Required:Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) thestatement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was$239,220]; and (c) the balance sheet as of December 31.Complete this question by entering your answers in the tabs below.Required A Required BRequired CPrepare Chiara Company's balance sheet as of December 31.CHIARA COMPANYBalance SheetDecember 31AssetsCashAccounts receivableOffice suppliesInterest receivableNotes receivableAutomobilesAccumulated depreciation-AutomobilesEquipmentDepreciation expense AutomobilesExpenses$000 3 (complete only if your exam 1 or 2 was low and ...-intLCraw511The adjusted trial balance for Chiara Company as of December 31 follows.@CashAccounts receivable.Interest receivable2Notes receivable (due in 90 days)Office suppliesAutomobilesAccumulated depreciation-AutomobilesEquipmentAccumulated depreciation-EquipmentLandAccounts payableInterest payableSalaries payableUnearned revenueLong-term notes payableCommon stockRetained earningsDividendsServicesInterestrevenuerevenueDepreciation expense-AutomobilesDepreciation expense-EquipmentSalaries expenseWages expenseInterest expenseoffice supplies expenseAdvertising expenseRepairs expense-AutomobilesTotals3сDebit$ 145,40052,00021,600171,500$415,500171,000134,00086,00053,000Saved< PrevRequired:Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended Decembstatement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the F$239,220]; and (c) the balance sheet as of December 31.Credit$ 105,00027,000106,00030,00022,00042,000148,00026,580239,220504,00036,00025,00020,000183,00043,00037,00035,20064,00028,600$ 1,285,800 $ 1,285,800G Search or type URLBOOOOOOY%562 of 11 #MacBook Pro&>789

Name: Required:Use the information in the adjusted trial balance to prepare
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Description: Required:Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) thestatement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior

Financial statements are those statements which are prepared at the end of the period. It includes…

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Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $239,220]; and (c) the balance sheet as of December 31. Complete this question by entering your answers in the tabs below.

Required: Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $239,220]; and (c) the balance sheet as of December 31. Complete this question by entering your answers in the tabs below.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 68E: Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule...

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Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2019 Account Title Debit Credit Cash P 16.500.00 Accounts Receivable 7.500.00 Allowance for doubtful accounts P 150.00 Note Receivable 5,527.50 3.000.00 Unused Supplies Prepaid rent 5.000.00 Photocopying Equipment 30,000.00 450.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5.000.00 Accumulated Depreciation - Furniture & Fixtures 75.00 Accounts payable 2.500.00 Loan payable 50,000.00 Notes payable 5.000.00 Salaries Payable 816.67 Unearned Photocopying Revenues 1,800.00 Mercado, Capital 10,000.00 Mercado, Drawing 500.00 Photocopying Revenues 24,227.50 Taxes and Licenses Expense 2,000.00 Salaries expense 4.800.00 Supplies expense 7,000.00 Utilities expense 2,500.00 Rent expense 5,000.00 525.00 Depreciation Expense Bad debts expense 166.67 P 95,019.17 P 95,019.17 Totals Requirements: 1. Prepare Financial Statements: Profit and loss…
Problem 4-10 (AICPA Adapted) Rapture Company had the following information for eurrent year relating to accounta receivable: 13000 50000 4.750.000 125.000 Accounts receivable, January 1 Credit eales Collectiona from customers, excluding recovery Accounta written off Collection of accounta written off in prior year. customer credit waa not reestablished Eatimated uncollectible receivables per aging at December 31 25.000 165 000 What is the balance of accounta receivable, before allowane for doubtful accounts, on December 317 a. 1,825,000 b. 1,850,000 c. 1,950,000 d. 1,990,000
Requlred Informatlon [The following information applies to the questions displayed below.] The Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $678,00e 1 to 30 $110, eee 3% 31 to 60 61 to 90 Over 90 Accounts receivable Percent uncollectible $38, e00 9% $50, 0ee 12% $416,000 $56,000 7% 4% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5.600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2.100 debit. Complete this question by entering your answers in the tabs below. Reg A Reg B and C Complete the below table to calculate the estimated balance of Allowance for…
a. 8,200,000 b. 6,200,000 c. 2,000,000 d. 4,200,000 Problem 4-15 (AICPA Adapted) 81 molde Steven Company provided the following information during the first year of operations: 0913410000 Total merchandise purchases for the current year Merchandise inventory on December 31 Collections from customers bgodno ode All merchandise was marked to sell at 40% above cost. All Isales are on a credit basis and all accounts are collectible, What amount should be reported as accounts receivable on December 31? od ove arlo batable pore ab a. 1,000,000 b. 3,840,000 c. 5,000,000 d. 5,800,000 7,000,000 1,400,000 4,000,000 120 000 030 000,000 at amount was received b remittance in full? a. 2,744,000 b. 2,940,000 c. 2,944,000 d. 3,140,000 Problem 4-17 (PHILCPA A Germany Company started busines year. The entity established an all- estimated at 5% of credit sales. wrote off P50,000 of uncollectible Further analysis showed th amounted to P9,000,000 and e was P1,500,000. Goods were s The total sales…
The following summarizes the aging of accounts receivable for Orange Incorporated as of July 31, Year 1: Number of Days Unpaid Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Total Accounts Receivable 11.130 $ 175,982 89,200 53,600 31,800 Historical % Uncollectible 17,424 margin of error +/-3 www. 29 12% 18% The unadjusted balance of the Allowance for Doubtful Accounts of Orange Incorporated is a credit balance in the amount of $17.578 on July 31, Year 1. What is the amount of the adjusting entry to be recorded on July 31 Year 17 35%
Required information Skip to question [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 640,000 Credit sales $ 1,600,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 480,000 debit Allowance for doubtful accounts $ 5,800 debit Required:1. Prepare the adjusting entry to record bad debts under each separate assumption. Bad debts are estimated to be 2% of credit sales. Bad debts are estimated to be 1% of total sales. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible.
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
Mr Required information PA8-4 (Algo) Accounting for Accounts and Notes Receivable Transactions [LO 8-2, LO 8-3] [The following information applies to the questions displayed below.] Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $47,000 on credit. b. On January 31, the company estimated bad debts using 2 percent of credit sales. c. On February 4, the company collected $23,500 of accounts receivable. d. On February 15, the company wrote off $150 account receivable. e. During February, the company provided services for $37,000 on credit. f. On February 28, the company estimated…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) On December 31, a company has outstanding accounts receivable of $69,000, and it estimates that 3% of its receivables will be uncollectible. Prepare the adjusting journal entry at year-end to record bad debts expense if the Allowance for Doubtful Accounts has a: $1,173 credit balance before the adjustment. $345 debit balance before the adjustment.
Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation. Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 31 Pay cash for monthly salaries, $52,900. Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. on account. The cost of the units sold is $84,000. $5,100 January 6 Purchase additional inventory on…
Exercise 4. Selected account balance before adjustments for Kiss Me Again Company on December 31, 2020 are as follows: Debit CreditAccounts Receivable P84,625Supplies 11,375Equipment 215,000Module 4 10- NABAccumulated Depreciation P34,450Wages payable 0Unearned fees 23,500Fees earned 348,975Wages expense 79,700Rent expense 48,000Depreciation Expense 0Supplies expense 0The data needed for year-end adjustments are as follows:a. Fees earned but not yet collected on December 31, P31,575.b. Supplies on hand on December 31, P2,785c. Rent expired during the year, P36,000d. Depreciation for equipment during the year, P5,000e. Wages accrued but unpaid on December 31, P13,800f. Accounts receivable of P10,000 is doubtful of being collected.Date Description PR Debit Credit
Hide or show questions Progress:11/15 items Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 C. Barton 13,100 S. Fenton 7,400 Total $40,000 Required: a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank. Bad Debt Expense Bad Debt Expense Accounts Receivable-J. Jackson Accounts Receivable-J. Jackson Accounts Receivable-L. Stanton Accounts Receivable-L. Stanton Accounts Receivable-C. Barton Accounts Receivable-C. Barton Accounts Receivable-S. Fenton Accounts Receivable-S. Fenton b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made…