O'Hara Company began operations on December 1, 2017. Presented below is selected information related to O'Hara Company on December 31, 2017. pounds pounds Equipment 160,000 Utilities Expense 24,000 Cash 56,000 Accounts Receivable 108,000 Service Revenue 432,000 Salaries and Wages Expense 188,000 Rent Expense 52,000 Notes Payable 40,000 Accounts Payable 64,000 Dividends 60,000 Share Capital-ordinary 112,000 On December 31, 2017, the assets total: a. pound 324,000. b. pound 280,000. c. pound 388,000. d. pound 216,000.
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- jituThe following information is taken Aiello Corporation's fiscal 2016 annual report. Selected Balance Sheet Data 2016 2015 Inventories........................ $221,418 $226,893 Accounts Receivable........... $121,333 $122,087 Assume that Aiello Corporation had $1,003,881 sales on credit during fiscal year 2016. What amount did the company collect from credit customers during the year? a. $1,003,881 b. $1,004,635 c. $1,003,127 d. $1,247,301Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION2017 and 2018 Balance SheetsAssetsLiabilities and Owners' Equity 20172018 20172018 Current assets Current liabilities Cash$ 10,400 $ 10,450 Accounts payable$ 72,250 $ 62,750 Accounts receivable28,000 27,200 Notes payable47,000 47,750 Inventory63,900 63,100 Total $ 119,250 $ 110,500 Total $ 102,300 $ 100,750 Long-term debt$ 63,000 $ 64,700 Owners' equity Common stock and paid-in surplus$ 83,000 $ 83,000 Fixed assets Retained earnings 157,050 190,550 Net plant and equipment$ 320,000 $ 348,000 Total$ 240,050 $ 273,550 Total assets $ 422,300 $ 448,750 Total liabilities and owners' equity $ 422,300 $ 448,750 Based on the balance sheets given for Just Dew It, calculate the following financial…
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- Provide correct answer general Accountinghe curent sections of Saasota CorpS balance sheets at December 31, 2016 and 2017, are presented here. Sarasota Corp.'s net income for 2017 wras $154,071. Depreriation expense was $27, 89. 2017 2016 Curvent asses Cash $105,735 $ 99,693 Accounts receivable 80,560 89,623 Bventory 169,176 173,204 Propaid expenses 27,189 22,154 Total current assets $382,660 $384,674 Current labilities aeed sasuadbo pan $ 15,105 $ 5,035 85,595 92,644 Total current liabilities $100,700 $ 97,679 Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash low swith either a Sarasota Corp. Partial Statement of Cash Flows For the Year Ended December 31, 2017 Net Cash used by Operating Activities Net Income 154071 Adjustments to reconcile net income to Tet Cash Provided by Operating Activities Y Depreciation Expense 27189 Decrease in Accounts Receivable (89623)…The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…