In 2020, an accountant for SafeCo inadvertently deleted data related to the financial statements. Thefollowing information was able to be retrievedAccount12/31/202012/31/2019Cash200,000.00250,000.00Accounts ReceivableProperty Plant and Equipment45,000.00?200,000.0090,000.00300,000.00GoodwillAccounts PayableLong Term Debt235,000.00200,000.00200,000.00300,000.00Common Stock30,000.00Retained Earnings200,000.0020,000.001) All balances were normal.2) No other accounts were presented.3) Dividends were issued during the period for 30,0004) After recording $30,000 in depreciation for the year, a $20,000 gain was noted when certainproperty was sold5) The Goodwill was acquired through issuance of Common StockPrepare a Statement of Cash Flows (using Indirect Method) for 2020.

Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…

In 2020, an accountant for SafeCo inadvertently deleted data related to the financial statements. The following information was able to be retrieved 12/31/2020 12/31/2019 250,000.00 Account Cash 200,000.00 45,000.00 200,000.00 90,000.00 Accounts Receivable ? Property Plant and Equipment 300,000.00 Goodwill Accounts Payable Long Term Debt ? 235,000.00 300,000.00 30,000.00 20,000.00 200,000.00 Common Stock Retained Earnings 200,000.00 200,000.00 1) All balances were normal. 2) No other accounts were presented. 3) Dividends were issued during the period for 30,000 4) After recording $30,000 in depreciation for the year, a $20,000 gain was noted when certain property was sold 5) The Goodwill was acquired through issuance of Common Stock Prepare a Statement of Cash Flows (using Indirect Method) for 2020.

In 2020, an accountant for SafeCo inadvertently deleted data related to the financial statements. The following information was able to be retrieved 12/31/2020 12/31/2019 250,000.00 Account Cash 200,000.00 45,000.00 200,000.00 90,000.00 Accounts Receivable ? Property Plant and Equipment 300,000.00 Goodwill Accounts Payable Long Term Debt ? 235,000.00 300,000.00 30,000.00 20,000.00 200,000.00 Common Stock Retained Earnings 200,000.00 200,000.00 1) All balances were normal. 2) No other accounts were presented. 3) Dividends were issued during the period for 30,000 4) After recording $30,000 in depreciation for the year, a $20,000 gain was noted when certain property was sold 5) The Goodwill was acquired through issuance of Common Stock Prepare a Statement of Cash Flows (using Indirect Method) for 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Subject: accounting
None
Do journal entries for all the transaction
please help...need help finding noncash assets
a) Prepare all journal entries to record the activity for the items above for 2020 b) Prepare any journal entries required at December 31, 2020 to record bad debt expense for the year
How much is the Doubtful accounts expense for 2019? A. 47,000 B. 62,000 C. 63,500 D. 65,000 What is the net amount of Accounts Receivables to be presented in the audited financial statements? A. 873,000 B. 886,500 C. 900,000 D. 1,000,000
Hi, Please with question, thank you.
A company’s draft financial statements for 2021 showed a profit of $630,000. However, the trial balance did not agree, and a suspense account appeared in the company’s financial statements.Subsequent checking revealed the following errors:1 The cost of an item of plant $48,000 had been entered in the cash book and in the plant account as $4,800.2 Bank charges of $440 appeared in the bank statement in December 2021 but had not been entered in the company’s records.3 One of the directors paid $800 due to a supplier in the company’s payables ledger by a personal cheque. The bookkeeper recorded a debit in the supplier’s ledger account but did not complete the double entry for the transaction.4 The payments side of the cash book had been understated by $10,000. Which of the above items would require an entry to the suspense account in correcting them? What would the company’s profit become after the correction of the above errors?
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
On January 31, 2020, Allison company wrote off and uncollectible accounts of $8500. The company uses the allowance method for bad debts. The write off would cause total current assets to be? A decreased by $8,500, Increased by $8500 increase by $17,000 or will it remain the same amount?
The following errors were discovered in the course of examination of the Kamuning Company's financial records: *Year 2020 wages payable for P34,000 was not recorded. *Accrued vacation pay for the year 2020 for P62,500 was not recorded because the bookkeeper "never learned that you had to do it". *Insurance for a 12-month period purchased on November 1, 2020 was charged to expense in the amount of P37,200 because "the amount of the check is about the same every year". What is the net effect of the above errors on the January 1, 2021 accumulated profits? A P127,500 over B P59,300 over P65,500 over P96,500 over
XYZ Ltd. has an accounts receivable balance of $200,000 at the end of 2024. The company estimates that 5% of its receivables will be uncollectible. Calculate the bad debt expense for the year and prepare the journal entry to record this expense. Additionally, discuss the impact of recognizing bad debts on the financial statements and the importance of maintaining an adequate allowance for doubtful accounts.