Stockton Company Adjusted Trial Balance December 31 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals Account No. 11 12 13 18 19 21 22 31 32 41 51 52 53 54 59 Debit Credit Balances Balances 6,530 2,100 700 13,700 790 2,500 1,960 775 250 185 29,490 1,100 1,900 4,300 12,940 9,250 29,490

Stockton Company Adjusted Trial Balance December 31 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals Account No. 11 12 13 18 19 21 22 31 32 41 51 52 53 54 59 Debit Credit Balances Balances 6,530 2,100 700 13,700 790 2,500 1,960 775 250 185 29,490 1,100 1,900 4,300 12,940 9,250 29,490

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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Match the term with its definition. Allowance Method Cash Factoring Net Realizable Value Percentage-of-Receivables Method Restricted Cash A procedure that records unc [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 18 Hours, 38 Minutes, 32 Seconds The amount of the accounts receivable balance that the company actually expects to receive. Correct Answer A procedure that records uncollectible accounts by recording the bad debt expense on an estimated basis in the accounting period in which the sale on accout takes place. C A method of selling accounts receivable where the seller guarantees payment to the purchaser in the event the debtor fails to pay. Correct Answer short term investments with a maturity date of three months or less Generated through transactions from customers for goods bought or services rendered. Correct Answer When material, is required to be segregated and shown as either a current or long term asset on the balance sheet depending on it's expected…
Tlme remalning 01:52:13 Accounting Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $211,000 Income tax withheld U.S. savings bonds $76,560 Warehouse salaries Office salaries 108,000 116,000 9,570 Group insurance 7,830 $435,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the payroll. 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $22,000 is…
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 283,500 _______ March 31–60 63,000 _______ February 61–90 252,000 _______ January 91–120 31,500 _______ Total receivables $ 630,000 100% Calculate the percentage of amount due for each month. If the firm had $1,680,000 in credit sales over the four-month period, compute the average collection period. Average daily credit sales should be based on a 120-day period.
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1.) How much is adjusted Interest Expense on December 31, 2021? - 37,500 2.) How much is adjusted Notes Receivable on December 31, 2021?
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Item Prior year Current year Accounts payable 8,194.00 7,893.00 Accounts receivable 6,066.00 6,786.00 Accruals 977.00 1,572.00 Cash ??? ??? Common Stock 11,869.00 12,264.00 COGS 12,616.00 18,108.00 Current portion long-term debt 5,038.00 5,064.00 Depreciation expense 2,500 2,825.00 Interest expense 733 417 Inventories 4,145.00 4,778.00 Long-term debt 13,680.00 14,055.00 Net fixed assets 50,966.00 54,551.00 Notes payable 4,331.00 9,956.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,104.00 29,983.00 Sales 35,119 45,456.00 Taxes 2,084 2,775 What is the firm's net income in the current year? . .
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Month September October November December S 769,274 S 550,986 S 426,657 $ 548,450 S 561,478 $ 464,969 $ 451,273 S 726,678 Cash-in A/R Total Cash In S 52,872 S 293,288 Cash-out $ 192,956 S 85,302 S 341,023 S 219,070 S 341,815 $ 44,838 A/P Depreciation Total Cash- out Cash ? SOLVE ? Available • The depreciation expense for each month has been calculated as $256,987
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July DATE 14 CASH PAYMENTS JOURNAL ACCOUNT TITLE Salary Expense Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Directions for Assignment A: Salary Expense CK. NO. 521 Medicare Tax Payable DEBIT GENERAL 3,149.00 2 CREDIT 283.41 195.24 45.66 3 ACCOUNTS PAYABLE DEBIT Federal Income Tax Payable I Cash PAGE 4 PURCHASES DISCOUNT CREDIT 8 5 Geeknet Company's payroll register has the following totals for the weekly pay period August 1-7. Record and journalize the following payroll items. Total Earnings = $8250.00; Federal Income Tax Withheld = $742.50; Social Security Tax Withheld = $511.50; Medicare Tax Withheld = $119.63 1. Use the T-Accounts to analyze Geeknet's payroll. 2. Journalize the payment of Geeknet's payroll on page 12 of the Cash Payments Journal. The payroll was paid on August 7 using check #122. CASH CREDIT 2,624.69 Social Security Tax Payable