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.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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Roth Service Company experienced the following transactions for Year 1, its first year of operations: Provided $72,000 of services on account. Collected $41,000 cash from accounts receivable. Paid $28,000 of salaries expense for the year. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $16, 800 0.01 0 to 30 5,900 0.05 31 to 60 3,400 0.10 61 to 90 1, 100 0.30 Over 90 days 3,800 0.50 Required Organize the transaction data in accounts under an accounting equation. Prepare an income statement for Roth Service Company for Year 1. What is the net realizable value of the accounts receivable at December 31, Year 1?
Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y1: Days Past Due Balance Not Past Due 1-30 31-60 61-90 91-120 over 120 798,100 443,000 191,500 87,800 29,500 26,300 20,000 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance Arcade Beauty May 28, 20Y1 $3,200 Creative Images Sept. 7, 20Y1 6,700 Excel Hair Products Oct. 17, 20Y1 900 First Class Hair Care Oct. 24, 20Y1 2,200 Golden Images Nov. 23, 20Y1 700 Oh The Hair Nov. 29, 20Y1 3,900 One Stop Hair Designs Dec. 2, 20Y1 2,500 Visions Hair and Nail Jan. 5, 20Y2 8,200 Wig Creations has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible Not…
Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y1: Days Past Due Balance Not Past Due 1-30 31-60 61-90 91-120 over 120 798,100 443,000 191,500 87,800 29,500 26,300 20,000 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance Arcade Beauty May 28, 20Y1 $3,200 Creative Images Sept. 7, 20Y1 6,700 Excel Hair Products Oct. 17, 20Y1 900 First Class Hair Care Oct. 24, 20Y1 2,200 Golden Images Nov. 23, 20Y1 700 Oh The Hair Nov. 29, 20Y1 3,900 One Stop Hair Designs Dec. 2, 20Y1 2,500 Visions Hair and Nail Jan. 5, 20Y2 8,200 Wig Creations has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible Not…
Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460
Help with T-accounts? Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31. The accounts kept by Cascade include the following: Account Number Title Balance on June 1 101 Cash $67,600 211 Employee Federal Income Tax Payable 3,560 212 Social Security Tax Payable 5,119 213 Medicare Tax Payable 1,195 218 Savings Bond Deductions Payable 1,275 221 FUTA Tax Payable 568 222 SUTA Tax Payable 3,834 511 Wages and Salaries Expense 0 530 Payroll Taxes Expense 0 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $9,874 covering the following May taxes: Social Security tax $5,119 Medicare tax 1,195 Employee federal income tax withheld 3,560 Total $9,874 30 June payroll: Total wages and salaries expense $46,000 Less amounts withheld: Social Security tax $2,852…
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The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $110,000; Allowance for Uncollectible Accounts = $4,000 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $ 60,000 4% 0 – 60 days past due 26,000 20% 61–120 days past due 16,000 30% More than 120 days past due 8,000 85% Total $110,000 Required: 1. Estimate the amount of uncollectible receivables. 2. Record the adjustment for uncollectible accounts on December 31, 2021. 3. Calculate net accounts receivable.
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Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y7: Not Days Past Due Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 ABC Beauty 20,100 20,100 Angel Wigs 7,800 7,800 Zodiac Beauty 4,300 4,300 Subtotals 1,325,700 746,000 298,800 129,500 43,700 22,700 85,000 The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year. Customer Due Date Balance Arcade Beauty Aug. 17 $5,300 Creative Images Oct. 30 4,600 Excel Hair Products July 3 8,300 First Class Hair Care Sept. 8 6,600…
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