?? Question: 7Concordia Industries Ltd. collected Pounds 112,000 from customers in 2017. Of theamount collected, Pounds 30,000 was from revenue accrued from services performed in2016. In addition, Concordia recorded Pounds 44,000 in revenue in 2017, which will notbe collected until 2018.Concordia Industries also paid Pounds 72,000 for expenses in 2017. Of the amount paid,Pounds 27,000 was for expenses incurred on account in 2016. In addition, Concordiaincurred Pounds 37,000 in expenses in 2017, which will not be paid until 2018.Compute 2017 cash-basis net income.

Concept of Cash Basis AccountingCash basis accounting records revenues and expenses only when cash…

Answered: Question: 7 Concordia Industries Ltd.…

Principles of Accounting Volume 1

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Chapter9: Accounting For Receivables

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Problem 12Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...

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At the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $143,000, and the balance in Allowance for Doubtful Accounts was $2,450. EZ Tech's sales in 2017 were $1,070,000, 80% of which were on credit. Collections on account during the year were $690,000. The company wrote off $4,000 of uncollectible accounts during the year. Identify and analyze the transactions related to the collections of cash during 2017. Activity Operating Accounts Cash Increase, Accounts Receivable Decrease Statement(s) Balance Sheet only How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Net Assets = Liabilities + Equity Revenues – Expenses = Income…
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The Accounts Receivable balance for Lake, Inc. at December 31, 2017, was $20,000. During 2018, Lake earned revenue of $454,000 on account and collected $325,000 on account. Lake wrote off $5,600 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 5% of accounts receivable. Requirements 1. Assume Lake had an unadjusted $2,700 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lake’s December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. 2. Assume Lake had an unadjusted $2,400 debit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lake’s December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method.
Riverside Sporting Goods Inc. began 2017 owing notes payable of $ 3.6 million. During 2017, the company borrowed $ 2.2 million on notes payable and paid off $ 1.9 million of notes payable from prior years. Interest expense for the year was $ 1.2 million, including $ 0.1 million of interest payable accrued at December 31, 2017. Show what Riverside Sporting Goods Inc. should report for these facts on the following financial statements: 1. Income statement a. Interest expense 2. Balance sheet a. Notes payable b. Interest payable
CornProducts Corporation ended the year 2018 with an average collection period of 40 days. The firm's credit sales for 2018 were $9 million. What is the approximate year-end 2018 balance in accounts receivable for Corn Products?
On December 31, 2011, Wesam Company had a $60,275 balance in Accounts Receivable. During the year 2012, the company collected $104,050 from its credit customers. The December 31, 2012, balance of Accounts Receivable was $86,325. Determine the amount of Wesam Company's sales on account for 2012.
The Accounts Receivable balance for Lake Company at December 31, 2017, was $20,000. During 2018, Lake earned revenue of $454,000 on account and collected $325,000 on account. Lake wrote off $5,600 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 5% of accounts receivable. Requirements 1. Assume Lake had an unadjusted $2,700 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lake's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. 2. Assume Lake had an unadjusted $2,400 debit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lake's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method.
During 2018, Towson Company had credit sales of $60,000 and cash sales of $11,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $63,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Towson also purchased for cash a three-year insurance policy on January 1, 2018. The cost of this policy was $3,000. What is Towson's 2018 accrual basis net income or loss? A business has the following balances in its financial records: Income tax 30,000 pounds; Selling & administration expenses 80,000 pounds; Revenue 350,000 pounds; Interest expenses 15,000 pounds; Cost of Sales 190,000 pounds. How much is the Gross profit, Operating profit, and Net Profit after tax? Annapolis Corporation's trial balance included debits to expense accounts of $150,000, credits to revenue accounts of $243,000, and debits to the Dividends account…
Miller Company reported the following information in its 2017 financial statements ($ in millions) 2017 2016 $2,347.8 $1,675.0 $18,477.6 Balance sheet: Accounts receivable, net Income statement sales revenue A note disclosed that the allowance for uncollectible accounts had a balance of $30.4 million and $30.1 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $20,4 million Required: Determine the amount of cash collected from customers during 2017. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Cash cofections S 18.004.5

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