O after charging depreciation of . During that year, trade payables ed by $26,600 and inventory ed by $40,300. There was no char e receivables. Assuming that no
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- At the end of the current year, Accounts Receivable has a balance of $605,000, Allowance for Doubtful Accounts has a debit balance of $5,500, and sales for the year total $2,720,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted BalanceDebit (Credit) Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5Physical amount of cash: 30.000 TL and Account Balance: 40.000 TL. What would be the adjusting entry if 3.000 TL of the difference arose from unrecorded payment on account and the cause of rest couldn’t be figured out by the end of the year. a. 7.000 TL debit to 320-A/P and 3.000 debit to 689-O.E. Exp & Loss; 10.000 TL credit to 197-C&D Shortage b. 3.000 TL debit to 320-A/P and 7.000 debit to 689-O.E. Exp & Loss; 10.000 TL credit to 197-C&D Shortage c. 10.000 TL debit to 397-C&D Surplus; 3.000 TL credit to 120-A/R and 7.000 credit to 679-O.E. Rev & Gain d. 10.000 TL debit to 397-C&D Surplus; 3.000 TL credit to 320-A/P and 7.000 credit to 679-O.E. Rev & GainThe net income reported on the income statement for the current year was $149,900. Depreciation recorded on store equipment for the year amounted to $24,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: ETT End of Year Beginning of Year Cash $59,660 $54,290 Accounts receivable (net) 42,780 40,120 Inventories 58,410 61,080 Prepaid expenses 6,560 5,160 Accounts payable (merchandise creditors) 55,900 51,360 Wages payable 30,550 33,550 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities b. Cash flows from…
- Allowance for Doubtful Accounts has a debit balance of $439 at the end of the year (before adjustment), and Bad Debt Expense is estimated at 1% of sales. If net credit sales are $928,100, the amount of the adjusting entry to record the estimate of the uncollectible accounts is a.$8,842 b.$9,720 c.$439 d.$9,281The net income reported on the income statement for the current year was $129,500. Depreciation recorded on store equipment for the year amounted to $21,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $51,020 $46,430 Accounts receivable (net) 36,580 34,310 Merchandise inventory 49,950 52,230 Prepaid expenses 5,610 4,410 Accounts payable (merchandise creditors) 47,810 43,920 Wages payable 26,120 28,690 A) Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.Godo
- Please Do not Give image format5. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit Credit RM RM Office equipment Motor vehicles Furniture Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture Account receivables and account payables Сaptal 12,250 9,150 3,600 2,450 1,373 1,060 3,632 29,608 6,860 6% loan to Rara 2,500 19,110 31,560 175 Purchases and sales Discount 215 Advertising Cash in hand |Provision for doubtful debts Commission received | 6% loan from Afina Bank (taken from 1 May 2020) 4,250 1,630 300 740 8,000 700 1,200 1,900 1,260 4,005 1,000 5,270 210 250 Rent Drawings Maintenance and petrol Staff's wages Insurance |Cash at bank Carriage inwards Carriage outwards Telephone and electricity Duties on purchases Returns Inventory as at 1 January 2020 610 915 110 112 3,415 79,710 79,710 TОTALweat subject-Accounting
- Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $43,500. 2. Depreciation expense is $6,000. 3. There is a loss of $3,000 resulted from the sale of long-term investment. Additional information (2021): 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $27,000, yielding a $3,000 loss. 3. Cash dividends paid is $15,000. 4. The company purchased new machines and tools for $7,500 cash. Required: Prepare the FIRST (Operating) and the SECOND (Investing) sections of the statement of cash flows for the year ended December 31, 2021.a. Fill in the missing numbers in the following income statement: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g. 32. Sales Costs Depreciation EBIT Taxes (21%) Net income $ 544,300 349,300 97,300 b. What is the OCF? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32. b. OCF c. Depreciation tax shield c. What is the depreciation tax shield? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32.vnt,.1