Solve this problem Gerdes Psychological Services, Inc., closes its temporary accounts once eachyear on December 31. The company recently issued the following incomestatement as part of its annual report:GERDES PSYCHOLOGICAL SERVICES, INC.Income StatementFor the Year Ended December 31, 2015Revenue:Counseling revenue$225,000Expenses:Advertising expense$1,800Salaries expense94,000Office supplies expense1,200Utilities expense850Malpractice insurance expense6,000Office rent expense24,000Continuing education expense2,650Depreciation expense: fixtures4,500Miscellaneous expense6,000Income taxes expense29,400 170,400Net income$ 54,600The firm's statement of retained earnings indicates that a $6,000 cash dividendwas declared and paid during 2015.a. Prepare the necessary closing entries on December 31, 2015.Questions:Solve by factoring.1.3m2+7m-10=02.25x2-10x-483.f(x) = x2 +11x 102/x2-8x+12

Gerdes Psychological Services, Inc. is a company that closes its temporary accounts once a year on…

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College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 2PA

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At the end of its first year of operations, a company establishes an allowance for future uncollectible accounts for $5,600. At what amount would bad debt expense be reported in the current year's income statement? Multiple Choice O $6,400. $5,600. $4,800. $800.
At the end of the first year of operations, mayberry advertising had accounts receivable of $21100. Management of the company estimates that 8% of the accounts will not be collected What adjutment would mayberry advertising record to established allowance for uncollectible accounts Do the journal entry worksheet
At December 31, 2021, Wonder of the World Travel has an Accounts Receivable balance of $89,000. Allowance for Uncollectible Accounts has a credit balance of $830 before the year-end adjustment. Service revenue (all on account) for 2021 was $700,000. Wonder of the World estimates that its uncollectible-account expense for the year is 2% of service revenue. Read the requirement. Make the year-end entry to record uncollectible-account expense. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Dec 31 Journal Entry Accounts Debit Credit Show how Accounts Receivable and the Allowance for Uncollectible Accounts are reported on the balance sheet at December 31, 2021. BALANCE SHEET (Partial) Current assets: Less:
Indigo Corporation had record sales in 2023. It began 2023 with an Accounts Receivable balance of $613,500 and an Allowance for Expected Credit Losses of $40,400. Indigo recognized credit sales during the year of $8,020,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize the loss on impairment. Also during the year, the company wrote off $42,400 of accounts that were deemed to be uncollectible, although one customer whose $4,800 account had been written off surprised management by paying the amount in full in late September. Including this surprise receipt, $7,882,200 in cash was collected on account in 2023. To assess the reasonableness of the allowance for expected credit losses, the controller prepared the following aged listing of the receivables at December 31, 2023: Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days (b) Amount $378,500…
At the end of the first year of operations mayberry advertising had account receivable of $21100. Management of the company estimates that 8% of the accounts will not be collected What adjustment would mayberry advertising record to establish allowance for accounts? Record the adjusting for allowance for uncollectibl accounts
At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $15,000. By the end of the year, write-offs of bad debts total $17,000. Determine the financial statement effects of the write-offs of $17,000 and compute the ending balance of Allowance for Uncollectible Accounts. Complete this question by entering your answers in the tabs below. Financial Ending Statem... Balance Determine the financial statement effects of the write-offs of $17,000. Note: Amounts to be deducted should be indicated by a minus sign. Balance Sheet Assets Accounts Receivable Allowance for Uncollectible Accounts $ 17,000 $ (17,000) Liabilities Stockholders' Equity Common Stock Retained Earnings Income Statement Expenses 11 Net Income
Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Is
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end adjustment. The balance of Accounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 30 F3 888 F7 F9 F10 # 2$ % & 3 4 6 7 8 9. E R Y P { F K L < ? C V alt command option + || .. .. | H
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end adjustment. The balance of ACcounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 吕0 F3 888 4 F5 F6 F7 FB # 2$ & * 4 5 7 9 E R Y U P S F G J K C V alt mand command option *3
Customer Refunds and Allowances Assume the following data for Lusk Inc. before its year-end adjustments: Sales for the year $3,600,000 Estimated percent of refunds for the year 0.8% Journalize the adjusting entry for customer refunds and allowances. If an amount box does not require an entry, leave it blank. 88 Sales v Customer Refunds Payable v Feedback Check My Work Sales are reduced by the estimated amount of customer refunds and allowances which are calculated based upon a percentage of sales. 5:59 PM A 10/20/2020
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,600 (debit) before any year-end adjustment. The balance of Accounts Receivable is $176,000. The company estimates that 6% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
As Perry Materials Supply was preparing for the year-end close, their balances were as follows: Accounts Receivable - $146000 (dr) Allowance for uncollectible accounts - $6200 (dr) Uncollected Account Expense - $0 Perry Materials uses the aging method and has completed the following analysis of the accounts receivable: Customer 1-30 Days 31-60 Days 61-90 Days Over 90 Days Total Balance Johnson $4,600 $3,200 $7,800 Hot Pots, Inc. 800 1,000 1,800 Potter 40,000 550 40,550 Harrison 3,600 900 4,500 Marx 2,000 50 2,050 Younger 65,000 65,000 Merry Maids 5,900 5,900 Acher 12,000 6,400 18,400 Totals $127,500 $13,750 $3,700 $1,050 $146,000 Uncollectible percentage 2% 10% 20% 40% Estimated uncollectible amount $2,550 $1,375 $740 $420 $5,085 Required: How much will the…

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