What are total assets? Banksy Enterprises reports the following informationon December 31, 2023:AccountAmountCash$28,000Accounts receivable$120,000Accounts payable$72,000Accrued wages payable $9,000Unearned revenue$4,000Paid-in capital$60,000Retained earnings$95,000Inventory$40,000Equipment (net)Prepaid rentWhat are total assets at December 31, 2023?$6,500$15,000

Step 1: Definitions Concept of Assets:Assets are economic resources owned or controlled by a…

Answered: Banksy Enterprises reports the…

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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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…
Skysong Corporation had the following 2025 Income statement. Revenues $103,000 Expenses Net income In 2025, Skysong had the following activity in selected accounts. Accounts Receivable 21,000 Revenues 103,000 Write-offs Collections 1/1/25 66,000 $37,000 12/31/25 29.100 Allowance for Doubtful Accounts 1/1/25 Write-offs 900 Bad debt expense 12/31/25 (a) 900 94,000 1,300 1,700 2,100 Prepare Skysong's cash flows from operating activities section of the statement of cash flows using the din SKYSONG CORPORATION Statement of Cash Flows-Direct Method (Partial)
Sheridan Corporation had the following 2020 income statement. Revenues $95,000Expenses 63,000 $32,000 In 2020, Sheridan had the following activity in selected accounts. Accounts Receivable1/1/20 20,000Revenues 95,00012/31/20 22,100 Write-offs 900Collections 92,000 Allowance for Doubtful AccountsWrite-offs 900 1/1/20 1,200Bad debt expense 1,90012/31/20 2,200 (a) Prepare Sheridan’s cash flows from the operating activities section of the statement of cash flows using the direct method. Sheridan CorporationStatement of Cash Flows-Direct Method (Partial) $ $ (b) Prepare Sheridan’s cash flows from the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Sheridan CorporationStatement of…
Culver Corporation had the following 2020 income statement. Revenues $94,000 Expenses 60,000 $34,000 In 2020, Culver had the following activity in selected accounts. Accounts Receivable 1/1/20 20,000 Write-offs A¹ Revenues 94,000 Collections 83,000 12/31/20 29.900 Allowance for Doubtful Accounts Write-offs 1.100 1/1/20 Bad debt expense 1.100 12/31/20 1.000 1,600 1.500
Calculate the current liabilities general accounting question
Accounts Payable$ 46,000 Accounts Receivable23, 800Cash (balance on January 1, 2021)90, 400Cash ( balance on December 31, 2021)78,000Common Stock152, 500 Dividends0Equipment137, 700Income Tax Expense10, 200Interest Expense 29, 600Inventory 17, 300Notes Payable25,000Office Expense 14, 400Prepaid Rent7, 100 Retained Earnings (beginning)6, 800Salaries and Wages Expense35, 800Service Revenue139,800 Utilities Expense25, 200Salaries and Wages Payable9, 000 Other cash flow information: Cash from issuing common stock$ 22,000Cash paid to reacquire common stock24, 500Cash paid for income taxes11, 100Cash paid to purchase long-term assets53, 400Cash paid to suppliers and employees84, 400Cash received from customers139,000 Prepare a statement of retained earnings for 2021.
An entity provided the following information for the current year: Accounts receivable – January 1 P2,000,000 Credit sales 10,000,000 Collection from customers, excluding recovery of accounts written off 8,000,000 Accounts written off as worthless 100,000 Sales return 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on December 31 150,000 Estimated uncollectible accounts on December 31 per aging 300,000 What is the “amortized cost” of accounts receivable on December 31?
Income Statement for December 31, 2019 Sales $4,000,000 Operating costs 3,200,000 EBIT $ 800,000 Interest 120,000 Pre-tax earnings $ 680,000 Taxes (25%) 170,000 Net income 510,000 Dividends $ 190,000 Balance Sheet as of December 31, 2019 Cash $ 160,000 Accounts payable $ 360,000 Receivables 360,000 Line of credit 0 Inventories 720,000 Accruals 200,000 Total CA $1,240,000 Total CL $ 560,000 Fixed assets 4,000,000 Long-term bonds 1,000,000 Total Assets $5,240,000 Common stock 1,100,000 RE 2,580,000 Total L&E $5,240,000 Suppose that in 2020 sales increase to $4.4 million and that 2020 dividends will increase to $218,000. Forecast the financial statements using the forecasted financial statement method. Assume the firm operated at full capacity in 2019. The long-term bonds have an interest rate of 11%. New financing will be with a line of credit. Assume it will be added at the end of the year. Cash does not…
Please provide this question solution general accounting
Newark Company has provided the following information:Cash sales, $600,000Credit sales, $1,500,000Selling and administrative expenses, $480,000Sales returns and allowances, $105,000Gross profit, $1,510,000Increase in accounts receivable, $70,000Bad debt expense, $48,000Sales discounts, $58,000Net income, $1,030,000How much are Newark's net sales?how would i find net sales without revenue? I think it what I am trying to find
WOODPECKER CORP. reported profit of P800,000 in 2018 under cash basis. The following items are relevant in converting the cash basis profit into accrual basis. Inventory, January 1 P1,000,000 Inventory, December 31 600,000 Receivables, January 1 300,000 Receivables, December 31 900,000 Payables increased by 500,000 How much is the profit under accrual basis of accounting? A. P500,000 B. P600,000 C. P700,000 D. P400,000
The following data concern Tech Corporation for the 2022 financial year. Credit sales during the year $2 400 000 Accounts receivable 30 June 2022 410 000 Allowance for bad debts 30 June 2022 55 000 Bad debt expense for the year 70 000 What amount will Tech Corporation show on its year-end balance sheet for the net realisable value of its accounts receivable? a. 410 000 b. $285 000 c. $340 000 d. $ 355 000

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