MindTap - Cengage Learning CengageNOWv2 | Online teachin x 9 Cengage Learning b Answered: CengageNOWv2| Onli x i v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch 13-2 Practice Exercises E Calculator eBook Show Me How Print Item Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 6,700 shares of its common stock at $42 per share. On August 3, Kick Off sold 3,500 of the reacquired shares at $45 per share. November 14, Kick Off sold the remaining shares at $41 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Treasury Stock v 281,400 Cash v 281,400 Aug. 3 Cash 157,400 X Treasury Stock v 147,000 Paid-In Capital from Sale of Treasury Stock v 10,400 х Cash v Nov. 14 131.200 Paid-In Capital from Sale of Treasury Stock v 3,200 Treasury Stock v 134,400 Feedback Check My Work Check My Work 1 more Check My Work uses remaining. Previous Next Assignment Score: 58.42% All work saved. Save and Exit Submit Assignment for Grading 2:48 PM e Type here to search 2/24/2020

MindTap - Cengage Learning CengageNOWv2 | Online teachin x 9 Cengage Learning b Answered: CengageNOWv2| Onli x i v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch 13-2 Practice Exercises E Calculator eBook Show Me How Print Item Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 6,700 shares of its common stock at $42 per share. On August 3, Kick Off sold 3,500 of the reacquired shares at $45 per share. November 14, Kick Off sold the remaining shares at $41 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Treasury Stock v 281,400 Cash v 281,400 Aug. 3 Cash 157,400 X Treasury Stock v 147,000 Paid-In Capital from Sale of Treasury Stock v 10,400 х Cash v Nov. 14 131.200 Paid-In Capital from Sale of Treasury Stock v 3,200 Treasury Stock v 134,400 Feedback Check My Work Check My Work 1 more Check My Work uses remaining. Previous Next Assignment Score: 58.42% All work saved. Save and Exit Submit Assignment for Grading 2:48 PM e Type here to search 2/24/2020

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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The sum of all of your customer Accounts Receivable is listed as part of on your balance sheet. * O Current Assets Current Liabilities Long-term Assets Suppose you are closing the books at the end of a fiscal year and you have a balance of $75000 in your Revenue account. What should you do with the balance? * O You should do nothing, and carry it over to the next accounting year. You should zero it out. You should move it to the liability account.
if your supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date that agrees with this new category this will change the required allowance from for uncollectible accounts from $180, 000 to $235,000 how do you think this misstatement of funds will impact your income statement and your balance sheet?
Hi, what is a common post reference number for 'allowance for doubtful accounts'? Does this go in the expense section in the 500's or as an asset account somewhere?
At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $743. During the year, $344 of previously written off accounts were reinstated and accounts totaling $756 are written off as uncollectible. The end-of-year balance (before adjustment) in the Allowance for Doubtful Accounts should be the one listed below. a.$331 b.$756 c.$344 d.$743
You have been recently hired as an assistant controller for XYZ Industries, a large, publically held manufacturing company. Your immediate supervisor is the controller who also reports directly to the VP of Finance. The controller has assigned you the task of preparing the year-end adjusting entries. In the receivables area, you have prepared an aging accounts receivable and have applied historical percentages to the balances of each of the age categories. The analysis indicates that an appropriate estimated balance for the allowance for uncollectible accounts is $180,000. The existing balance in the allowance account prior to any adjusting entry is a $20,000 credit balance. After showing your analysis to the controller, he tells you to change the aging category of a large account from over 120 days to current status and to prepare a new invoice to the customer with a revised date that agrees with the new category. This will change the required allowance for uncollectible accounts…
You have been recently hired as an assistant controller for XYZ Industries, a large, publically held manufacturing company. Your immediate supervisor is the controller who also reports directly to the VP of Finance. The controller has assigned you the task of preparing the year-end adjusting entries. In the receivables area, you have prepared an aging accounts receivable and have applied historical percentages to the balances of each of the age categories. The analysis indicates that an appropriate estimated balance for the allowance for uncollectible accounts is $180,000. The existing balance in the allowance account prior to any adjusting entry is a $20,000 credit balance. After showing your analysis to the controller, he tells you to change the aging category of a large account from over 120 days to current status and to prepare a new invoice to the customer with a revised date that agrees with the new category. This will change the required allowance for uncollectible accounts…
I asked this question just earlier and received an inadequate answer that was not thorough or complete. I need to know the exact order of Assets and how they are recorded. Example I know Current Assets are listed first in order of Liquidity. I though Long Term Assets were next. So now I am confused. I am pasting the answer the prior individual gave me. Please make any corrections and be as clear as possible with terminology and provide examples. So I need a complete list of how Assets are recorded what they are called and examples of each type of Asset."Yes, There is a proper order of listing assets, current assets comes first in the order of liquidity and the comes the long term investment, fixed assets, intangibles.Tangibles and intangles assets are covered under Long term assets."
At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $752. During the year, previously written off accounts of $141 are reinstated and accounts totaling $710 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be a.$183 b.$710 c.$141 d.$752
You tested the allowance for uncollectible accounts with regression analysis, and obtained the following results: MAXIMUM TOLERABLE MISSTATEMENT = $500 $0 $500 $750 $1,500 LCL ALLOW UCL THIS IS THE ALLOWANCE CURRENTLY RECOGNIZED, $750 By what amount should the currently recognized allowance, $750, be credited so that the adjusted allowance is materially correct? $250 $0 $500 $750
Can you show me the calculations to get these numbers: 40/80, 40/80, 20/80, 60/80
What would be a classified balance sheet as of December 31, 2021 for this problem?
For April 8 ($11,416) and April 20 ($8,827), the values are incorrect. What are the correct values and how would you go about solving them?