Refer to the following adjusted trial balance after the first year of operations. Accounts Debit Credit Cash $1,800 Accounts Receivable 8,400 Office Supplies 200 Equipment 26,500 Accumulated Depreciation— Equipment $2,000 Accounts Payable 1,800 Salaries Payable 850 Unearned Revenue 400 Common Stock 3,300 Dividends 3,000 Service Revenue 55,650 Salaries Expense 20,000 Supplies Expense 2,400 Depreciation Expense— Equipment 1,700 Total $64,000 $64,000 What will the balance of the Retained Earnings account be after the closing entries are posted? A. $34,850 B. $31,550 C. $28,550 D. $34,550

Refer to the following adjusted trial balance after the first year of operations. Accounts Debit Credit Cash $1,800 Accounts Receivable 8,400 Office Supplies 200 Equipment 26,500 Accumulated Depreciation— Equipment $2,000 Accounts Payable 1,800 Salaries Payable 850 Unearned Revenue 400 Common Stock 3,300 Dividends 3,000 Service Revenue 55,650 Salaries Expense 20,000 Supplies Expense 2,400 Depreciation Expense— Equipment 1,700 Total $64,000 $64,000 What will the balance of the Retained Earnings account be after the closing entries are posted? A. $34,850 B. $31,550 C. $28,550 D. $34,550

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

See similar textbooks

Similar questions

A year end review of Accounts Receivable and estimated uncollectible percentages revealed the following: attached in ss below thankas gwroiwrnio
Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.
Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1 1,300,000Credit sales 5,500,000Sales return 150,000Accounts written off 100,000Collections from customers 5,000,000Estimated future sales return on December 31 50,000Estimated uncollectible accounts per aging at year-end 250,000 What amount should be reported as net realizable value of accounts receivable on December 31?
Maxwell Inc. analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: % Considered Age Group Balance Uncollectible 0-30 days past due $100,000 1% 31-60 days past due 18,000 3% 61-120 days past due 20,000 6% 121-180 days past due 7,000 10% Over 180 days past due 2,000 20% $147,000 The company handles credit losses using the allowance method.The credit balance of the Allowance for Doubtful Accounts is $840 on December 31, before any adjustments.a. Determine the amount of the adjustment for estimated credit losses on December 31.$Answerb. Determine the financial statement effect of a write off of Porter Company’s account on the following May 12, in the amount of $480.Use negative signs with answers, when appropriate.If a transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the…
AT&U Company has the following data for the year ended December 31, Year 1:Sales (credit) $2,500,000Sales returns and allowances 50,000Accounts receivable (December 31, Year 1) 640,000Allowance for doubtful accounts(before adjustment at December 31, Year 1, credit balance) 20,000Estimated amount of uncollected accounts based on aging analysis(December 31, Year 1) On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with terms of 2/10, n/30. How much in sales discounts will be recorded if payment is received from the customer on January 8?a. $0 b. $2,000 c. $98,000 d. $100,000 .*A company had sales of $40,000, sales discounts of $800, sales returns of $1,600, and commissions owed to salespeople of $600. What is net sales? a. $37,600 b. $38,400 c. $39,200 d. $40,000 . A company’s accounts receivable balance after posting net collections from customers is $150,000. Management has determined the following: $100,000 of the accounts that are 1…
Tantrum Company provided the following information in relation to accounts receivable at year-end: Days outstanding estimated amount %uncollectible www M 1% 1,200,000 900,000 0-60 61-120 2% 1,000,000 3,100,000\ During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was Over 120 6% P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?
Hunter, Inc. analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: % Considered Age Group Balance Uncollectible 0-30 days past due $90,000 1% 31-60 days past due 20,000 2% 61-120 days past due 11,000 5% 121-180 days past due 6,000 10% Over 180 days past due 4,000 25% $131,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $520 on December 31, before any adjustments. a. Determine the amount of the adjustment for estimated credit losses on December 31. $ 0 b. Determine the financial statement effect of a write off of the Rose Company's account on April 10 of the following year in the amount of $425. Use negative signs with answers, when appropriate. If a transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the decrease amount directly…
An entity provided the following information for the current year: Accounts receivable – January 1 P2,000,000 Credit sales 10,000,000 Collection from customers, excluding recovery of accounts written off 8,000,000 Accounts written off as worthless 100,000 Sales return 500,000 Recovery of accounts written off 50,000 Estimated future sales returns on December 31 150,000 Estimated uncollectible accounts on December 31 per aging 300,000 What is the “amortized cost” of accounts receivable on December 31?
SISSY Company provided the following information relating to accounts receivable for the current yearAccounts receivable on January 1 1,300,000Credit Sales 5,400,000Collections from customers, 4,750,000Accounts written off 125,000Estimated uncollectible receivables per aging 165,000What is the balance of accounts receivable before allowance for doubtful accounts on December 31?a. 1,825,000b. 1,850,000c. 1,950,000d. 1,990,000
The trial balance and information for year-end adjustments for Vilardi Company are as follows: Vilardi CompanyTrial BalanceDecember 31, 20-- Account Title Debit Credit Cash 15,700 Accounts Receivable 9,400 Supplies 6,000 Prepaid Insurance 1,500 Equipment 50,000 Accumulated Depreciation-Equipment 10,000 Accounts Payable 5,400 Wages Payable Vilardi, Capital 29,460 Vilardi, Drawing 1,500 Service Fees 63,000 Wages Expense 15,100 Rent Expense 7,800 Supplies Expense Utilities Expense 860 Insurance Expense Depreciation Expense-Equipment 107,860 107,860 a. Supplies on hand at year-end amounted to $420. b. The equipment costing $50,000 has an expected life of five years and no salvage value. Vilardi uses straight-line depreciation. c. A premium of $1,500 for a one-year insurance policy was paid on November 1. d. Wages earned by employees but not paid by year-end amounted to $900. Prepare the…
ANALYSIS OF ACTIVITY MEASURES Based on the financial statement data in Exercise 24-1B, compute the following activity measures for 20-2 (round all calculations to two decimal places): (a) Accounts receivable turnover (b) Merchandise inventory turnover (c) Asset turnover
Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: a. Journalize the write-offs under the direct write-off method. b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded 5,250,000 of credit sales during the year. Based on past history and industry averages, % of credit sales are expected to be uncollectible. c. How much higher (lower) would Casebolt Companys net income have been under the direct write-off method than under the allowance method?

SEE MORE QUESTIONS

Recommended textbooks for you

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

Cookie Policy

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

Accounts	Debit	Credit
Cash	$1,800
Accounts Receivable	8,400
Office Supplies	200
Equipment	26,500
Accumulated Depreciation— Equipment		$2,000
Accounts Payable		1,800
Salaries Payable		850
Unearned Revenue		400
Common Stock		3,300
Dividends	3,000
Service Revenue		55,650
Salaries Expense	20,000
Supplies Expense	2,400
Depreciation Expense— Equipment	1,700
Total	$64,000	$64,000