Income Statement Find the errors.... part 1 of 2Not GAAP Followers, Inc prepared the following income statement for the year 2020.Calculate the correct Net Income and type in the text box below.Not GAAP Followers, IncIncome Statementas of December 31, 2020RevenueUnearned Revenue2$20Accounts Receivable10Consulting Revenue100Total Revenue130ExpensesAccounts Payable20Prepaid RentLoan Payable60Wages Expense30G Search or type URL☆*%& Income Statementas of December 31, 2020RevenueUnearned Revenue$420Accounts Receivable10Consulting Revenue100Total Revenue130ExpensesAccounts Payable20Prepaid RentLoan Payable60Wages Expense30Rent expense5Total Expenses120Net Income$10Search or type URL$%&

Net Income of the business is calculated by deducting total expenses from the total revenue in the…

Answered: Income Statement Find the errors....…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 4: Us the information below to answer the following questions AR, Net of allowance for uncollectable accounts of 16 and 17 Partial Income statement Revenue COGS Gross Profit SG&A Expense Bad Debt Expense Pre Tax Income Other information Write offs were $9 and $14 in years 1 and 2, respectively There was a recovery of $2 in year 2 Year 1 140 Year 1 1,120 680 440 (350) (12) 78 Year 2 168 Year 2 1,480 720 760 (375) (13) 372 Question 4, Part 1: What entries did the firm make to the allowance for uncollectable accounts in year 1?
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
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2020 2021 Costs Incurred in 3,000 6,000 The Year Estimated Costs 9,000 to Complete Billings During the Year 4,500 5,500 Cash Collections 3,500 6,000 Selling Price: $15,000 Calculate the revenue, cost of goods sold and gross profit to be recognized in each year. Calculate the ending balance in accounts receivable in each year. 2020 2021 Revenue Cost of Goods Sold Gross Profit Ending Accounts Receivable
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View Policies Show Attempt History Current Attempt in Progress Sarasota Limited had net sales in 2023 of $2.3 million. At December 31, 2023, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $236,900 debit; Allowance for Expected Credit Losses $2,300 credit. Assuming Sarasota has examined the aging of the accounts receivable and has determined the Allowance for Expected Credit Losses should have a balance of $29,700, prepare the December 31, 2023 journal entry to record the adjustment to Allowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation eTextbook and Media Debit Credit
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