Question 24Based on the following post-dasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year.P 10,000s0,000Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,00040,0002,000Notes PayableCashP 25,000 Accrued Insurance Expense50,000 Office EquipmentUnused SuppliesAccounts ReceivableAllow. for Bad Debts1,500 Furniture12,000 Accum Depreciation - Furniture2,000If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit?P 109,000P 101,000P 102.000P 121,000

The question is related to calculation of Net Profit for the period.

Question 24 Based on the following post-diasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year. P 25,000 Accrued Insurance Expense 50,000 Office Equipment P 10,000 s0,000 Notes Payable Cash Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,000 Unused Supplies Accounts Receivable 1,500 Furniture 12,000 Accum Depreciation - Furniture 2,000 40,000 2,000 Allow. for Bad Debts If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit? O a P 109,000 P 101,000 OO P 102.000 P 121,000

Question 24 Based on the following post-diasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year. P 25,000 Accrued Insurance Expense 50,000 Office Equipment P 10,000 s0,000 Notes Payable Cash Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,000 Unused Supplies Accounts Receivable 1,500 Furniture 12,000 Accum Depreciation - Furniture 2,000 40,000 2,000 Allow. for Bad Debts If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit? O a P 109,000 P 101,000 OO P 102.000 P 121,000

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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25
%24 %24 Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $735,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total $3,310,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful ACcounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
Subject: accounting
Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit $ 11,700 35,000 152,500 72,300 125,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings $ 2,300 10, 100 23, 200 205,000 155,900 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $396,500 $396,500 During January 2021, the following transactions occur: Borrow $105, 000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments Receive $31, 500 from customers on accounts receivable. January $2,030 are required at the end of ead onth for 6e months. January 4 January Pay cash on accounts payable, $16,000. 10 January Pay cash for salaries, $29,400. 15 January…
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