$ 6,000The adjusted account balances of Diana Ltd. at October 31, 2031, are as follows:Accounts receivableAccounts payable $ 11,000Notes receivable ……………………………………..6,000Unearned revenue.............2,300Merchandise inventory............17,600Notes payable56,800Equipment74,000Accumulated depreciation-Depreciation expense.22,900equipment.........9,200J. Diana, drawings......16,000Sales .........62,500Utilities expense2,200Rent revenue.10,000Sales discounts.......3,300J. Diana, capital .................18,000Cost of goods sold.20,000Sales returns and allowances...1,800$169,800$169,800Required:a) Prepare a multi-step income statement for the year ended October 31, 2031.b) Prepare closing entries for October 31, 2031.

INCOME STATEMENTAn income statement is a financial statement that provides a summary of a company's…

Answered: $ 6,000 The adjusted account balances…

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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Moon Corporation JULY 31, 2011Balance sheet July 31, 2011 AssetsLiabilities & Owners’ Equity Cash . . . . . . . . . . . . . . . . $ 18,000Liabilities: Accounts Receivable . . . 26,000Notes Payable Land . . . . . . . . . . . . . . . . 37,200(due in 60 days). . . . . . . . . . . . . $ 12,400 Building. . . . . . . . . . . . . . 38,000Accounts Payable . . . . . . . . . . . . . 9,600 Office Equipment . . . . . . 1,200Total liabilities . . . . . . . . . . . . . . $ 22,000 Stockholders’ equity: Capital Stock . . . . . . . . . $60,000 Retained Earnings. . . . . 38,400 98,400 Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400 STAR CORPORATIONBALANCE SHEET Star Corporation JULY 31, 20112011Balance sheet July 31, 2011 Assets Liabilities & Owners’ Equity Cash . . . . . . . . . . . . . . . . $ 4,800Liabilities: Accounts Receivable . . . 9,600Notes Payable Land . . . . . . . . . . . . . . . . 96,000(due in 60 days). . . . . . . .…
On January 1, 2021, the general ledger of Big Bles: Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23, 308 48, e0e Accounts Receivable Allowance for Uncollectible Accounts $ 4, 580 37, eee Inventory Land 72,100 Accounts Payable Notes Payable (6%, duc in 3 years) 28,98e 37,eee 63,0ee 39,8ee Comnon Stock Retained Earnings Totals $172,400 $172, 400 The $37,000 beginning belance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,680 units for $168,89e on account ($185 cach). January 8 Purchase 1,78e units for $187, e0e on account ($110 each). January 12 Purchase 1,88e units for $207, B00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788, eee. The cost of the units sold is deternined using a FIFO perpetual inventory syston. January 22 Receive $753, eee…
pls. provide complete solution / explanation.
Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $171,400 $179,000 $186,000 Sales on account 1,068,720 1,003,750 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days b. The collection of accounts receivable has . This can be seen in both the in accounts receivable turnover and the in the collection period.
westigate Paragraph S a. Accounts receivable turnover b. Number of days' sales in receivables Accounts receivable, end of year Sales on account EX.17-09.ALGO - Accounts Receivable Analysis The following data are taken from the financial statements of Sigmon Inc. 1. Accounts receivable turnover F5 2. Number of days' sales in receivables 2013 F6 W6-Financial Ratio Analysis - Exercise #1.docx Q Search 20Y2 $182,600 $197,000 1,043,900 1,001,560 For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y3 F7 20 8 18.3 F8 I Styles days F9 20Y1 $211,800 Days prt sc F10 20Y2 DALL home F11 W Days end F12 insert
At December 1, 2021, Vaughn Company's accounts receivable balance was $1860. During December, Vaughn had credit revenues on account of $7080 and collected accounts receivable of $6070. At December 31, 2021, the accounts receivable balance is $850 credit. Ⓒ $850 debit Ⓒ $2870 debit. O $2870 credit.
Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,0009. Uncollectible account expense for 2018 is $1,615. What is the adjusted balance in theAllowance account at year-end for 2018?a. $650b. $2,515c. $1,615d. $900
Its. Problem 5 ACCOUNTS RECEIVABLE. The Rivers Company reports the following data relative to accounts receivable: teme 20X2 20X1 Average accounts receivable $ 400,000 S 416,000 Net credit sales $2,600,000 $3.100,000 The terms of sale are net 30 days. Requirement: Compute the accounts receivable turnover and the collection period. Assume a 365-day year. is, an
A company reports the following: Line Item Description Amount Sales $1,069,085 Average accounts receivable (net) 105,850 Determine (a) the accounts receivable turnover and (b) the days’ sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year.
Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $157,200 $164,000 $171,800 Sales on account 883,300 789,130 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover 2. Number of days' sales in receivables days days This can be seen in both the in accounts receivable b. The collection of accounts receivable has turnover and the in the collection period.
ABC Company's accounting records reported the followingaccount balances as of December 31, 2028:Inventory ................... $59,000Trademark ................... $16,000Interest revenue ............ $21,000Accounts receivable ......... $44,000Cost of goods sold .......... $30,000Utilities expense ........... $29,000Salaries payable ............ $14,000Accumulated depreciation .... $37,000Land ........................ ?Dividends ................... $ 9,000Notes payable ............... $48,000Common stock ................ ?Rental revenue .............. $35,000Supplies .................... $23,000Income tax expense .......... $18,000Retained earnings ........... $57,000 (at Jan. 1, 2028)Sales revenue ............... $99,000Equipment ................... $74,000Copyright ................... $38,000Accounts payable ............ $41,000Salaries expense ............ $27,000Cash ........................ $19,000Additional information:The total equity at December 31, 2028 was $196,000.Calculate…
The following data are taken from the financial statements of Sigmon Inc. Accounts receivable, end of year Sales on account 20Y2 $182,600 $197,000 1,043,900 1,001,560 20Y3 1. Accounts receivable turnover For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y2 2. Number of days' sales in receivables 20Y1 20Y3 $211,800 Days Days

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