Quality Service Systems Adjusted Trial Balance March 31, 2018 Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Notes Payable, long-term Mullen, Capital Mullen, Withdrawals Sales Revenue Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total $ (A Debit Balance 2,800 13,400 31,900 6,000 42,200 39,000 108,450 27,700 14,800 2,400 288,650 $ Credit 13,500 9,600 1,050 8,300 15,200 241,000 288,650

Quality Service Systems Adjusted Trial Balance March 31, 2018 Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Notes Payable, long-term Mullen, Capital Mullen, Withdrawals Sales Revenue Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total $ (A Debit Balance 2,800 13,400 31,900 6,000 42,200 39,000 108,450 27,700 14,800 2,400 288,650 $ Credit 13,500 9,600 1,050 8,300 15,200 241,000 288,650

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please Prepare income statement, equity and financial position. thank you!
Journalize this transactions for 2024, before starting the company for the journal entries uses the allowance method I added more imformation in the image for the background data and imformation. Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold). 2-Collections on account, $92,895 3-Write-offs of uncollectibles, $760. 4- The Company accepted a 90-day, 9%, $13,500 note receivable from a customer in exchange for 4 his account receivable. a Journalize the issuance of the note. b Journalize the collection of the principal and interest at maturity. (use 360 days) 5 Bad debts expense of $?? was recorded. (Refer to requirement 3)(about the write off) -attached is an image to the context the journal entries should be placed in
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26 ces Required information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory. Prepaid expenses Plant assets, net Total assets Current Year $ 30,401 92,653 113,068 9,790 285,290 $ 531,208 1 Year Ago $ 37,001 66,035 85,566 9,809 259,527 $457,938 $ 133,593 97,870 162,500 137,245 $ 531,200 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 37,413 48,906 53,137 3,994 227,050 $370,500 $ 76,618 104,272 163,500 113,548 $ 457,938 $ 49,884 81,062 161,500 76,054 $ 370,500 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable?…
Allowance for Uncollectible Accounts-Aging Method Sales-R-Us beginning general ledger shows an allowance for doubtful accounts balance of $10,000 credit balance. The year-end trial balance before adjustments, reports gross accounts receivable of $100,000 and allowance for doubtful accounts of $5,000 credit. Be sure to use the proper format for all JEs (Journal Entries). 1. 2. Using the aging method, the company estimates that it will be unable to collect 11% of the total accounts receivable at year end. Write the journal entry for updating their ADA account at year end. After making the required journal entry for bad debts at year end, what is the ending balance in allowance for uncollectible accounts? Allowance For Doubtful Accounts 3- On December 31, how much (in total) is owed to Sales-R-Us by customers? What do they expect to receive (the "net realizable value") from customers? 4. Obviously, during the year, some of the ADA was written off, please show the correct JE that had been…
OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
HAURA DESIGN COMPANY TRIAL BALANCE AS AT 30 JUNE 2020 Accounts Debit Credit RM RM Cash 21,050 Accounts Receivable 6,300 5,000 Inventory Accounts Payable 18,000 Vehicles 80,000 Accumulated Depreciation -Vehicles Humaira Capital Humaira Drawings Freight In Freight Out 32,000 51,800 1,150 800 1,600 Purchase Insurance 500 Sales Return and Allowances 2,100 Purchase Return and Allowances 2,000 Sales Discount 500 Purchase Discount 1400 Sales 70,200 Purchases 35,000 Insurance Expense 600 Interest Revenue 1,100 Salaries Expense 6,000 Rental Revenue 800 Depreciation Expense-Vehicle Bad Debt Expense Prepaid Insurance Salaries Payable Unearned Rental Revenue 16,000 400 1,200 500 400 178,200 178,200 Additional Informations : 1. Inventory as at June 30, 2020 is RM6,300. 2. Net income = RM 13,300 Required : 1. Prepare a Statement of Owner's Equity for the year ended June 30, 2020. 2. Prepare a Statement of Financial Position as at June 30, 2020.
COMPLETE THE WORKSHEET
eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
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