On December 31, Hawkin’s records show the following accounts. Use this information to prepare a December income statement for Hawkin. Equipment . $3,000 Accounts receivable $ 600 Wages expense $8,000 Cash 2,400 Services revenue . 16,000 Utilities expense . 700 Rent expense 1,500 Accounts payable 6,000

On December 31, Hawkin’s records show the following accounts. Use this information to prepare a December income statement for Hawkin. Equipment . $3,000 Accounts receivable $ 600 Wages expense $8,000 Cash 2,400 Services revenue . 16,000 Utilities expense . 700 Rent expense 1,500 Accounts payable 6,000

Name: On December 31, Hawkin’s records show the following accounts. Use this
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: On December 31, Hawkin’s records show the following accounts. Use this information to prepare a December income statement for Hawkin. Equipment . $3,000 Accounts receivable $ 600 Wages expense $8,000 Cash 2,400 Services revenue . 16,000 Utilities exp

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

See similar textbooks

Similar questions

Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
On December 31, Hawkin’s records show the following accounts. Use this information to prepare a December income statement for Hawkin.
Yates Company's records provide the following information concerning certain account balances and changes in these account balances during the current year. Accounts Receivable: Jan. 1, balance $41,000, Dec. 31, balance $55,000, uncollectible accounts written off during the year, $6,000; accounts receivable collected during the year, $159,000. Compute Sales revenue for the year.
General Accounting
Waste Disposal, Inc. provided the following information concerning its accounting records: Sales revenue (all on account) $362,500 Accounts receivable, gross January 1 23,500 Allowance for uncollectible accounts, January 1 1,350 Collections from customers during the year 358,500 Accounts written off as uncollectible during the year 1,100 How much is the balance of the Accounts Receivable, gross account at December 31?
Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.
On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May. total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13.000. What was the amount of credit sales during May? O $52,000. O $32,000. O $47,000. $57,000. O 55,000.
On December 31 of last year, the balance sheet of Union Company had accounts receivable of $74,5000 and a credit balance in Allowance for Uncollectible Accounts of $5,075. During the current year, Union's financial records included the following selected activities: Sales on accounts $298,750 Sales returns and allowances, $18,250 Collections from customers, $287,500 Accounts written off as worthless, $4,000 1) Prepare T accounts for Accounts receivable and Allowance for uncollectible accounts. Enter the beginning balances and show the effects on these accounts of the items listed above. Determine the ending balance of each account.
On December 1, the Accounts Receivable account had a $22.000 debit balance. During December the business eamed $10.500 in revenue on account and collected $13.200 from its-charge-account customers. After posting these transaction, the balance in the Accounts Receivable account on December 31 is
What is the accounts receivable balance?
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 31,100.00 31,130.00 Sales 324,360.00 Sales Returns and Allowances 13,970.00 Sales Discounts 7,620.00 Purchases 126,210.00 Purchases Returns and Allowances 1,020.00 Purchases Discounts 1,110.00 Freight In 8,460.00 Selling Expenses 61,470.00 General Expenses 51,751.00 300,581.00 357,620.00 Net Income 57,039.00 357,620.00 357,620.00 From the information given, prepare an income statement for the company. Ralley CompanyIncome StatementFor Year Ended August 31, 20-- (See images)