[The following information applies to the questions displayed below)At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:AccountCashAccounts receivableAccounts payableCommon stockRetained earningsBalance$ 33,30015,50013,10024,00011,700The following events apply to Oak Consulting for Year 21. Provided $72.400 of services on account.2. Incurred $3,000 of operating expenses on account.3. Collected $46,100 of accounts receivable.4. Paid $31,700 cash for salaries expense.5. Paid $14,490 cash as a partial payment on accounts payable.6. Paid a $8,900 cash dividend to the stockholders.Exercise 13-22A (Algo) Part ff. Prepare a post-closing trial balance.OAK CONSULTINGPost-Closing Trial BalanceAs of December 31, Year 2Account TitlesDebitCreditTotals0 $0

Transaction 1 entry:Dr. Accounts Receivable $72,400Cr. Service Revenue $72,400 Transaction 2…

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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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On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals Debit $27,300 15,300 4, 200 21,000 80,600 a-1. The receivables turnover ratio is a-2. The company collecting cash from customers b-1. Allowance for Uncollectible Accounts ratio b-2. The company expects an $148,400 Credit $1,600 During January 2024, the following transactions occur: January 2 January 6 Provide services to customers for cash, $52,100. Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. (Assume the company uses the allowance method) Pay cash for salaries, $33,100. January 20 January 22 Receive cash on accounts receivable, $87,000. January 25 Pay cash on accounts payable, $7,200. January 30 Pay cash for utilities during January,…
The following transactions apply to Hooper Co. for Year 1, its first year of operations: 1. Issued $130,000 of common stock for cash. 2. Provided $100,000 of services on account. 3. Collected $88,000 cash from accounts receivable. 4. Loaned $11,000 to Mosby Co. on November 30, Year 1. The note had a one-year term to maturity and a 6 percen interest rate. 5. Paid $34,000 of salaries expense for the year. 6. Paid a $2,000 dividend to the stockholders. 7. Recorded the accrued interest on December 31, Year 1 (see item 4). 8. Estimated that 1 percent of service revenue will be uncollectible. Problem 5-26A (Algo) Part b b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1.
Required information [The following information applies to the questions displayed below] The following transactions apply to Jova Company for Year 1, the first year of operation. 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable: 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…
Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $12,000 of common stock for cash. 2. Recognized $67,000 of service revenue earned on account. 3. Collected $59,600 from accounts receivable. 4. Paid operating expenses of $35,300. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $74,500 of service revenue on account. 2. Collected $67,600 from accounts receivable. 3. Determined that $940 of the accounts receivable were uncollectible and wrote them off. 4. Collected $200 of an account that had previously been written off. 5. Paid $48,900 cash for operating expenses. 6. Adjusted the accounts to recognize…
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ĮThe following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 $161,800 Retained Earnings Totals During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable. Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 30,800 88,100 111,000 10,900 280,000 $ 520,800 $ 128,400 98,000 163,500 130,900 $ 520,800 Current Year 1 Year Ago $ 35,000 61,500 82,400 9,300 250,500 $ 438,700 $ 478,850 243,350 12,100 9,550 $73,750 101,750 163,500 99,700 $438,700 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $785,000 Interest expense Income tax expense Total costs and expenses Net income Earnings per share For both the Current Year and 1 Year Ago, compute the following ratios: 743,850 $ 41,150 $ 2.52 2…
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash 96, 578 Accounts receivable 452,800 Inventories 376,300 925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts 357,742 Due from employees – current 43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold 50,400 Allowance for doubtful accounts…
Required information [The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $20,000 of common stock for cash. 2. Recognized $60,000 of service revenue earned on account. 3. Collected $54,000 from accounts receivable. 4. Paid operating expenses of $37,800. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account The following transactions apply to Jova for Year 2 1. Recognized $67,500 of service revenue on account. 2. Collected $62,000 from accounts receivable 3. Determined that $800 of the accounts receivable were uncollectible and wrote them off 4. Collected $300 of an account that had previously been written off. 5. Paid $47,500 cash for operating expenses. 6. Adjusted the accounts to recognize…
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…

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