Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $577,000. Of this amount, $67,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Percent Uncollectible Amount Age Group Not yet due 0-90 days past due 91–180 days past due More than 180 days past due Total Receivable $27,000 14,700 9,700 15,600 $67,000 4% 20% 25% 70%
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- On January 1, 2018, Medical Transport Company’s accumulated postretirement benefit obligation was $25 million. At the end of 2018, retiree benefits paid were $3 million. Service cost for 2018 is $7 million. Assumptionsregarding the trend of future health care costs were revised at the end of 2018, causing the actuary to revisedownward the estimate of the APBO by $1 million. The actuary’s discount rate is 8%. Determine the amount ofthe accumulated postretirement benefit obligation at December 31, 2018.The following are the trial balance and the other information related to Bruce Marigold, who operates a construction hauling business.MARIGOLDTRIAL BALANCEDECEMBER 31, 2020 DebitCreditCash$39,000Accounts Receivable48, 400Allowance for Doubtful Accounts$3,400 Supplies3, 040Prepaid Insurance1, 200Equipment30, 000Accumulated Depreciation Equipment5, 750Notes Payable 7, 200Owners Capital45, 640Service Revenue 97,790 Rent Expense 7, 800Salaries and Wages Expense28, 400Utilities Expenses1, 040Office Expense900 $159, 780$159, 7801. Fees received in advance from clients $5, 100, which were recorded as revenue.2. Services performed for clients that were not recorded by December 31, $5,000.3. Equipment is being depreciated at 8% per year.4. Bad debt expense for the year is $1,470.5. Insurance expired during the year $520.6. Marigold gave the bank a 90-An uninsured patient cannot pay for a major life threatening surgery. ABC Health offers the patient long term financing where the entire amount can be paid in full for 3 years. The cash price of the surgery is $100,000.00 and a contract is issued with an implicit rate of 5.5% Beginning Ending Year 1 2 3 Accounts Instructions A. Record the journal entry as of the surgery date Accounts $100,000.00 Accounts $111,303.00 Accounts Debit Accounts B. At the end of the first year ABC recognizes interest associated with the loan Debit $105,500 Debit Interest C. At the end of the second year ABC recognizes interest associated with the loan Debit $5,500 $5,803 $6,122 Debit Credit D. At the end of the third year ABC recognizes interest associated with the loan Credit Credit Credit E. The patient pays the full amount of the loan receivable at the end of the third year Credit $105,500.00 $ 111,303.00 $ 117,425.00
- Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $410,000 on account. Of this amount, $60,000 remains uncollected at the end of the year. An aging schedule as ofDecember 31, 2021, is provided below. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $40,000 3% 0–30 days past due 11,000 4% 31–60 days past due 8,000 11% More than 60 days past due 1,000 25% Total $60,000 Required:1. Calculate the allowance for uncollectible accounts.2. Record the December 31, 2021, adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $400 (debit).3. On April 3, 2022, a customer’s account balance of $500 is written off as uncollectible. Record the write-off.4. On July 17, 2022, the customer whose account was written off in requirement 3 unexpectedly pays $100 of the amount but does not expect to pay any additional…Dr Erica chan MD owns EC health clinic she prepares annual financial statements and has a December 31 2023 year end A. On October 1, 2023 de chan prepaid 8200 for four months of rent B. On November 1, 2023 dr chan prepaid 156 to renew the clinic magazine subscription. The subscription is for 1 year C. On December 1, 2023 dr chan pays 2025 for supplies at the end of the year 1350 of supplies had not been used Required For the above transactions, records the initial journal entry and the adjusting entry required on December 31,2023Gorky-Park Corporation provides postretirement health care benefits to employees who provide at least 12 years of service and reach age 62 while in service. On January 1, 2016, the following plan-related data were available: ($ in millions) Accumulated postretirement benefit obligation $130 Fair value of plan assets none Average remaining service period to retirement 25 years (same in previous 10 yrs.) Average remaining service period to full eligibility 20 years (same in previous 10 yrs.) On January 1, 2016, Gorky-Park amends the plan to provide certain dental benefits in addition to previously provided medical benefits. The actuary determines that the cost of making the amendment retroactive increases the APBO by $20 million. Management chooses to amortize the prior service cost on a straight-line basis. The service cost for 2016 is $34 million. The interest rate is 8%. Required: 1. Calculate the postretirement benefit expense for 2016. 2. Prepare the journal entry to record the…
- (Postretirement Benefit Worksheet) Hollenbeck Foods Inc. sponsors a postretirement medical and dental benefit plan for its employees. The following balances relate to this plan on January 1, 2017. Check the below image for balances Instructions(a) Using the preceding data, compute the net periodic postretirement benefit cost for 2017 by preparing a worksheet that shows the journal entry for postretirement expense and the year-end balances in the related postretirement benefit memo accounts. (Assume that contributions and benefits are paid at the end of the year.)(b) Prepare any journal entries related to the postretirement plan for 2017 and indicate the postretirement amounts reported in the financial statements for 2017.The following data are available pertaining to Household Appliance Company's retiree health care plan for 2021: Number of employees covered 2 Years employed as of January 1, 2021 2 (each) Attribution period 25 years Expected postretirement benefit obligation, Jan. 1 $67,000 Expected postretirement benefit obligation, Dec. 31 $70,350 Interest rate 5% Funding none Required: 1-3 What is the accumulated postretirement benefit obligation at the beginning of 2021? what is…On January 23, 2019, Zenox Company sold $105,000 of furniture on account that had a cost of $82,000. All of Zenox's sales are covered by an unconditional 24-month replacement warranty. Historical data indicates that warranty costs average 2% of the cost of sales. On January 29, 2019, Zenox replaced furniture with a cost of $2,000 that was covered by warranty. Required: a. Prepare the journal entry to record the estimated warranty liability for January. b. Prepare the entry to record the warranty expense incurred in January. c. Assuming the Estimated Warranty Liability account had a credit balance of $740 on January 1, 2019, calculate the balance at January 31, 2019 after the entries above were posted.
- ! Requlred Informatlon [The following information applies to the questions displayed below.] Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Amount Estimated Percent Age Group Not yet due e-9e days past due 91-180 days past due More than 18e days past due Receivable Uncollectible $38, 000 15, Bee 18, 8e0 13,400 $78,00e 3% 15% 20% 85% Total 2. Record the December 31, 2021, adjusting entry, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $4.800 (credit). (If no entry Is requlred for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit…The following data are available pertaining to Household Appliance Company's retiree health care plan for 2021: Number of employees covered 2 Years employed as of January 1, 2021 3 [each] Attribution period 20 years Expected postretirement benefit obligation, Jan. 1 $ 60,000 Expected postretirement benefit obligation, Dec. 31 $ 63,000 Interest rate 5 % Funding none Required:1. What is the accumulated postretirement benefit obligation at the beginning of 2021?2. What is interest cost to be included in 2021 postretirement benefit expense?3. What is service cost to be included in 2021 postretirement benefit expense?4. Prepare the journal entry to record the postretirement benefit expense for 2021.Explain closing entries? On 31-12-2020 salaries account shows 15,000. what will be the closing entries?