Based on the following audited financial statements of Fast Truckers at the end of December 31, 200E: Using the accrual basis of accounting, how much is the net income? Trucking Service fees collected Trucking Service fees uncollected Expenses paid Expenses unpaid Non cash expenses P 32,000 18,000 27,000 2,000 1,000 180,000 Total assets Total liabilities 25,000 20,000 5,000 30,000 Time le

Based on the following audited financial statements of Fast Truckers at the end of December 31, 200E: Using the accrual basis of accounting, how much is the net income? Trucking Service fees collected Trucking Service fees uncollected Expenses paid Expenses unpaid Non cash expenses P 32,000 18,000 27,000 2,000 1,000 180,000 Total assets Total liabilities 25,000 20,000 5,000 30,000 Time le

Name: Based on the following audited financial statements of Fast Truckers
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Description: Based on the following audited financial statements of Fast Truckers at the end of December 31, 200E:Using the accrual basis of accounting, how much is the net income?Trucking Service fees collectedTrucking Service fees uncollectedExpenses paidExpen

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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The statement of financial position of Larkspur Inc. at December 31, 2022, includes the following: Notes receivable Accounts receivable Less: Allowance for expected credit losses Transactions in 2023 include the following: 2. 3. $380,000 4. 282,700 1. Accounts receivable of $144,500 were collected. Customer accounts of $40,400 were written off during the year. In December, an additional $16,200 was received in payment of an account that was written off early in 2023. At year end, Allowance for Expected Credit Losses was estimated to need a balance of $52,400. This estimate is based on an analysis of aged accounts receivable. (47,200) $615,500
The following account balances come from the records of Ourso Company: Beginning Balance $3,099 Ending Balance $3,860 Accounts receivable Allowance for doubtful accounts 127 175 During the accounting period, Ourso recorded $11,150 of sales revenue on account. The company also wrote off a $177 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
On December 31, 20X1, the company reported a debit balance of $200,000 in accounts receivable and a credit balance of $5,000 in the allowance for expected credit losses. December 31 is the company’s reporting date. During 20X2, the company had the following transactions: a. The company made a credit sale of $300,000. b. The company collected accounts receivable for 350,000. c. The company wrote off the uncollectible accounts for $12,000. d. The company collected the receivable of $4,000 that had been written off previously. Required Note: Show calculation: (1) Prepare journal entries to record the above four transactions. (2) Assume that 2% of the company’s accounts receivable cannot be collected, prepare the adjusting journal entry at the end of 20X2.
Here is information related to Ayayai Company for 2022. Total credit sales $2,571,000 Accounts receivable at December 31 830,000 Uncollectibles written off 32,300 (a) What amount of bad debt expense will Ayayai Company report if it uses the direct write-off method of accounting for uncollectibles?$__________ (b) Assume that Ayayai Company uses the percentage-of-receivables basis to record bad debt expenseand concludes that 6% of accounts receivable will become uncollectible. What amount of bad debt expense will Ayayai record if Allowance for Doubtful Accounts has a credit balance of $4,300?$__________ (c) Assume that Ayayai Company uses the percentage-of-receivables basis to record bad debt expenseand concludes that 6% of accounts receivable will become uncollectible. What amount of bad debt expense will Ayayai record if Allowance for Doubtful Accounts has a debit balance of $4,300?$__________
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