Pratik Corp. reported a net income of $4,500, and retained earnings at the end of the year were $42,500. However, after year-end adjustments, the bookkeeper found that revenues increased by $1,800 and expenses decreased by $1,200. What is the net income after adjustment?
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What is the net income after adjustment?
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- At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment? You must show your computations.Blossom Company's accounts receivable account balance was $112000 at the beginning of the year and $131992 at the end of the year. Blossom's percentage change calculation at the end of the current year is O 17.85% decrease. O 15.15% decrease. O 15.15% increase. O 17.85% increase.Can you please solve this accounting question?
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- Iacouva Company reported the following on the company’s income statement for two recent years: Please see the attachment for details: a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place.b. What conclusions can you draw?At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions:a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at ¾ of 1% of sales.b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $575,000.c. The allowance account before adjustment has a credit balance of $45,000. Bad debt expense is estimated at ½ of 1% of sales.d. The allowance account before adjustment has a credit balance of $45,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $450,000.At the end of the current year, the accounts receivable account has a debit balance of $1,835,000 and sales for the year total $25,690,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions: The allowance account before adjustment has a debit balance of $12,500. Bad debt expense is estimated at ; of 1% of sales. The allowance account before adjustment has a debit balance of $12,500. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $162,000. The allowance account before adjustment has a credit balance of $26,810. Bad debt expense is estimated at ; of 1% of sales. The allowance account before adjustment has a credit balance of $26,810. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $171,200.