Can you provide the accurate answer to this financial accounting question using correct methods? The following accounts and balances were drawn from the records ofJohn Enterprises:AccountBalanceCash$9,200Accounts Payable$6,100Common Stock$5,000Land$19,500Accounts Receivable $3,000Based on this information alone, the amount of John's retainedearnings is _

Concept of Retained EarningsRetained earnings represent the portion of a company's net income that…

Answered: The following accounts and balances…

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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When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. Give the journal entry to eliminate the above account and to set up the appropriateaccounts to replace it.
When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. How should each item be reported on Palma Company’s statement of financial position?
You are evaluating the balance sheet for Goodman's Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities = $400000, Accounts receivable = $1200000, Inventory = $2100000, Accrued wages and taxes = $500000, accounts payable = $800,000, and notes payable = $600000. Calculate Goodman Bees' net working captaL
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How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $34,944 Accounts receivable 69,094 Accrued liabilities 6,969 Cash 17,451 Intangible assets 38,664 Inventory 76,507 Long-term investments 106,760 Long-term liabilities 76,378 Marketable securities 37,920 Notes payable (short-term) 20,617 Property, plant, and equipment 699,093 Prepaid expenses 2,696 Based on the data for Harding Company, what is the amount of working capital? a.$1,048,185 b.$203,668 c.$141,138 d.$696,397
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Explain each transaction in the attached image, a-h, entered in the following T accounts
Can you help me solve this general accounting problem using the correct accounting process?
The following selected information (in thousands) was taken from Crane Collections Ltd.'s December 31 statement of financial position: \table[[, 2024, 2023,], [Current assets,,,], [Cash, $1,289,$1,825,], [Accounts receivable, 2,576,1,890,], [Inventories, 1, 441, 1,212,], [Other current assets,386, 230,], [Total current assets, $5,692,, $5,157
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The following accounts and balances were drawn from the records of John Enterprises: Account Balance Cash $9,200 Accounts Payable $6,100 Common Stock $5,000 Land $19,500 Accounts Receivable $3,000 Based on this information alone, the amount of John's retained earnings is _