find out correct answer. @ general account The asset, liability, revenue, and expense accounts in the ledger ofMickey Mouse Co. on December 31, 2007, are listed in alphabeticalorder. All accounts have normal balances.Accounts Payable$3,500Insurance Expense$1,300Accounts Receivable$1,800Land$ 4,000$2,000$ 700$ 6,400$1,200CashStore SuppliesEquipmentUnearned RentFees EarnedWages Expense$ 6,000$ 1,500If the Owner's equity on December 31, 2006, was $6,700, anddividends of $1,400 were paid during 2007, determine the additionalinvestments (if any) that the owner made in the business during 2007.A. $8,500B. $700C. $1,700D. $0

To determine the additional investments made by the owner during 2007, we can use the accounting…

Answered: The asset, liability, revenue, and…

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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Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it. Long Term Liability?
Accounting for Assets: Receivables Johnson company's financial year ended on December 31, 201o. All the transactions related to the company's uncollectible accounts are can be found below: Wrote of $44o account of Miller Company as uncollectible January 15 Re-establish the account of Louisa April 2nd Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible July 31 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible August 15 September 26 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible Estimated uncollectible accounts October 16 expense for the year to be 1.5% of net credit sales of $521,000 December 31 The accounts receivable account had a…
Your Company sold $4,500 of inventory for $9,000 on account. Your customer paid its bill on day 5. The entry that record the payment is an asset exchange an asset use O a claims exchange an asset source
Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021 Assets Non-current assets see point a. below Cost 90,000 Provision for depreciation 30,600 Net Book Value 59,400 Current assets Inventory To be advised Trade receivables 43,200 Cash 4,680 47,880 Total assets 107,280 Liabilities Current liabilities Trade payables 17,280 Non-current liabilities Bank loan 16,000 Total liabilities 33,280 Net assets 74,000 Owner’s interest Capital invested 24,000 Profit and Loss Reserve: Opening balance 34,720 Draft profit for the year…
The following are the current assets of Barnes Co. as of December 31: Accounts Receivable $38,000 Allowance for Doubtful Accounts 5,000 Cash 45,000 Interest Receivable 5,500 Inventory 88,000 Notes Receivable 100,000 Prepare the current asset section of the balance sheet. Barnes Co. Balance Sheet December 31 Assets Current Assets: Total Current Assets %24
Hope Company’s total assets were $7,375. Hope collected on $617 of account receivable that had previously been written off. After the collection, Hope’s total assets will be $______
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Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable Numerator: Year 1 $ 64,300 26,240 3,160 44,000 148,000 3. Compute the Year 2 year-end debt ratio. 1 1 1 0 0 3,500 0 Debt Ratio Denominator: Year 2 $ 15,640 19,100 1,960 44,000 157,000 80,000 60,000 33,500 40,000 Debt Ratio Debt ratio
(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000
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The current asset section of the Year 2 and Year 1 fiscal year end balance sheets of The Kroger Co. are presented in the accompanying table: January February 31, 1, Year 2 Year 3 $ millions Current assets Cash and temporary cash investments Deposits in-transit Receivables FIFO inventory LIFO reserve $188 786 949 6,177 (1,053) 288 $7,335 $825 666 845 5,793 (827) 319 $7,621 Prepaid and other current assets Total current assets In addition, Kroger provides the following footnote describing its inventory accounting policy (assume the following is their complete disclosure): Inventories are stated at the lower of cost (principally on a LIFO basis) or market. In total, approximately 95% of inventories in Year 2 and Year 1 were valued using the LIFO method. Cost for the balance of the inventories, including substantially all fuel inventories, was determined using the FIFO method. Replacement cost was higher than the carrying amount by $1,053 million at January 31, Year 3 and $827 million at…

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