Chapter 5 Exercises iSaved49Required informationPart 4 of 7(The following information applies to the questions displayed below.)On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:AccountsDebitCredit1$ 26,10014,700CashpointsAccounts ReceivableAllowance for Uncollectible Accounts$ 3,000SuppliesNotes Receivable (6, due in 2 years)LandSkipped3,60015,00080,000Accounts PayableConmon StockRetained Earnings7,90095,00033,500eBookTotals$139,400$139,400PrintDuring January 2021, the following transactions occur:2 Provide services to customers for cash, $46,100.6 Provide services to customers on account, $83,400.JanuaryJanuaryJanuary 15 write off accounts receivable as uncollectible, $2,500.January 20 Pay cash for salaries, $32, 500.January 22 Receive cash on accounts receivable, $81,000.January 25 Pay cash on accounts payable, $6,600.January 30 Pay cash for utilities during January, $14,800.References4. Prepare an income statement for the period ended January 31, 2021.3D FAMILY FIREWORKSIncome StatementFor the year ended January 31, 2021Revenues:Total RevenuesExpenses:Total ExpensesMcGrawHill< Prev曲Next >495051 52of 60...... 50Required informationPart 5 of 7(The following information applies to the questions displayed below.)On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:AccountsDebitCredit$ 26,10014,700CashpointsAccounts ReceivableAllowance for Uncollectible Accounts$ 3,000SkippedSuppliesNotes Receivable (6, due in 2 years)3,60015,00080,000LandAccounts PayableCommon Stock7,90095,00033,500Retained EarningseBookTotals$139,400$139,400PrintDuring January 2021, the following transactions occur:2 Provide services to customers for cash, $46,100.6 Provide services to customers on account, $83,400.JanuaryJanuaryJanuary 15 write off accounts receivable as uncollectible, $2,500.January 20 Pay cash for salaries, $32, 500.January 22 Receive cash on accounts receivable, $81,000.January 25 Pay cash on accounts payable, $6,600.January 30 Pay cash for utilities during January, $14,800.References5. Prepare a classified balance sheet as of January 31, 2021. (Deductible amount should be indicated with by a minus sign.)3D Family FireworksBalance SheetJanuary 31, 2021AssetsLiabilitiesCurrent Assets:Current Liabilities:Total Current LiabilitiesTotal Current AssetsTotal LiabilitiesLong-term assets:Stockholders' EquityMcGraw< Prev505152of 60Next >Hill*..........

Required information (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit $ 26,100 14,700 Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) 3,600 15,000 80,000 Land Accounts Payable Common Stock 7,900 95,000 Retained Earnings 33,500 Totals $139,400 $139, 400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account, $83,400. January 15 write off accounts receivable as uncollectible, $2,50o. January 20 Pay cash for salaries, $32,500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 30 Pay cash for utilities during January, $14,800. 4. Prepare an income statement for the period ended January 31, 2021. 3D FAMILY FIREWORKS Income Statement For the year ended January 31, 2021 Revenues: Total Revenues Expenses: Total Expenses

Required information (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit $ 26,100 14,700 Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) 3,600 15,000 80,000 Land Accounts Payable Common Stock 7,900 95,000 Retained Earnings 33,500 Totals $139,400 $139, 400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account, $83,400. January 15 write off accounts receivable as uncollectible, $2,50o. January 20 Pay cash for salaries, $32,500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 30 Pay cash for utilities during January, $14,800. 4. Prepare an income statement for the period ended January 31, 2021. 3D FAMILY FIREWORKS Income Statement For the year ended January 31, 2021 Revenues: Total Revenues Expenses: Total Expenses

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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Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $62,000 in allowance for uncollectible accounts $ 394,000 Interest receivable 31,100 Notes receivable 510,000 Additional information: The notes receivable account consists of two notes, a $110,000 note and a $400,000 note. The $110,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $400,000 note is dated March 31, 2023, with principal and 10% interest payable on March 31, 2024. During 2024, sales revenue totaled $2,220,000, $2,080,000 cash was collected from customers, and $51,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 9% of year-end gross accounts receivable. Required: In addition to sales revenue, what revenue and expense amounts related…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $24,300 Accounts Receivable 42,500 Allowance for Uncollectible Accounts $2,700 Inventory 42,000 Land 79,600 Accounts Payable 29,200 Notes Payable (8%, due in 3 years) 42,000 Common Stock 68,000 Retained Earnings 46,500 Totals $188,400 $188,400 The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1,150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defects. January 19 Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO…
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit $ 23, 300 40, e0e Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 4, 5e0 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37,e00 72,100 28,98e 37, eee 63, 0ee Common Stock Retained Earnings 39. eee Totals $172,488 $172,488 The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,680 units for $168,888 on account ($18s cach). January 8 Purchase 1,78e units for $187,800 on account ($110 cach). January 12 Purchase 1,88e units for $207, Bee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753,eee…
Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 6/30/2020 () 3/31/2020 (Q3) 12/31/2019 () Balance Sheets: Accounts receivable, net Income statements : Sales revenue $15, 761 $ 19,810 $ 12,900 24, 550 $ 23,330:22,120 Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio " answers to 3 decimal places and " Average collection period" answers to 2 decimal places. Receivables turnover ratio Q4 times Receivables turnover ratio Q3 1.427 times Average collection period Q4 Average collection period Q3 days 63.79 days Balance Sheets: Accounts receivable, net Income statements: Sales revenue Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 3/31/2020 (03) 12/31/2019…
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A company reported the following information: Accounts receivable, December 31, 2023: $122,000 Accounts receivable, December 31, 2022: $113,000 Sales (all on credit) for 2023: $850,000 Accounts receivable, December 31, 2023 $122,000 Accounts receivable, December 31, 2022 113,000 Sales (all on credit) for 2023 850,000 How much cash was collected from customers during 2023?
6. At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000.Compute Teal’s 2020 cash receipts from customers. Cash receipts from customers $
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit Cash $ 59,000 Accounts Receivable 25,600 Allowance for Uncollectible Accounts $ 2,500 Inventory Notes Receivable (5%, due in 2 years) 36,600 15,600 Land 158,000 Accounts Payable 15,100 Common Stock 223,000 Retained Earnings 54,200 $294,800 Totals $294,800 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, $9,800. January 8 Purchase additional inventory on account, $85,900. January 15 Receive cash on accounts receivable, $22,30O. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500. Information for adjusting entries: a. Depreciation on the equipment…
On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $24,300 Accounts Receivable 42,500 Allowance for Uncollectible Accounts $2,700 Inventory 42,000 Land 79,600 Accounts Payable 29,200 Notes Payable (8%, due in 3 years) 42,000 Common Stock 68,000 Retained Earnings 46,500 Totals $188,400 $188,400 The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1,150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defects. January 19 Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO…