The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $97,606 Accounts Payable 5214,297 Wages Payable Notes Payable Paid-In Capital Accounts Receivable 13,400 1,175 Inventory Prepaid Rent Equipment 155,876 30,241 5,876 321,305 283,465 Retained Earnings 64,885 Total Assets $594,063 Total Equities $594,063 The following summary transactions occurred during 2021: • paid $81,465 to suppliers for merchandise previously purchased on account • paid $20,710 for advertising • sold merchandise for $446,152 on account and s273,448 for cash; the merchandise cost s388,584 • paid $5,860 for land and equipment • recelved $8,715 in cash contributions from new owners Note: For the questions belov, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021?

The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $97,606 Accounts Payable 5214,297 Wages Payable Notes Payable Paid-In Capital Accounts Receivable 13,400 1,175 Inventory Prepaid Rent Equipment 155,876 30,241 5,876 321,305 283,465 Retained Earnings 64,885 Total Assets $594,063 Total Equities $594,063 The following summary transactions occurred during 2021: • paid $81,465 to suppliers for merchandise previously purchased on account • paid $20,710 for advertising • sold merchandise for $446,152 on account and s273,448 for cash; the merchandise cost s388,584 • paid $5,860 for land and equipment • recelved $8,715 in cash contributions from new owners Note: For the questions belov, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021?

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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- Homework A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Ffaytechcc.blackboard.co... E User Management,.. H https://outlook.offi.. O FES Protection Plan System 7- North C.. 用Re mework Exercises i Soved Help Save & Exit Submit Check my work Required: Record the following transactions of Fashion Park in a general journal, Fashion Park must charge 6 percent sales tax on all sales. The company uses the perpetual inventory system. (Round your intermediate calculations and final answers to the nearest whole dollar value.) DATE TRANSACTIONS 20X1 Sold merchandise for cash, $2,540 plus sales tax. The cost of merchandise sold was $1,540. The customer purchasing merchandise for cash on April 2 returhed $270 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $170. Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,090 plus tax, terms n/30. The cost of the merchandise sold was…
同 Mail - Edjouline X Bb Content- ACG2 X CengageNOWv X (58) YouTube + Microsoft Office X PowerPoint from Towards a A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%=Dassignments&takeAssignmentSessionLocator=assignment-take&inpro. of mail YouTube Maps eBook Show Me How apter Nine Determine Due Date and Interest on Notes .09-03.BLANKSHEET Determine the due date and the amount of interest due at maturity on the following notes: L09-04.BLANKSHEET Date of Note Face Amount Interest Rate Term of Note 09-03.ALGO January 10* $40,000 90 days a. b. March 19 180 days 000 8. 09-04.ALGO June 5 30 days 000'06 d. September 8 90 days 90-60 3. 000'9E e. November 20 60 days 9-11 4. 000' *Assume that February has 28 days. 9-12 Assume 360-days in a year when computing the interest. -19 Note Due Date Interest > -20 (2) (b) 9-22 -24 (p) (a) 890- 8/12 items Check My Work ( Previous Next LE V O 10: N
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O Mail - Edjouline X E Content - ACG2 X * CengageNOW. X O (58) YouTube * from Towards a X m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < ☆ STIOW Me TOW Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $410,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and sales for the year total $1,850,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Check My Work Previous Next V O 11:51
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