Answer the following Requlred Informatlon[The following information applies to the questions displayed below.]Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services onaccount of $584,000. Of this amount, $74,000 remains receivable at the end of the year. An aging schedule as ofDecember 31, 2021, is provided below.EstimatedAmountPercentAge GroupNot yet due8-90 days past due91-189 days past dueMore than 18e days past dueReceivable$34,00015,40018,40014, 200$74, 000Uncollectible4%20%25%se%Total3. On July 19, 2022, a customer's account balance of $7,400 is written off as uncollectible. Record the write-off. (If no entry Isrequlred for a particular transactlon/event, select "No Journal Entry Requlred" In the first account fleld.)View transaction listJournal entry worksheet1>Record write off of actual bad debts.Note: Enter debits before credits.DateGeneral JournalDebitCreditJuly 19, 2022

Bad debts are the debts which have been unpaid by the debtors generally entity makes provision for…

Requlred Information [The following information applies to the questions displayed below.] Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Peari provides services on account of $584.000. Of this amount, $74,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Receivable $34,800 15,400 1e,4ee 14, 200 $74,800 Uncollectible Age Group Not yet due e-9e days past due 91-180 days past due More than 18e days past due 20% 25% se Total 3. On July 19. 2022, a customer's account balance of $7,400 is written off as uncollectible. Record the write-off. (If no entry ls required for a particular transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet Record write off of actual bad debts. Note: Enter debits before credits. Date General Journal Debit Credit July 19, 2022

Requlred Information [The following information applies to the questions displayed below.] Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Peari provides services on account of $584.000. Of this amount, $74,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Receivable $34,800 15,400 1e,4ee 14, 200 $74,800 Uncollectible Age Group Not yet due e-9e days past due 91-180 days past due More than 18e days past due 20% 25% se Total 3. On July 19. 2022, a customer's account balance of $7,400 is written off as uncollectible. Record the write-off. (If no entry ls required for a particular transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet Record write off of actual bad debts. Note: Enter debits before credits. Date General Journal Debit Credit July 19, 2022

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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! Requlred Informatlon [The following information applies to the questions displayed below.] Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Amount Estimated Percent Age Group Not yet due e-9e days past due 91-180 days past due More than 18e days past due Receivable Uncollectible $38, 000 15, Bee 18, 8e0 13,400 $78,00e 3% 15% 20% 85% Total 2. Record the December 31, 2021, adjusting entry, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $4.800 (credit). (If no entry Is requlred for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit…
Requlred Information [The following information applies to the questions displayed below.] Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Percent Uncollectible Amount Age Group Not yet due 8-90 days past due 91-180 days past due More than 1se days past due Receivable $38,00e 15,8e0 10, Bee 15% 20% 13,400 $78,080 85% Total Requlred: 1. Calculate the allowance for uncollectible accounts. Estimated Amount Uncollectible Age Group Not yet due 0-90 days past due 91-180 days past due More than 180 days past due Total
! Requlred Informatlon [The following information applies to the questions displayed below.) Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Amount Estinated Percent Age Group Not yet due e-90 days past due 91-180 days past due More than 180 days past due Total Receivable Uncollectible $38,000 3% 15,8e0 18, 800 13,400 15% 20% 85% $78,000 3. On July 19, 2022, a customer's account balance of $7.800 is written off as uncollectible. Record the write-off. (If no entry Is requlred for a particular transaction/event, "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 1 Record write off of actual bad debts. Note: Enter debits before credits. Date General Journal Debit Credit July 19, 2022
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. IT Estimated Amount Percent Receivable Uncollectible Age Group Not yet due 0-90 days past due 91–180 days past due More than 180 days past due $38,000 15,800 10,800 13,400 3% 15% 20% 85% Total $78,000
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $578,000. Of this amount, $68,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Age Group AmountReceivable Estimated Percent Uncollectible Not yet due $ 28,000 5 % 0-90 days past due 14,800 10 % 91–180 days past due 9,800 30 % More than 180 days past due 15,400 80 % Total $ 68,000 3. On July 19, 2022, a customer’s account balance of $6,800 is written off as uncollectible. Record the write-off. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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At December 31, 2020, Mallory, Inc. reported in its balance sheet a net loss of $12 million related to its postretirement benefit plan. The actuary for Mallory at the end of 2021 increased her estimate of future health care costs. Mallory's entry to record the effect of this change will include: Multiple Choice A debit to APBO and a credit to Loss-OCI. A debit to Postretirement benefit expense and a credit to APBO. A debit to Loss-OCl and a credit to APBO. A debit to Postretirement benefit expense and a credit to Loss-OCI. 15 of 39 Next > Sy Prev Question no...pages 5...pdf Question no....pages MacBook Air ...
Lender company provides postretirement health care benefits to employees who provide at least 10 years of service and reach the age of 65 while in service. On January 1 of the current year, the following plan related data we’re available. APBO balance 157 million FV plan assets 0 Average remaining service period to retirement 25 years Average remaining service period to full eligibility 20 years On jan1 of the current year, Lender amends the plan to provide dental benefits. The actuary determines that the cost of making the amendment increases the APBO by 27 million. Management chooses to amortize this amount on a straight line basis. The service cost is 47 million. The interest rate =10% Calculate the postretirement expense for the current year Average
Transactions (a) through (e) took place in Stoney Heights Private Hospital during the year ending December 31, 2019.a. Gross revenues of $5,000,000 were earned for service toMedicare patients.b. Expected contractual adjustments with Medicare, a third-party payor, are $2,500,000; and an allowance for contractual adjustments account is used by Stoney Heights.c. Medicare cleared charges of $5,000,000 with payments of $2,160,000 and total contractual allowances of $2,840,000 ($2,500,000 + $340,000).d. Interim payments received fromMedicare amounted to $250,000.e. The hospital made a lump-sum payment back toMedicare of $100,000.1. Record the transactions in the general journal.2. Calculate the amount of net patient service revenues.3. What is the net cash flow from transactions withMedicare?4. What adjustments must be made at year-end to settle up with Medicare and properly report the net patient service revenues after this settlement?
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On January 1, 2019, Fun Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for each employee. The following information is available about the plan: Service cost $31,550 Accumulated postretirement benefit obligation (1/1/19) 114,000 Expected return on plan assets 0 Amortization of Prior service cost 11,400 Payments to retired employees during 2019 5,530 Interest rate 10% Average remaining service period of active plan participants (1/1/19) 10 years Required: 1. Compute the OPRB expense for 2019 if the company uses the average remaining service life to amortize the prior service cost. 2. Prepare all the required journal entries for 2019 if the plan is not funded.