Prepare the SFP in Account Form The following are the data taken from the book of KenGied Tailoring Shop for the yearended December 31,2019;CashP18,60010,000Accounts ReceivableNotes Receivable5,0004,00010,000Prepaid RentFurnitureEquipmentAccounts PayableNotes Payable50,0006,0004,000Accrued Salaries1,908Unearned Interest Income300SSS Premium PayableWithholding Taxes PayableKengied, CapitalAllowance for bad Debts662684,88780Accumulated Depreciation- FurnitureAccumulated Depreciation-Equipment55278

SFP is statement of financial position, which is one of the financial statement that is being made…

Answered: Prepare the SFP in Account Form

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...

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The following information (in millions) was taken from the December 31 financial statements Accounts receivable, gross Allowance for expected credit losses Accounts receivable, net Revenues Total current assets Total current liabilities 13) Calculate the current ratio for 2020 13) 2021 $ 1.102 28 1,074 14,477 3,426 3,120 2020 $ 1.080 26 1,054 13,819 3,102 3,274 2019 $ 1.241 28 1,213 14,917 2,830 4,287
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A household savings-account spreadsheet shows the following entries for the first day of each month in 2019: Date Account January 1 $ (148,000.00) February 1 $ (2,500.00) March 1 $ (4,000.00) April 1 $ (1,500.00) May 1 $ (13,460.00) June 1 $ 23,000.00 July 1 $ (3,000.00) August 1 $ 198,000.00 Required: Use the Excel function XIRR to calculate the dollar-weighted average return for this period.
The following information relates to Charleston Co.'s accounts receivable for 2021: Accounts receivable balance, 1/1/2021 $ 840,000 Credit sales for 2021 3,300,000 Accounts receivable written off during 2021 70,000 Collections from customers during 2021 3,100,000 Allowance for uncollectible accounts balance, 12/31/2021 210,000 What amount should Halloran report for accounts receivable, before allowances, at December 31, 2021?
John Lee Wholesale provides the following information: Accounts Receivable - 01/07/2020 $150 Accounts Receivable - 30/06/2021 900 Cash received from accounts receivable 8,050 What would be the credit sales for the year? Select one: 8,950 750 8,800 1,050
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Find the amount of accounts receivables written off in 2019.
Please provide a narrative when doing questions 1-4. Thank you.
Vishal
Von Company had the following data relating to its Accounts Receivable: Accounts Receivable, December 31, 2019- P1,300,000 Allowance for uncollectible accounts, December 31, 2019- P25,400 2020 credit sales- P5,400,000 Collections from customers in 2020, including recoveries- P4,610,000 Accounts written-off on August 24, 2020- P125,000 Recoveries of accounts previously written off in prior years- P25,000 Estimated uncollectible receivables per aging, Dec. 31, 2020- P165,000 Von’s net accounts receivable at December 31, 2020 was A. P1,900,000 B. P1,800,000 C. P1,825,000 D. P1,850,000
Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Surf and Tide. Surf Tide Sales revenue $19,176.1 $10,381 Allowance for doubtful accounts, beginning 78.4 119 Allowance for doubtful accounts, ending 110.8 124 Accounts receivable balance (gross), beginning 2,873.7 1,743 Accounts receivable balance (gross), ending 2,994.7 1,553 Instructions a) Calculate the accounts receivable turnover and average collection period for both companies. My answer for (a) Surf Tide Net Accounts Receivable, beginning (Accounts receivable balance (gross), beginning-Allowance for doubtful accounts, beginning) (2,873.7-78.4) =2,795.3 (1,743-119) =1,624 Net Accounts Receivable, ending (Accounts receivable balance (gross), ending-Allowance for doubtful accounts, ending) (2994.7-110.8) =2,883.9 (1,553-124) =1,429 Average Net Accounts Receivable (Net Accounts Receivable, beginning+Net Accounts Receivable,…

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