How much is owner’s equity at year-en
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You are given the following account balances as at year-end:
- Accounts Payable: ₱39,000
Accounts Receivable : ₱36,000- Accrued Interest Expense: ₱3,000
Accumulated Depreciation – Furniture and Equipment: ₱13,750- Allowance for Doubtful Accounts: ₱1,800
- Cash: ₱132,357
- Furniture and Equipment: ₱44,000
- Merchandise Inventory: ₱23,608
- Notes Payable: ₱80,000
- Prepaid Expenses: ₱60,000
- Unearned Sales Revenue: ₱30,138
How much is owner’s equity at year-end?
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- Bricker Corp. estimates the allowance for uncollectible accounts at 3% of the ending balance of gross accounts receivable. During 2024, Bricker's credit sales and collections were $106,000 and $147,000, respectively. What was the balance of gross accounts receivable on January 1, 2024, if $90 in accounts receivable were written off during 2024 and if the allowance account had a balance of $630 on December 31, 2024?Teeter Company began 2022 with accounts receivable of $400,000 and an allowance for uncollectible accounts of $26,000 (credit balance). Bad debt expense for the year was $39,000 and the ending balance in the allowance for uncollectible accounts account was $12,000. What was the amount of accounts receivable written off during the year? A. $53,000 B. $414,000 C. $14,000 D. $453,000Zyrah Co. has the following data relating to its accounts receivable durig the current year: Categories No. of Days Balance %collectible 0-30 days ₱500,000 98% 31-60 days 600,000 97% 61-90 days 750,000 95% Over 91 days 400,000 (₱100,000 definitely uncollectible, balance is 90% collectible) The beginning balance of the allowance for doubtful accounts is ₱40,000. During the year, Zyrah write off ₱23,000 receivables and recovered ₱12,000 of accounts previously written off in prior years. Based on the above data, answer the following: 1. How much is doubtful accounts expense during the current year? a. ₱166,500 c. 123,000 b. ₱95,500 d. 111,000 2. How much is the net realizable value of the accounts receivable at the end of the current year? a. ₱2,054,500 c. ₱1,983,500 b. ₱2,150,000 d. ₱2,027,000
- The following accounts and their balances appear in an unadjusted trial balance of Jhet Co. as of December 31, 2021: Cash and cash equivalents -₱400,000; Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000; Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. At December 31, 2021, goods costing ₱125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. D. Trade and other payables include dividends payable amounting to ₱170,000, of which ₱70,000 is payable in cash and ₱100,000 is distributable…Harlan Company uses the Allowance method for accounting for receivables. They had the following information as of December 31, 2022: Net Credit Sales, year 2022 6,867,750 Accounts Receivable, December 31, 2021 655,000 Accounts Receivable, December 31, 2022 745,000 Allowance for Doubtful Accounts, December 31, 2022 4,350 Credit Harlan Company estimates that 2% of the Accounts Receivable will become uncollectible. What are some things that a company can do to improve the collection of its Accounts Receivable? On January 7, 2023 it was determined that Bundy Company’s account in the amount of $3,800 will be uncollectible. Prepare the entry to write off the Bundy Company account. What is the Cash Realizable Value of the receivables after the write-off of the Bundy Company account?Carter & Evans reported the following rounded amounts (in millions): 2019 $ 5,435 (305) $ 5,130 $ 40,500 2018 $ 5,140 (310) $ 4,830 $ 39,000 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 9.5?
- 21. During 2019, Company A had net credit sales of Php 600,000. Its Accounts Receivable and Allowance for Doubtful Accounts as of December 31, 2019 before adjustment are Php 100,000 and Php 2,000, respectively. The age of the receivables are as follow: Php 40,000: 0-60 days old; Php 60,000: over 60 days old. If the company uses Aging of Receivables, what should be the amount of Doubtful Accounts Expense to recognize if an allowance of 2% is granted to 0-60 days old receivables and 10% to over 60 days old receivables?Alpha Gym allows services to be on account to loyal customers. The unadjusted Accounts Receivable at the end of the year amounts to ₱120,000 and unadjusted Allowance for doubtful accounts amounts to ₱ 5,000. Service revenue for the year amounted to ₱ 1,250,000. If Alpha Gym estimates 2% of revenue as bad debts, what is the net realizable value of the receivables which should be presented in the statement of financial position?During the year, credit sales amounted to $800,000. Cash collected on credit sales amounted to $760,000, and $18,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 2.5%. The ending balance of Accounts Receivable would be:
- Accounts Receivable Free Company gathered the following information from its accounting records for the year ended December 31, 2019: • Net Credit Sales for the year - P680,000 • Accounts Receivable at December 31 - 92,000 • Allowance for doubtful accounts at December 31 - 1,850(8 Problems 1) On January 1, 2021, Cali Consulting has a $110,000 balance in accounts receivable and a $0 balance in the Allowance for Uncollectible Accounts. During 2021, Cali provides $205,000 of service on account. The company collected $190,000 cash from Accounts Receivable. Uncollectible accounts are estimated to be 3% of sales on account. a. What is the amount of uncollectible accounts expense recognized in 2021? b. What is the amount of cash flows from Operating activities that would appear on the 2021 Cash Flow statement? Show the impact (with amounts) of each of the following items on the horizontal C. Oquation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. 3. Study guide - Chapter 5 (with solutions).docx O A 69°F P. f5 f12 6J prt sc I14 &At year-end but before adjustments, the company’s Accounts Receivable and Allowance for Bad Debts balances are ₱98,279 and ₱6,000, respectively. The company maintains 8% of its accounts receivable as possibly uncollectible. How much is the net realizable of accounts receivable, after adjustments?
