Help general account tutor Ellen's Bakery collects $3,500 of its account receivables. Theexpanded accounting equation changes include:A. Cash and Ellen, Capital increases, $3,500B. Cash and Revenue increases, $3,500C. Cash increases and Accounts Receivable decreases, $3,500D. Accounts Receivable decreases and Ellen, Capital increases,$3,500

The correct answer is:C. Cash increases and Accounts Receivable decreases, $3,500 ExplanationWhen…

Answered: Ellen's Bakery collects $3,500 of its…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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Can you please answer this with soution so I can undrstand the problems. thank you so much! this is intermediate accounting problems.
Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. $16,800 $19,500 $17,400 $17,900
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1. Recognized $84,000 of revenue on account. 2. Collected $78,000 cash from accounts receivable. 3. Wrote off uncollectible accounts of $1,300. 4. Recognized uncollectible accounts expense. Grover estimated that uncollectible accounts expense will be 2 percent of sales on account Required: a. Show the effect of each event on the elements of the financial statements, using a horizontal statements model like the one shown next. The first transaction is entered as an example. Note: Use + for increase,- for decrease, or +/-for increase and decrease. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells will require input. Event Number Assets 1. 2 3 4 • +- +/- • . . Balance Sheet Liabilities . • . + Horizontal Statements Model Stockholders Equity Revenue Income Statement Expense . Net Income Statement of Cash Flows
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Financial statements for Rundle Company follow. Assets Current assets. Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other RUNDLE COMPANY Balance Sheets As of December 31 Total noncurrent liabilities Total liabilities Stockholders' equity Preferred stock, (par value $10, 4% cumulative, non-participating; 7,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Year 4 $ 22,000 21,200 53,000 138,000 27,000 261,200 27,000 270,000 30,000 $588, 200 $ 31,800 133,800 21,000 186,600 100,000 27,000 127,000 313,600 70,000 70,000 134,600 274,600 $588,200 Year 3 $ 18,000 7,200 45,000 146,000…
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