Excel file if possible please. thanks The balance sheet items of The Original Malt Shop (arranged in alphabetical order) were as fol-lows at the close of business on September 30, 2001:PROBLEM 2.8Preparing Financial Statements:Effects of Business TransactionsLO 4, 5, 6Accounts Payable$ 8,500Land$55,000Accounts Receivable1,250Kay Martin, Capital54,090Building..45,500Notes PayableCash..7,400Supplies3,440Furniture and Fixtures20,000The transactions occurring during the first week of October were:Oct. 3Martin invested an additional $30,000 cash in the business. The accounts payablewere paid in full. (No payment was made on the notes payablc.)More furniture was purchased on account at a cost of $18,000, to be paid within 30days. Supplies were purchased for $1.000 cash from a restaurant supply center thatwas going out of business. These supplies would have cost $1.875 if purchased un-der normal circumstances.Oct. 6Oct. 1-6Revenues of $5.500 were earmed and paid in cash. Expenses required to eam therevenues of $4,000 were incurred and paid in cash.Instructionsa. Prepare a balance sheet at September 30, 2001. (You will need to compute the missing figurefor Notes Payable.)

(A) BALANCE SHEET AS ON SEPTEMBER 30,2001 Assets Amount Liabilities Amount Cash $7,400…

he balance sheet items of The Original Malt Sh yws at the close of business on September 30, 2 Accounts Payable $ 8,500 Accounts Receivable 1,250 ...... ....... Building...... . 45,500 ........ Cash. 7,400 .... Furniture and Fixtures 20,000

he balance sheet items of The Original Malt Sh yws at the close of business on September 30, 2 Accounts Payable $ 8,500 Accounts Receivable 1,250 ...... ....... Building...... . 45,500 ........ Cash. 7,400 .... Furniture and Fixtures 20,000

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 4SEA: FINANCIAL RATIOS Based on the financial statements foe Jackson Enterprises (income statement,...

See similar textbooks

Similar questions

Tantrum Company provided the following information in relation to accounts receivable at year-end: Days outstanding estimated amount %uncollectible www M 1% 1,200,000 900,000 0-60 61-120 2% 1,000,000 3,100,000\ During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was Over 120 6% P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?
[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow, At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash 32.958 50,500 24 26,794 2$ 31,320 $ Accounts receivable, net 89,900 62.100 Merchandise inventory Prepaid expenses Plant assets, net 111,000 84,000 53.000 3,662 199,580 8,629 8,221 227,082 213,846 Total assets $ 463,405 $ 399,487 $ 339,700 Liabillties and Equity Accounts payable $ 113,080 $ 66,163 $ 43,944 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings 73.572 162,500 59,684 90,044 162,500 85,378 162,500 102,447 80,780 Total liabilities and equity $ 463.405 $ 399,487 $ 339,700 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr 1 Yr Ago Sales $ 602.427 $ 475,390 $ 309,004 Cost of goods sold Other operating expenses $ 367,480 186.752 120,274 Interest expense…
The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…
[The following information applies to the questions displayed below. Simon Company's year-end balance sheets follow. At December 31 Assets 1 Yr Ago Current Yr 2 Yrs Ago Cash $ 26,794 $ 31,320 $ 62.100 32,958 Accounts receivable, net Merchandise inventory 89,900 50,500 111,000 8,629 84,000 53,000 Prepaid expenses Plant assets, net 3,662 199,580 8,221 227,082 213.846 Total assets $ 463,405 $ 399,487 $ 339,700 Liabilitles and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $ 113,080 $ 66,163 $ 43,944 85,378 90,044 162,500 80,780 73,572 162,500 102,447 162,500 59,684 Total liabilities and equity $ 463,405 $ 399,487 $ 339,700 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr 1 Yr Ago Sales $ 602,427 $ 475,390 Cost of goods sold Other operating expenses Interest expense Income tax expense $ 367,480 $ 309,004…
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
[The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Current Yr 1 Yr Ago 2 Yrs Ago Cash $ 26,794 $ 31,320 $ 62,100 84,000 32,958 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 89,900 111,000 50,500 53,000 3,662 199,580 8,629 8,221 213,846 227,082 Total assets $ 463,405 2$ 399,487 $ 339,700 Liabilities and Equity Accounts payable $ 113,080 $ 66,163 $ 43,944 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings 85,378 162,500 90,044 73,572 162,500 162,500 102,447 80,780 59,684 Total liabilities and equity $ 463,405 $ 399,487 $339,700 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Current Yr 1 Yr Ago Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses $ 602,427 $…
[The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,650 $ 35,827 $ 36,947 Accounts receivable, net 89,000 62,100 50,700 Merchandise inventory 113,500 84,000 58,000 Prepaid expenses 9,870 9,405 4,105 Plant assets, net 276,474 256,508 223,448 Total assets $ 519,494 $ 447,840 $ 373,200 Liabilities and Equity Accounts payable $ 129,354 $ 75,685 $ 49,262 Long-term notes payable 97,665 103,003 82,477 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 129,975 106,652 78,961 Total liabilities and equity $ 519,494 $ 447,840 $ 373,200 The company’s income statements for the current year and one year ago follow. Assume…
[The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,650 $ 35,827 $ 36,947 Accounts receivable, net 89,000 62,100 50,700 Merchandise inventory 113,500 84,000 58,000 Prepaid expenses 9,870 9,405 4,105 Plant assets, net 276,474 256,508 223,448 Total assets $ 519,494 $ 447,840 $ 373,200 Liabilities and Equity Accounts payable $ 129,354 $ 75,685 $ 49,262 Long-term notes payable 97,665 103,003 82,477 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 129,975 106,652 78,961 Total liabilities and equity $ 519,494 $ 447,840 $ 373,200 The company’s income statements for the current year and one year ago follow. Assume…
[The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,650 $ 35,827 $ 36,947 Accounts receivable, net 89,000 62,100 50,700 Merchandise inventory 113,500 84,000 58,000 Prepaid expenses 9,870 9,405 4,105 Plant assets, net 276,474 256,508 223,448 Total assets $ 519,494 $ 447,840 $ 373,200 Liabilities and Equity Accounts payable $ 129,354 $ 75,685 $ 49,262 Long-term notes payable 97,665 103,003 82,477 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 129,975 106,652 78,961 Total liabilities and equity $ 519,494 $ 447,840 $ 373,200 The company’s income statements for the current year and one year ago follow. Assume…
[The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 30,650 $ 35,827 $ 36,947 Accounts receivable, net 89,000 62,100 50,700 Merchandise inventory 113,500 84,000 58,000 Prepaid expenses 9,870 9,405 4,105 Plant assets, net 276,474 256,508 223,448 Total assets $ 519,494 $ 447,840 $ 373,200 Liabilities and Equity Accounts payable $ 129,354 $ 75,685 $ 49,262 Long-term notes payable 97,665 103,003 82,477 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 129,975 106,652 78,961 Total liabilities and equity $ 519,494 $ 447,840 $ 373,200 The company’s income statements for the current year and one year ago follow. Assume…
Please help
Accounting for Assets: Receivables Johnson company's financial year ended on December 31, 201o. All the transactions related to the company's uncollectible accounts are can be found below: Wrote of $44o account of Miller Company as uncollectible January 15 Re-establish the account of Louisa April 2nd Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible July 31 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible August 15 September 26 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible Estimated uncollectible accounts October 16 expense for the year to be 1.5% of net credit sales of $521,000 December 31 The accounts receivable account had a…