ch of the following is not considered a current liability?a. Accounts Payableb. Unearned Revenuec. the component of a twenty-year note payable due in year 20d. current portion of a noncurrent note payable4. The following is selected financial data from Block Industries:CashAccounts receivableEquipment$20,00013,40010,6505,000sasuadxa pieda12,300Accounts payableUnearned revenueLong-term notes payableCommon stockRevenueSales tax payableInterest expenseDepreciation expense7,50010,00011,7006,0004,5001,000How much does Block Industries have in current liabilities?

There are three types of main components of a firm's balance sheet: 1)Owner's equity, 2) Liabilities…

lowing is not considered a current liability? a. Accounts Payable b. Unearned Revenue c. the component of a twenty-year note payable due in year 20 d. current portion of a noncurrent note payable 4. The following is selected financial data from Block Industries: Cash Accounts receivable Equipment Prepaid expenses Accounts payable Unearned revenue Long-term notes payable Common stock Revenue Sales tax payable Interest expense Depreciation expense $20,000 13,400 10,650 5,000 12,300 7,500 10,000 18,000 11,700 6,000 4,500 1,000 How much does Block Industries have in current liabilities?

lowing is not considered a current liability? a. Accounts Payable b. Unearned Revenue c. the component of a twenty-year note payable due in year 20 d. current portion of a noncurrent note payable 4. The following is selected financial data from Block Industries: Cash Accounts receivable Equipment Prepaid expenses Accounts payable Unearned revenue Long-term notes payable Common stock Revenue Sales tax payable Interest expense Depreciation expense $20,000 13,400 10,650 5,000 12,300 7,500 10,000 18,000 11,700 6,000 4,500 1,000 How much does Block Industries have in current liabilities?

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

A company reports accounts receivable of $180,000 on its balance sheet. The Allowance for Bad Debts has a credit balance of $20,000. If a specific customer's account with a balance of $8,000 is written off as uncollectible, what is the cash (or net) realizable value of the accounts receivable? a. $160,000 O b. $175,000 c. $172,000 Od. $200,000
Problem 6-4: The Northrock Corporation The Northrock Corporation produced the following summary of its historical experience of write offs of Accounts Receivable (A/R) on October 31, 2021: Year A/R at Year end Uncollectible and written off in subsequent years 2018 14000 700 2019 10000 1000 2020 12000 600 2021 4000 200 Required 1. Calculate the percentage loss on Accounts Receivable for the period 2018 to 2021 by calculating total write offs over the period as a % of total A/R. Round your calculation to two decimal places. 2. Compute the balance for the Allowance for Doubtful accounts (rounded to the nearest $) on October 31, 2021 if Accounts Receivable on that date were 16000. Apply the % ending A/R method using the percentage calculated in part 1. 3. Scenario A: On October 31, 2021 the unadjusted Allowance for Doubtful Accounts was 160 credit. Prepare an adjusting entry to obtain the amount that you calculated in part 2. 4. Scenario B: On October 31, 2021 the unadjusted Allowance for…
Adjusting Allowance for Doubtful Accounts and Bad Debt Expense Merck & Company reported the following in its financial statements. $ millions Accounts receivable, net Allowance for doubtful accounts 2016 2017 2018 2019 $8,773 $8,591 $8,839 $8,473 244 199 149 108 Adjust the balance sheet and income statement to reflect a 1.97874% of Allowance for doubtful accounts to Gross accounts receivables for each year. Assume a tax rate of 20%. • Round answers to one decimal. Use a negative sign to indicate if the adjustment decreases an account balance. 2016 2017 2018 2019 Adjusted allowance for doubtful accts. $ 178.4 $ 173.9 $ 177.8 $ 169.8 Income Statement Adjustments Bad debts expense Income tax expense at 20% Net Income (65.6) (25.1) 28.8 61.8 (13.1) (5) 5.8 12.4 52.5 20.1 (23.1) (49.4) Balance Sheet Adjustments Allowance for doubtful accounts (65.6) (90.6) (61.8) 0 Accounts receivable, net 65.6 90.6 61.8 0 Deferred tax liabilities 13.1 18.1 12.4 0 Retained Earnings 52.5 72.5 49.4 0
Problem 2. Information from Norfolk National Bank's Statement of Income is below. Put items in the proper order, fill in the missing items, and find net noninterest income. Report of Income Items Additional noninterest expense Additional noninterest income Applicable income taxes Extraordinary gains-net Fiduciary activities Income before extraordinary items Smln 20 30 3 2 20 ? Net income ? Net interest income 60 Premises and equipment expense Pretax net operating income 10 15 Provision for loan and lease losses ? Salaries and employee benefits Securities gains (losses) Service charges on deposit accounts Total interest expense ? 5 25 ? Total interest income 200 Total noninterest expense 125 Total noninterest income 100 Trading account gains and fees ?
weat subject-Accounting
Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day, discounted note payable of $106,407 is
75. King Company began the current year with accounts receivable of P1,000,000 and allowance for doubtful accounts of P80,000. During the current year, the following events occurred: 120,000 Accounts written off Cash Sale 500,000 Sales on account 3,000,000 200,000 Doubtful account expense recognized At the end of the current year, the entity showed a balance in accounts receivable of P1,680,000. Under cash basis, what amount should be reported as sales? а. 2,700,000 b. 2,200,000 с. 3,500,000 d. 3,320,000
Subject: accounting
DND Inc.'s December 31,2021 statement of financial position reported the following current assets: Cash, excluding payroll fund of P200,000 Accounts receivable Inventory Deferred tax assets including prepaid tax of P100,000 P 4,300,000 7,500,000 4,000,000 1,200,000 P17,000,000 An analysis of the accounts receivable disclosed that accounts receivable comprised the following: Trade accounts receivable Allowance for doubtful accounts Selling price of DND's unsold goods sent to Tar Inc. on consignment P 5,000,000 (500,000) at 150% of cost and excluded from DND's ending inventory 3,000,000 P7,500,000 On December 31,2021, what amount should be reported as total current assets?
TB Problem 7-170 (Algo) Cordova, Incorporated, reported the following... Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $50,000 in allowance for uncollectible accounts Interest receivable Notes receivable Additional information: 1. The notes receivable account consists of two notes, a $100,000 note and a $280,000 note. The $100,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $280,000 note is dated March 31, 2023, with principal and 8% interest payable on March 31, 2024. 2. During 2024, sales revenue totaled $2,100,000, $1,960,000 cash was collected from customers, and $39,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 8% of year-end gross accounts receivable. Required: 1. In addition to sales revenue,…
Percent of sales method At the end of the current year, Accounts Receivable has a balance of $745,000; Allowance for Doubtful Accounts has a credit balance of $6,500; and sales for the year total $3,350,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ X b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ X Allowance for Doubtful Accounts $ X Bad Debt Expense $ X c. Determine the net realizable value of accounts receivable. < $ X
Calculate net debt. Cash and cash equivalents Short term borrowings Long term borrowings Commercial paper (liability) Capital / finance lease Accounts receivable Total liabilities Inventory Select one: 2,108.0 2,103.0 2,025.0 14,132.0 3,176.0 419.0 2,883.0 331.0 1,651.0 83.0 17,308.0 5.0