Required information [The following information applies to the questions displayed below] The following is a list of accounts and adjusted amounts for Rollcom, Incorporated, for the fiscal year ended September 30, 2021. The accounts have normal debit or credit balances. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Income Tax Expense Notes Payable (long-term) office Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Supplies $ 38,700 66,100 21,100 79,900 94,400 View transaction list 90,300 10,460 1,460 6,260 163,800 99 160 128,300 324,500 34,800 2. Prepare the closing entry required at September 30, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) U

Required information [The following information applies to the questions displayed below] The following is a list of accounts and adjusted amounts for Rollcom, Incorporated, for the fiscal year ended September 30, 2021. The accounts have normal debit or credit balances. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Income Tax Expense Notes Payable (long-term) office Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Supplies $ 38,700 66,100 21,100 79,900 94,400 View transaction list 90,300 10,460 1,460 6,260 163,800 99 160 128,300 324,500 34,800 2. Prepare the closing entry required at September 30, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) U

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Description: !Required information[The following information applies to the questions displayed below]The following is a list of accounts and adjusted amounts for Rollcom, Incorporated, for the fiscal year ended September30, 2021. The accounts have normal debit

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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Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal year ended 31 December 2021. Use the company's information from its annual reports: Receivables as of 31 December 2020 Receivables as of 31 December 2021 $4,468,392 $4,972,722 $45,349,943 Sales revenue for year ended 31 December 2021 1. Calculate the company's number of days of sales outstanding (DSO) for the fiscal year ended 31 December 2021. (Use the average receivables to calculate the ratio). Net = 2.37 = Accounting receivable: Average Day's sales in receivable = 154. 2. Interpret the calculated ratio. 3. Assume that the industry average DSO ratio is 60 days. Based on this information and the subject company's DSO ratio, critically evaluate the company's credit policy and its implications.
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Below are the titles of a number of debit and credit accounts as they might appear on the statement of financial position of Hayduke ASA as of October 31, 2022. Select the Current Asset, Current Liability, Borderline, and Not a Current Item from among these debit and credit accounts. Debit Interest Accrued on Government Securities Notes Receivable Petty Cash Fund Government Securities Treasury Shares Current Asset Current Liability Borderline Not a Current Item Credit Share Capital-Preference 6% First Mortgage Bonds, due in 2029 Preference Dividend, payable Nov. 1,2022 Allowance for Doubtful Accounts Customers' Advances (on contracts to be completed next year)
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How did the Accounts Receivable write-off affect GENERAL MILLSS' financial statement? (in millions) Assets (Balance Sheet) [Select ] Net Income (Income Statement) [ Select ] Operating CF (Statement of CF) [ Select ]
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