2019 (a decrease of $12,500 during 2019) Total assets Stockholders' equity The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) Multiple Choice The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) O O O 17.67. 22.08. $470,000 77,000 12.81. 16,500 370,000 170,000 30.90.