Can you help me with #4 &5 please? Thanks :):):) The following accounts were unintentionally omitted from the aging schedule:CustomerDue DateBalanceAdams Sports & FliesMay 22, 20Y6Oct. 10, 20Y6Sept. 29, 20Y6$5,000Blue Dun Flies4,900Cicada Fish Co.8,400Deschutes SportsGreen River SportsOct 20, 20Y67,0007, 20Y6Nov. 28, 20Y6Nov.3,500Smith River Co.2,400Western Trout CompanyDec. 7, 20Y66,800Wolfe SportsJan. 20, 20Y74,400Trophy Fish has a past history of uncollectible accounts by age category, as follows:PercentUncollectibleAge ClassNot past due1-30 days past due31-60 days past due61-90 days past due91-120 days past dueOver 120 days past due196210304080Instructions1. Determine the number of days past due for each of the preceding accounts.2. Complete the aging of receivables schedule by adding the omitted accounts to thebottom of the schedule and updating the totals.3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule.4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debitbalance of $3,600 before adjustment on December 31, 20Y6. Journalize the adjustingentry for uncollectible accounts.5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would theomission affect the balance sheet and income statement?

Under the aging method, the bad debt expense is estimated by multiplying the balance of receivables with the estimated percentage of uncollectible on the basis of the age class.Working Notes: Computation of Receivables : Not past due = Jan. 20 , 20Y6 = $4,400 1-30 days past due = Dec. 7 , 20Y6 = $6,800 31-60 days past due = Nov. 7 , 20Y6 + Nov. 28, 20Y6 = $3,500+$2,400 = $5,900 61-90 days past due = Oct. 10 , 20Y6 + Oct. 20, 20Y6 = $4,900+$7,000 = $11,900 91-120 days past due = Sept. 29 , 20Y6 = $8,400 Over 120 days past due = May. 22 , 20Y6 = $5,000 Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Over 120 days past due Total Balance (A) $4,400 $6,800 $5,900 $11,900 $8,400 $5,000 Estimated uncollectible (B) 1% 2% 10% 30% 40% 80% (A)*(B) $44 $136 $590 $3,570 $3,360 $4,000 $11,700 Bad debt expense = Total+Allowance for doubtful debts (Dr.) = $11,700+$3,600 = $15,3004 Date General Journal Debit CreditDec 31, 20Y6 Bad Debt Expense 15,300 Allowance for Doubtful Accounts 15,300 5. On the balance sheet, the omission would cause: Assets to be overstated by $ 121,000 Owner's capital to be overstated by $ 121,000 On the income statement, the omission would cause: Expenses to be understated by $ 124,600 Net income to be overstated by $ 124,600

Business

Accounting

The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance May 22, 20Y6 Oct. 10, 20Y6 Sept. 29, 20Y6 Oct. 20, 20Y6 Nov. 7, 20Y6 Νov. 28, 2ΟY6 Adams Sports & Flies $5,000 Blue Dun Flies 4,900 Cicada Fish Co. 8,400 Deschutes Sports Green River Sports 7,000 3,500 Smith River Co. 2,400 Western Trout Company Wolfe Sports Dec. 7, 20Y6 6,800 Jan. 20, 20Y7 4,400 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Uncollectible Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Over 120 days past due 1% 10 30 40 80

The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance May 22, 20Y6 Oct. 10, 20Y6 Sept. 29, 20Y6 Oct. 20, 20Y6 Nov. 7, 20Y6 Νov. 28, 2ΟY6 Adams Sports & Flies $5,000 Blue Dun Flies 4,900 Cicada Fish Co. 8,400 Deschutes Sports Green River Sports 7,000 3,500 Smith River Co. 2,400 Western Trout Company Wolfe Sports Dec. 7, 20Y6 6,800 Jan. 20, 20Y7 4,400 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Uncollectible Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Over 120 days past due 1% 10 30 40 80

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assist
Kindly answer the 8 and 9 thank you
annswer for practice 2 please ??????
u Online Cour X (78) Whats x M Your AccoL X M Inbox (2,74 X SP2021-AC X Answered: Ek My Home * CengageN X Bartleby Q x + D X A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FMovies | Watch M. BIO201 Connect 10. M Gmail > YouTube Fourth Homework O eBook Patents 6. MC.12.06 Instructions Chart Of Accounts General Journal 7. MC.12.07 Instructions 8. MCС.12.08 Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, $72,000. The patent has a remaining legal life of 9 years. 9. МC.12.09 Required: 10. MC.12.10 Prepare the journal entries to record the acquisition and the amortization for 2019, assuming Mystic Pizza amortizes its patents using the 11. RE.12.01.BLANKSHEET straight-line method over the life of the asset. 12. RE.12.02 13. RE.12.03.BLANKSHEET 14. RE.12.04.BLANKSHEET 15. RE.12.05.BLANKSHEET 16. RE.12.06.BLANKSHEET 17. RE.12.07.BLANKSHEET 18. RE.12.08 O V I 12:52
How would I calculate this problem? I just guessed on which answer made sense to me. Please help. thank you in advance.
This question has not been submitted previously. Thank you
Comment on the trends you see in attached numbers. 5 to 6 sentences Thanks
Question 3 Listen What are the values of r and r² for the below table of data? Hint: Make sure your diagnostics are turned on. Enter the data into L1 and L2. Click STAT, CALC, and choose option 8: Lin Reg(a+bx). A r = -0.862 r2=0.743 B r=0.673 2=0.820 X y 5 C r=0.743 r2=-0.862 8 22 23.9 14 9 14 17 20 5.2
Answered: The fo x b Details | bartleby x b My Questions |b x Post Altendee -2 x FA Midterm Exan X -> File | C:/Users/Wendy/Downloads/FA%20Midterm%20Exam.pdf ME6 Which of the following entries records the payment of an account payable? a) Debit Accounts Payable, credit Cash b) Debit Cash, credit Accounts Payable c) Debit Expense, credit Cash d) Debit Cash, credit Expense ME7 The process of initially recording a business transaction is called: a) Sliding b) Posting c) Journalizing d) Transposing ME8 Which of the following entries for goods sold by cash is correct? a) Cash Dr, AR Cr b) AR Dr, Revenue Cr c) Fees Earned, debit; Cash credit d) Cash, debit; Bank Cr ME9 The verification that the sum of the debits and the sum of the credits in the ledger are equal is called: a) A journal b) A ledger c) Posting Type here to search
how do you get the last part? (number 5)
ITS-The Political S A M7: Assignment No.1 10201Ox/aMzlzNzk 1NTQxNDg2/details ВА.. e Home | Edmodo O Spoliarium by Juan.. w You searched for Re.. W Operating Performa... 1 Otn.docxlo. Open with Activity No.: Topic : The Worksheet Problems The following are all the steps in the accounting cycle. List them they should be done. 1. the order in which Closing entries are journalized and posted to the ledger. - An unadjusted trial balance is prepared. - An optional end-of-period spreadsheet (worksheet) is prepared. -A post-closing trial balance is prepared. - Adjusting entries are journalized and posted to the ledger. - Transactions are analyzed and recorded in the journal. Adjustment data are assembled and analyzed. -Financial statements are prepared An adjusted trial balance is prepared Transactions are posted to the ledger 2. 7. 8. 6. 10 The balances for the accounts listed below appeared in the Adjusted Tral Balance columns of the work the Income Statement columns or iobtndicato ther cach…
Any help is appreciated, here is the question. https://drive.google.com/file/d/0B-AOAJtLKPhfOEJhR0RWRWtmT3BGVVljQUZaRko0Zkh2NDRr/view?usp=sharing