What amount should report in balance sheet? Question: 3-24Lake Co. receives non-refundable advance payments with specialorders for containers constructed to customer specifications. Relatedinformation for 2009 is as follows ($ in millions):Customer advances balance Dec 31, 2008 $110Advances received with 2009 ordersAdvances applicable to orders in 2009$195$180Advances from orders cancelled in 2009 $45What amount should Lake report as a current liability for advancesfrom customers in its Dec. 31, 2009, balance sheet?

Explanation of Customer Advances: Customer advances, starting at $110 million in our example,…

Answered: Question: 3-24 Lake Co. receives…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 50P

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Brief Exercise 8-4 (Part Level Submission) At the end of 2019, Sheffield Corp. has accounts receivable of $739,200 and an allowance for doubtful accounts of $67,900. On January 24, 2020, the company learns that its receivable from Megan Gray is not collectible, and managernent authorizes a write-off of $6,500. > (a) v (b) X Your answer is incorrect. Try again. What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off? Before Write-Off After WWrite-Off Cash realizable value 671100 671100 SHOW LIST OF ACCOUNTS
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Problem 10. The balance in Kalanchoe Co.'s accounts payable account at December 31, 2021 was P1,350,000 before any necessary adjustments relating to the following: • Goods were in transit to Kalanchoe from a vendor on December 31, 2021. The invoice cost was P75,000. The goods were shipped FOB shipping point on December 29, 2021 and were received on January 2, 2022. • Goods shipped FOB destination on December 31, 2021 from a vendor to Kalanchoe were received on January 6, 2022. The invoice cost was P37,500. • On December 27, 2021, Kalanchoe wrote and recorded checks totaling P60,000 which were mailed on January 10, 2022. In Kalanchoe's December 31, 2021 statement of financial position, how much should be the accounts payable?
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Problem 4-10 (AICPA Adapted) Rapture Company had the following information for eurrent year relating to accounta receivable: 13000 50000 4.750.000 125.000 Accounts receivable, January 1 Credit eales Collectiona from customers, excluding recovery Accounta written off Collection of accounta written off in prior year. customer credit waa not reestablished Eatimated uncollectible receivables per aging at December 31 25.000 165 000 What is the balance of accounta receivable, before allowane for doubtful accounts, on December 317 a. 1,825,000 b. 1,850,000 c. 1,950,000 d. 1,990,000
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Brief Exercise 8-03 a-b At the end of 2021, Larkspur Co. has accounts receivable of $675,100 and an allowance for doubtful accounts of $24,370. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,127.(a)Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (b)What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $Enter a dollar amount $Enter a dollar amount
Required information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 (The following information applies to the questions displayed below.) Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locunt, terma n/3D. Kay 19 Replaced the Apri1 20 account payable to Locust with a 90-day, 8, $35,000 note payable along with paying $3,000 in canh. July 8 Borrowed $60,000 canh from KBR Bank by signing a 120-day, 10, 560, 000 note payable. Paid the amount due on the note to Locunt at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Noveaber 28 Borroved $33,000 caah from Pargo Bank by signing a 60-day, 7, $33,00o note payable. Decenber 31 Recorded an adjunting entry for accrued interest on the note to Targo Bank. Year 2 Paid the anount due on the note to Pargo Bank at the naturity date. Problem 9-1A (Algo) Part 4 4. Determine the…
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! Required information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $37,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 7%, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 12%, $60,000 note payable. Paid the amount due on the note to Locust at the maturity date. ? Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 7%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 __?__ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A (Algo) Part 4 4. Determine…
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