Optimum Weight Loss Co. offers personal weight reduction consulting services to indi-viduals. After all the accounts have been closed on November 30, 2019, the end of thefiscal year, the balances of selected accounts from the ledger of Optimum Weight LossCo. are as follows:Prepaid InsurancePrepaid RentSalaries Payable$ 7,200Accounts Payable$ 37,700116,750Accounts Receivable21,000Accumulated Depreciation-Equipment186,4009,000CashCheryl Viers, CapitalSupplies710,300Equipment474,1504,800Land300,000Unearned Fees18,000Prepare a classified balance sheet that includes the correct balance for Cash.

Classified balance sheet Classified Balance Sheet: In order to improve the ease of understanding, a…

Answered: Optimum Weight Loss Co. offers personal…

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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prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450
Teal Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Teal estimates returns of 20%. Teal sells these planters on account for $1,500,000 (cost $825,000) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020. Your answer is correct. Prepare the journal entry for Teal at January 2, 202o. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2, Accounts Receivable 1,500,000 2020 Sales Revenue 1,500,000 (To recognize revenue.) Cost of Goods Sold 825000 Inventory 825000 (To record cost of goods sold.) eTextbook and…
I am having trouble with my homework Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year: The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability $7,140 Long-term liability 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $70,000 Long-term liability 630,000 Kornett CompanyPost-Closing Trial BalanceDecember 31, 20Y8 DebitBalances CreditBalances Petty Cash 4,500 Cash 243,960 Notes Receivable 100,000 Accounts Receivable 470,000 Allowance for Doubtful Accounts 16,000 Merchandise Inventory 320,000 Interest Receivable 1,875 Prepaid Insurance 45,640 Office Supplies 13,390 Land 654,925 Buildings 900,000 Accumulated Depreciation—Buildings 36,000 Office…
Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose financial period ending by December 31. The following were selected from among the transactions completed during 2020. 2019 Oct 10 Sold merchandise to Edin, and received $6,000 cash. The cost of the merchandise sold was $3,800. Nov 13 Sold $25,000 merchandise to Flora, receive $12,000 in cash this day and the rest would follow Derry’s credit policy of 1/15, n/30. The cost of merchandise sold was $15,300. Dec 31 During 2019, Derry Co. offered sales of 30,000 laundry devices with one-year warranty-on-part policy. A provision was made by Derry Co., based on the management’s experience, 900 units (3%) will be defective and that warranty repair costs will average $4 per unit. Journalize this provision. Dec 31 Based on an analysis of the $92,000 of accounts receivable, it was estimated that $9,848 will be uncollectible, given the balance of the account Allowance for doubtful accounts…
During July 2022, Midtown Catering recorded the following: - Catering services of $86,400 were provided ($64,500 on account, $21,900 for cash) - Collections on account, $58,950 - Write-offs of uncollectible receivables, $2,560 - Recovery of receivable previously written off, $1,000 Journalize Midtown's transactions during July, assuming Midtown uses the allowance method. Omit explanations. Prepare the journal entry for the write off of the accounts receivable.
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During February 2020, Buffalo Massage Ltd. sells $12,000 of gift cards for Valentine's Day gifts. From reliable past experience, management estimates that 10% of the gift cards sold will not be redeemed. By the end of February, $3,000 was redeemed by customers. Prepare the journal entries for Buffalo Massage for February 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
a) Prepare all journal entries to record the activity for the items above for 2020 b) Prepare any journal entries required at December 31, 2020 to record bad debt expense for the year
During 2024, its first year of operations, Platform Construction provides services on account of $140,000. By the end of 2024, cash collections on these accounts total $100,000. Platform estimates that 30% of the uncollected accounts will be uncollectible. In 2025, the company writes off uncollectible accounts of $10,800. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2-a. Record the write-off of accounts receivable in 2025.2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).3-a. Assume the same facts as above but assume actual write-offs in 2025 were $16,200. Record the write-off of accounts receivable in 2025.3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).
Carla Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Carla, has gathered the following data concerning inventory. At May 31, 2020, the balance in Carla's Raw Materials Inventory account was $505,920, and Allowance to Reduce Inventory to NRV had a credit balance of $27,630. Alcide summarized the relevant inventory cost and market data at May 31, 2020, in the schedule below. Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Carla's May 31, 2020, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Aluminum siding Cedar shake siding Louvered glass doors Thermal…
Potaw Company reported the following data at the end of 2019: Sales revenue (80% on credit) Expenses (25% on credit) Accounts receivable, net at December 31, 2019 (a decrease of $12,500 during 2019) Total assets Stockholders' equity The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) Multiple Choice The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) O O O 17.67. 22.08. $470,000 77,000 12.81. 16,500 370,000 170,000 30.90.

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