Do not use Ai The following accounts appeared on the trial balance of Sunland Company at December 31, 2025.Notes Payable (short-term)$185,000Accounts Receivable$530,000Accumulated Depreciation - Bldg.770,000Prepaid Insurance54,000Supplies38,000Common Stock1,025,000Salaries and Wages Payable29,000Unappropriated Retained Earnings270,000Debt Investments (long-term)290,000Inventory1,580,250Cash200,000Land400,000Bonds Payable Due 1/1/20281,200,000Trading Securities78,000Allowance for Doubtful Accts.7,800Interest Payable5,100Copyrights195,000Buildings1,300,000Notes Receivable (due in 6 months)130,000Accounts Payable430,000Income Taxes Payable155,000Additional Paid-in Capital120,000Preferred Stock750,000Appropriated Retained Earnings280,000Compute each of the following:1.Total current assets"A2.Total property, plant, and equipment$3.Total assets4.Total current liabilities+Ato5.Total stockholders' equityLA

1. Total Current AssetsCurrent assets are those assets that are expected to be converted into cash,…

Answered: The following accounts appeared on the…

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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The following accounts appeared on the trial balance of Wildhorse Company at December 31, 2025. Notes Payable (short-term) Accumulated Depreciation - Bldg. Supplies Salaries and Wages Payable Debt Investments (long-term) Cash Bonds Payable Due 1/1/2028 Allowance for Doubtful Accts. Copyrights Notes Receivable (due in 6 months) Income Taxes Payable Preferred Stock Appropriated Retained Earnings Compute each of the following: Total current assets Total assets Total current liabilities $185,000 690,000 Total stockholders' equity Total property, plant, and equipment 42,000 28,000 300,000 190,000 1,300,000 7,300 195,000 140,000 165,000 760,000 210,000 $ LA $ tA $ $ LA $ Accounts Receivable Prepaid Insurance Common Stock Unappropriated Retained Earnings Inventory Land Trading Securities Interest Payable Buildings Accounts Payable Additional Paid-in Capital $510,000 57,000 1,025,000 290,000 1,480,250 450,000 79,000 5,100 1,900,000 420,000 130,000
The following accounts appeared on the trial balance of Ashanti Company at December 31 , 2020. Notes Payable (short-term ) $191,000 Accounts Receivable $518,600 Accumulated Depreciation - Bldg. 788,000 Prepaid Insurance 56,050 Supplies 37,850 Salaries and Wages Payable 35,200 Common Stock 1,125,000 Debt Investments (long -term ) 280,400 Unappropriated Retained Earnings 318,300 Cash 175,250 Inventory 1,580,200 Bonds Payable Due 1/1 / 2 1,200,000 Land 465,000 Allowance for Doubtful Accts .7,850 Trading Securities 72,300 Copyrights 192,950 Interest Payable 4,800 Notes Receivable (due in 6 months ) 138,050 Buildings 1,927,000 Income Taxes Payable 155,000 Accounts Payable 410,000 Preferred Stock 750,000 Additional Paid-in Capital163,500 Appropriated Retained Earnings 295,000 Instructions : Compute each of the following : You must show your work. You may type your answers in the text submission box below or you can use the "Add File" button to upload a Word file or an Excel file . If this…
Required: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.
The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.Accounts Debit CreditCash $10,000Accounts Receivable 15,000Prepaid Rent 7,200Supplies 4,000Deferred Revenue $ 3,000Common Stock 11,000Retained Earnings 6,000Service Revenue 51,200Salaries Expense 35,000 $71,200 $71,200At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022. 2. The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided. 3. An additional $700 in…
On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…
The following Is a portion of the current assets section of the balance sheets of Avantl's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for bad debts of $9,884 and $18,755, respectively $178,387 $223,883 Requlred: a. If $11,579 of accounts recelvable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint. Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) Bad debt expense b. The December 31, 2020, Allowance account balance Includes $3,017 for a past due account that is not likely to be collected. This account has not been written off. |(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If It had been written off, will there be any effect of the write-off on net Income and ROI for the year ended December 31, 2020? Yes No c. The level of Avantı's sales…
The following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for baddebts of $9,750 and $15,336, respectively $179,866 $225,851 Required:a. If $11,849 of accounts receivable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint: Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) b. The December 31, 2020, Allowance account balance includes $3,034 for a past due account that is not likely to be collected. This account has not been written off.(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If it had been written off, will there be any effect of the write-off on net income and ROI for the year ended December 31, 2020? Yes No c. The…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
An entity provided the following trial balance on June 30, 2020: Cash overdraft (200,000)Accounts receivable, net 700,000Inventory 1,200,000Prepaid expenses 200,000Land held for resale 2,000,000Property, plant and equipment, net 1,900,000Accounts payable 700,000Share capital 3,000,000Share premium 500,000Retained earnings 1,600,000Checks amounting to P600,000 were written to vendors and recorded on June 30 resulting in cash overdraft of P200,000. The checks were mailed on July 9. Land held for resale was sold for cash on July 15. The financial statements were issued on July 31. What total amount should be reported as current assets?
The following accounts, in alphabetical order, appear on the trial balance for a company. What is the total for long-term liabilities? Accounts Payable $32,000Deferred Income Taxes $61,000Interest Payable $17,000Current Portion of Long-term Notes $19,000Mortgage $92,000Notes Payable-Short term $11,000Notes Payable-Long term $41,000Salaries Payable $7,000Taxes Payable $23,000Unearned Revenue $15,000 $194,000 $124,000 $213,000 $217,000 $109,000
Data for item nos. 16 and 17 The following accounts and their balances in an unadjusted trial balance of Record of Youth Company as of December 31, 2020: Cash and cash equivalents- P400,000; Trade and other receivable P2,000,000; Subscription receivable- P375,000; Inventory- P500,000; Trade and other payables- P670,000; Income tax payable- P196,500. Additional information are as follows: • Trade and other receivables include long term advances to company officers amounting to P430,000. • The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. • Inventory of P500,000 was determined by physical count. At December 31, 2020, goods costing P125,000 are in transit from a supplier. Terms of purchase of said goods is FOB shipping point. The goods and the related invoice have not been received as of year-end. • Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable…
Tantrum Company provided the following information in relation to accounts receivable at year-end: Days outstanding estimated amount %uncollectible www M 1% 1,200,000 900,000 0-60 61-120 2% 1,000,000 3,100,000\ During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was Over 120 6% P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?

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