Easy Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Easy Weight Loss are as follows: Accounts Payable $11,030 Accounts Receivable 26, 580 Accumulated Depreciation Equipment 33,200 Cash Common Stock 180,000 Equipment Land 95, 960 128,000 Prepaid Insurance Prepaid Rent Retained Earnings 0, 180 13,860 41,260 Salaries Payable 4, 300 Supplies 660 Unearned Fees 3, 200 Prepare a classified balance sheet that includes the correct balance for Cash.

Easy Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Easy Weight Loss are as follows: Accounts Payable $11,030 Accounts Receivable 26, 580 Accumulated Depreciation Equipment 33,200 Cash Common Stock 180,000 Equipment Land 95, 960 128,000 Prepaid Insurance Prepaid Rent Retained Earnings 0, 180 13,860 41,260 Salaries Payable 4, 300 Supplies 660 Unearned Fees 3, 200 Prepare a classified balance sheet that includes the correct balance for Cash.

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 company estimates future uncollectible accounts. The company determines $16,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $100,000; Allowance for Uncollectible Accounts = $3,000 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 0 to 60 days past due 61 to 120 days past due More than 120 days past due Total Amount Receivable $50,000 25,000 15,000 10,000 $100,000 Estimated Percent Uncollectible 5% 10% 20% 70% Required: 1. Estimate the amount of uncollectible receivables. 2. Record the adjusting entry for uncollectible accounts on December 31, 2024. 3. Calculate net accounts receivable reported in the balance sheet.
prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450
S Roth Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $72,000 of services on account. 2. Collected $43,000 cash from accounts receivable. 3. Paid $28,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $15,300 5,000 3,200 1,800 3,700 Required A Percent Likely to Be Uncollectible. 0.01 0.05 Required B Required C 0.10 0.30 0.50 Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Allowance Balance Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account…
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Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding cakes. At year end, Triple Tier's balance of Allowance for Uncollectible Accounts is $530 (credit before adjustment. The Accounts Receivable balance is $21,500, During the next year, Triple Tier estimates that 15% of accounts will be uncollectible. Record the adjustment required for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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