Fill in the wrong answer McGrawFATHE[The following Information applies to the questions displayed below.]Barnett Allen Interiors Incorporated is a leading manufacturer and retaller of home furnishings in the United States andabroad. The following is adapted from Barnett Allen's June 30, 2019, trial balance. (The amounts shown represent millionsof dollars.)Accounts Payable$ 120Accounts Receivable16112CashCommon Stock27Equipment305Inventory148Notes Payable (long-term)165Notes Payable (short-term)4Prepaid Rent29Retained Earnings33326Salaries and Wages PayableSoftware65Assume that the following events occurred in the following quarter.a. Pald $45 cash for additional Inventory.b. Issued additional shares of common stock for $35 In cash.c. Purchased equipment for $150; paid $70 in cash and signed a note to pay the remaining $80 In two years.d. Signed a short-term note to borrow $13 cash.e. Conducted negotiations to purchase a sawmill, which is expected to cost $34.PA2-3 (Algo) Part 242. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances witha minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).)Answer is complete but not entirely correct.AssetsLiabilitiesStockholders'EquityCashInventoryNotesPayable(short-term)NotesPayable(long-term)+CommonStock45++40 X +++ab.C.d.e.(45)35(70)13Equipment=150-.-m40 X13✔35"Prouwww

Solution Concept Accounting equation Accounting equation is expressed as Asset = liabilities +…

PA2-3 (Algo) Part 2 4 2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Answer is complete but not entirely correct. Assets Liabilities + Stockholders' Equity Cash Inventory Notes Payable (short-term) Notes Payable (long-term) Common Stock 45 + + + + a. C. d e. (45) 35 (70) - 13 Equipment 150 = W 40 13 40 35

PA2-3 (Algo) Part 2 4 2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Answer is complete but not entirely correct. Assets Liabilities + Stockholders' Equity Cash Inventory Notes Payable (short-term) Notes Payable (long-term) Common Stock 45 + + + + a. C. d e. (45) 35 (70) - 13 Equipment 150 = W 40 13 40 35

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

See similar textbooks

Similar questions

Tesla, Inc. Annual Report on Form 10-K for the Year Ended December 31, 2020. 8 Feb. 2021 sec.gov. Accessed 16 Feb. 2021. Prepare journal entries, applying current US GAAP, to account for the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. b. On January 26, 2021, Bitcoin's price increased to $32,000 per coin. c. On January 27, 2021, Bitcoin's price dropped to $29,500 per coin. d. On January 31, 2021, Bitcoin's price recovered to $33,650 per coin. View transaction list Journal entry worksheet 1 2 On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. 3 4 Note: Enter debits before credits. Date January 24, 2021 Record entry General Journal Clear entry Debit Credit View general journal
The following select financial statement information from Candid Photography. Compute the accounts receivable turnover ratios and the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Candid Photography if industry average for accounts receivable turnover ratio is 3 times and days sales in receivables ratio is 150 days?
Perform February 2023, journal entries and balance sheet.
Required Information [The following information applies to the questions displayed below.] Wiset Company completes these transactions during April of the current year (the terms of all Its credit sales are 2/10. n/30). Apr. 2 Purchased $14,480 of nerchandise on credit fron Noth Company, terms 2/18, n/60. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,100 (cost is $2,700). 3 (b) Purchased $1,540 of office supplies on credit from Custer, Inc. terns n/30. 4 Issued Check No. 587 to World View for advertising expense of $913. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $9,500 (cost is $6,70e). Returned $95 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that amount. 5 6 9 Purchased $10,465 of store equipment on credit from Hal's Supply, terms n/30. Sold nerchandise on credit to Nic Nelson, Invoice No. 762, for $13,200 (cost is $6,9e0). Issued Check No. 588 to Noth Company in paynent of its April 2…
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions)20222021Accounts receivable (gross)$ 3,650$ 4,530Accounts receivable (net)3,4004,450Allowance for doubtful accounts25080Sales revenue32,97035,470Total current assets7,1427,304 Answer each of the following questions.(a)Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Accounts receivable turnoverenter the accounts receivable turnover in times rounded to 1 decimal place timesThe average collection period for 2022enter the average collection period for 2022 in days rounded to 1 decimal place days
Mark Co. started operations in January 2019. From your examination of Mark’s financial statements, you were able to obtain the following information: 12/31/19 12/31/20 Inventory P 126,000 P133,200 Trade Receivable 85,800 60,000 Trade Payable 82,800 85,500 Sales 960,000 990,000 Additional information provides that Celestine paid its suppliers a total of P763,200. In 2020, accounts totaling P6,000 were written off as uncollectible, In addition, bad debts expense of P4,500 per year was recognized in 2019 and 2020. How much was the cash collected during 2020 resulting from sales in 2019…
Mark Co. started operations in January 2019. From your examination of Mark’s financial statements, you were able to obtain the following information: 12/31/19 12/31/20 Inventory P 126,000 P133,200 Trade Receivable 85,800 60,000 Trade Payable 82,800 85,500 Sales 960,000 990,000 Additional information provides that Celestine paid its suppliers a total of P763,200. In 2020, accounts totaling P6,000 were written off as uncollectible, In addition, bad debts expense of P4,500 per year was recognized in 2019 and 2020. How much cash was disbursed during 2020 for purchases of merchandise? P…
The following data were taken from Mesa Company's balance sheet: Dec. 31, 2019 Dec. 31,2018 $518,000 Total liabilities $547,800 Total owner's equity 415,000 370,000 a. Compute the ratio of liabilities to owner's equity b. Has the creditor's risk increased or decreased from December 31, 2018, to December 31, 2019?
Following are the financial information of Muskan Shubham Sainaz & Co. for the year of 2020-2021. Balance sheet as on 31.03.2021 Assets 2020 2021 Liabilities and Equity 2020 2021 Plant and Machinery Software Inventory Trade Receivables Cash Prepaid Rent Total 45000 32000 17000 16000 4200 4500 118700 85000 69000 22000 9000 6200 2700 193900 Share Capital Bank Loan Trade Payables Insurance Payable Tax Payable Retained Earning Total 62000 35000 11000 0 1200 9500 118700 136800 18000 15500 7000 3100 13500 193900 Profit and loss account for the year ended 31st March 2021 Debit Amount Credit Amount To opening Inventory To Purchases To gross Profit c/d To General Expenses To Depreciation To Amortization To Taxes To Net Profit 17000 79000 41000 137000 12000 9000 11000 4000 5000 41000 By Closing Stock By Sales By Gross Profit b/d 22000 115000 137000 41000 41000 Dividend Paid 1000 Prepare cash flow…
Wildhorse Co. had the following transactions during 2021:• Sales of $9720 on account• Collected $4320 for services to be performed in 2022• Paid $4050 cash in salaries for 2021• Purchased airline tickets for $540 in December for a trip to take place in 2022What is Wildhorse's 2021 net income using accrual accounting? $5670 $9990 $6210 $10530
From the following particulars of Al Zahra LLC for the year 2019, a. Al Zahra LLC. sold goods to General Trading Company on 1st Jan 2019 RO 20000, in that 25% of cash received immediately. b. The credit term was terms as 3/10 net 30, from the amount due on credit 50% was paid by General Trading Company on 18th January 2019 and the remaining amount was paid on 30h January, 2019. c. On 4th January, 2019, Goods sold to Mr. Ali on credit for RO 12000 was uncollectible because of his sudden death. d. Goods sold to Mr. Ahmed on credit on 5th March, 2019 for RO 6000 through credit card was received after one month ie: on 7th April, 2019, for that interest was @ 5%. e. Amount collected from current years sales was RO 150000 f. From the year 2019 Al Zahra LLC started to use Allowance Method for writing off the un collectables and the total credit sales during the year 2019 was RO 180000the estimated amount of allowance for uncollectible was @ 10% g. The actual uncollectible amount during the…
A. Based on the above and the result of your audit, answer the following(Round off present value factors to four decimal places and final answers to nearest hundred) 5. The interest income to be recognized in 2022 is