Compute 2017 income Question:Concordia Industries Ltd. collected Pounds 112,000 from customers in 2017. Ofthe amount collected, Pounds 30,000 was from revenue accrued from servicesperformed in 2016. In addition, Concordia recorded Pounds 44,000 in revenue in2017, which will not be collected until 2018.Concordia Industries also paid Pounds 72,000 for expenses in 2017. Of the amountpaid, Pounds 27,000 was for expenses incurred on account in 2016. In addition,Concordia incurred Pounds 37,000 in expenses in 2017, which will not be paiduntil 2018.Compute 2017 cash-basis net income.

Step 1: There are two types of accounting method.Cash basis of accounting Accrual basis of…

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College Accounting (Book Only): A Career Approach

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ChapterB: Bad Debts

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Problem 2P: Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which...

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Primo Industries collected $226,000 from customers in 2018. Of the amount collected, $113.000 was from services performed in 2017. In addition, Primo performed services worth $156,000 in 2018, which will not be collected until 2019. Primo Industries also paid $182,000 for expenses in 2018. Of the amount paid, $142,000 was for expenses incurred on account in 2017. In addition, Primo incurred $153,000 of expenses in 2018, which will not be paid until 2019. Compute 2018 cash-basis net income.???
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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…
At the beginning of 2017, Miyazaki Company's Accounts Receivable balance was $105,000, and the balance in Allowance for Doubtful Accounts was $1,950. Miyazaki's sales in 2017 were $787,500, 80% of which were on credit. Collections on account during the year were $502,500. The company wrote off $3,000 of uncollectible accounts during the year. Identify and analyze the adjustments to recognize bad debts assuming that amounts expected to be uncollectible are 6% of the year-end accounts receivable.
General Mills reported the following information in its 2017 financial statements ($ in millions): 2017 2016Balance Sheet:Accounts receivable, net $ 1,430.1 $ 1,360.8Income statement:Sales revenue $ 15,619.8 A note disclosed that the allowance for uncollectible accounts had a balance of $24.3 million and $29.6 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $16.6 million.Required:Determine the amount of cash collected from customers during 2017.
At the close of its first year of operations, December 31, 2017, Ming Company had accounts receivable of $1,620,000, after deducting the related allowance for doubtful accounts. During 2017, the company had charges to bad debt expense of $270,000 and wrote off, as uncollectible, accounts receivable of $120,000. What should the company report on its balance sheet at December 31, 2017, as accounts receivable before the allowance for doubtful accounts?
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
On December 31, 2018, Ava Company had an ending balance of $8063 in its accounts receivable account and an unadjusted (current) balance in its allowance for doubtful accounts account of $188.Ava estimates uncollectible accounts expense to be 6% of receivables. .Based on this information, the amount of uncollectible accounts expense shown on the 2018 income statement is...
Geisel, Inc. reported net sales revenue of $522,000 in 2018 and $628,000 in 2019. The company’s ending net receivables were $112,000 during 2017 and $131,000 during 2018. At December 31, 2019, the company had Accounts Receivable of $144,000 and an unadjusted debit balance in its Allowance for Doubtful Accounts account of $1,800. The company reported Bad Debt Expense of $9,990 during 2019. Required: Determine the net receivables at December 31, 2019. Calculate the receivables turnover ratio for 2018 and 2019. Calculate the days to collect for 2018 and 2019.

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