Please given answer accounting Perry Corp. reports operating expenses in two categories: (1) selling and (2) general andadministrative. The adjusted trial balance at December 31, 2012, included the followingexpense accounts:Accounting and legal feesAdvertisingFreight-outInterest$280,000240,000150.000120,000Loss on sale of long-term investments 60,000Officers' salariesRent for office spaceSales salaries and commissions360,000360,000220,000One-half of the rented premises is occupied by the sales department.How much of the expenses listed above should be included in Perry's general andadministrative expenses for 2012?a. $820,000b. $880,000c. $940,000d. $1,000,000

Step 1: Define General And Administrative Expenses:General and Administrative Expenses are routine…

Answered: Perry Corp. reports operating expenses…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section: Chapter Questions

Problem 1MP

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The Sky Blue Corporation has the following adjusted trial balance at December 31.Debit CreditCash $ 1,310Accounts Receivable 2,800Prepaid Insurance 3,100Notes Receivable (long-term) 3,800Equipment 16,000Accumulated Depreciation $ 4,200Accounts Payable 6,220Salaries and Wages Payable 1,400Income Taxes Payable 3,700Deferred Revenue 760Common Stock 3,200Retained Earnings 1,320Dividends 380Sales Revenue 49,230Rent Revenue 380Salaries and Wages Expense 23,200Depreciation Expense 2,100Utilities Expense 5,020Insurance Expense 2,200Rent Expense 6,800Income Tax Expense 3,700Total $ 70,410 $ 70,410How would you make the adjusted trial balance sheet
Acme Inc. recognized the following transactions during their first year of business
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. TheDecember 31, 2018, year-end trial balance contained the following income statement items:Account Title Debits CreditsSales revenue 12,500,000Interest revenue 50,000Loss on sale of investments 100,000Cost of goods sold 6,200,000Selling expenses 620,000General and administrative expenses 1,520,000Interest expense 40,000Research and development expense 1,200,000Income tax expense 900,000Required:Calculate the company’s operating income for the year
The following accounts, in alphabetical order, appear on the trial balance for a company. What is the total for long-term liabilities? Accounts Payable $32,000Deferred Income Taxes $61,000Interest Payable $17,000Current Portion of Long-term Notes $19,000Mortgage $92,000Notes Payable-Short term $11,000Notes Payable-Long term $41,000Salaries Payable $7,000Taxes Payable $23,000Unearned Revenue $15,000 $194,000 $124,000 $213,000 $217,000 $109,000
An entity provided the following information for the current year: Accounts receivable – January 1 P2,000,000 Credit sales 10,000,000 Collection from customers, excluding recovery of accounts written off 8,000,000 Accounts written off as worthless 100,000 Sales return 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on December 31 150,000 Estimated uncollectible accounts on December 31 per aging 300,000 What is the “amortized cost” of accounts receivable on December 31?
Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing? 8. Using the information provided, compute the change in operating working captial
Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing?
The following is a partial listing of accounts for XYZ, Inc., for the year ended December 31, 2020. Required: Prepare multiple step income statement for the year of 2020. Finished Goods Current Maturities of Long-Term Debt Accumulated Depreciation Accounts Receivable $ 38,872 2,515 19,960 Sales Revenue 6,273 127,260 Treasury Stock 251 Prepaid Expenses 2,199 Deferred Taxes (long-term liability) 8,506 Interest Expense 2,410 Allowance for Doubtful Accounts 915 Retained Earnings 18,951 Raw Materials 9,576 Accounts Payable 19,021 Cash and Cash Equivalents 8,527 Sales Salaries Expense 872 Cost of Goods Sold 82,471 Investment in Unconsolidated 3,559 Subsidiaries Income Taxes Payable 8,356 Work In Process 1,984 Additional Paid-In Capital 9,614 Equipment 41,905 Long-Term Debt 15,258 Rent Income 2,468 Common Stock 3,895 Notes Payable (short-term) 6,156 Income Tax Expense 2,461
The following financial statement was prepared by employees of Walters Corporation. Walters CorporationIncome StatementYear Ended December 31, 2020 Revenues Gross sales, including sales taxes $1,044,300 Less: Returns, allowances, and cash discounts 56,200 Net sales 988,100 Dividends, interest, and purchase discounts 30,250 Recoveries of accounts written off in prior years 13,850 Total revenues 1,032,200 Costs and expenses Cost of goods sold, including sales taxes 465,900 Salaries and related payroll expenses 60,500 Rent 19,100 Delivery expense and freight-in 3,400 Bad debt expense 27,800 Total costs and expenses 576,700 Income before other items 455,500 Other items Loss on discontinued styles (Note 1) 71,500 Loss on sale of marketable securities (Note 2) 39,050 Loss on sale of warehouse (Note…
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, December 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 48,151 8,419 $ 39,732 During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7,004, and the bad debt expense adjustment was $4,720. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable (Gross) (A) Accounts Receivable, December 31, prior year $ 48,091 8,394 Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 39,697 During the current year, sales on account were $304,673, collections on account were $289,950, write-offs of bad debts were $6,979, and the bad debt expense adjustment was $4,695. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year. × Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Complete the…
The following is the trial balance of Swifty Corporation at December 31, 2020. SWIFTY CORPORATIONTRIAL BALANCEDECEMBER 31, 2020 Debits Credits Purchase Discounts $33,000 Cash $626,010 Accounts Receivable 346,500 Rent Revenue 59,400 Retained Earnings 528,000 Salaries and Wages Payable 59,400 Sales Revenue 3,630,000 Notes Receivable 363,000 Accounts Payable 161,700 Accumulated Depreciation—Equipment 92,400 Sales Discounts 47,850 Sales Returns and Allowances 57,750 Notes Payable 231,000 Selling Expenses 765,600 Administrative Expenses 326,700 Common Stock 990,000 Income Tax Expense 177,870 Cash Dividends 148,500 Allowance for Doubtful Accounts 16,500 Supplies 46,200 Freight-in 66,000…

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