[The following information applies to the questions displayed below.] One Product Corporation (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent 22,000 8,300 1,055 12,240 1,940 45,400 Equipment Accumulated Depreciation 4,440 Accounts Payable Ө Sales Tax Payable 500 FICA Payable 600 Withheld Income Taxes Payable 500 Salaries and Wages Payable 1,600 Unemployment Tax Payable 300 Deferred Revenue 4,500 Interest Payable 533 Notes Payable (long-term) 23,700 Common Stock 18,200 Additional Paid-In Capital, Common 20,022 Retained Earnings 17,930 Treasury Stock 4,000
Q: 4. XYZ company's fiscal year 2021 covers the period from 01/01/2021 to 12/31/2021. The audit report…
A: The objective of the question is to determine the appropriate accounting treatment for XYZ company…
Q: am. 105.
A: DETAILED ANALYSIS TO ANCHOR THE ABOVE SOLUTIONSFlexible Administration, Selling, and Distribution…
Q: Vishnu
A: The above answer can be explained as under - The stock dividend has been declared. The retained…
Q: Please provide the 3 graphs in answer
A: Step 1:The required journal entries related to the petty cash fund are presented…
Q: What expense account is often used to record employees' earnings? voluntary…
A: The objective of the question is to identify the correct expense account that is typically used to…
Q: the answer and add explanation properly at every steps and solve steps wise
A: Step1: To calculate the allocation ratios for the four departments (Human Resources, General…
Q: Vanida received workers' compensation due to an injury on the job. When Vanida files her tax return,…
A: The question is asking about the taxability of workers' compensation income. Workers' compensation…
Q: A project is estimated to cost $219,835 and provide annual net cash flows of $77,000 for four years.…
A: The objective of this question is to calculate the internal rate of return (IRR) for a project using…
Q: Multiple Choice $17,567 $13,037. $18,887 $18,982 O $23,687
A: The above answer can be explained as under - The adjusted cash balance can be calculated as -…
Q: On December 31, 2020, Dow Steel Corporation had 770,000 shares of common stock and 47,000 shares of…
A: Step 1:Calculate the numerator (Net Income - Preferred Dividends):Net Income for the year ended…
Q: Assume your goal in life is to retire with one million dollars. How much would you need to save at…
A: Given information: Required amount (FV) = $1 million or $1,000,000 Number of year to goal (n) = 25…
Q: None
A: Detailed explanation:Cash flow from operating activities accounts for cash inflow and outflow from…
Q: Meman
A: Depreciation Expense = (Cost - salvage) / Useful life= (273,000 - 26,000) / 4 years= 247,000 / 4=…
Q: Assume that the current ratio for Arch Company is 3.5, its acid-test ratio is 1.5, and its working…
A: The objective of the question is to calculate the current liabilities, the amount of merchandise…
Q: The Unadjusted Trial Balance columns of a work sheet total $97,500. The Adjustments columns contain…
A: To find the adjusted trial balance, add the adjustments to the unadjusted trial balance.Unadjusted…
Q: What is depreciation, how is it calculated and how does it relate to the matching principle of…
A: (A) Depreciation and its Calculation:Definition: Depreciation is the systematic allocation of the…
Q: 8. When calculating performance measures, it is best to use a. steady improvement against targets.…
A: The objective of this question is to identify the best method to use when calculating performance…
Q: Alpesh
A: Step 1: Direct materials price variance Direct materials price variance = (AQ x AP) - (AQ x…
Q: am.1111.
A: Step 1: Determine the Gain or Loss from the SaleTo calculate the gain or loss from the sale of…
Q: Net Income Increase (Decrease) Sunland Industries incurs unit costs of $8 ($5 variable and $3 fixed)…
A: Please refer to the above explanation. Thank you!
Q: A styrofoam block of volume 0.50 cubic meters is submerged in a lake and tied to the bottom of the…
A: Free body diagram:As the object is in equilibrium, the net force is…
Q: Hardev
A: Intro: Finding Timberline Corporation's maximum depreciation deduction for the year 2023 assuming no…
Q: Gadubhai
A: Solutions: 1. Times interest earned ratio = EBIT/Interest expense($10,300/980) = 10.51 times 2.…
Q: ! Required information [The following information applies to the questions displayed below.] Ramona…
A: Step 1: Understanding the Nature of the TransactionIn this scenario, Hermione contributes a building…
Q: A4
A: The objective of this question is to find out how much money needs to be deposited each year in…
Q: Lauprechta Incorporated has the following employees on payroll: Employees Semimonthly Payroll…
A: Step 1: Calculate Total Quarterly Gross PayrollCompute the total pay for each employee over the…
Q: please answer in text form with proper workings and explanation , for each and every part, and…
A: To solve this problem, we need to calculate the materials price and quantity variances, as well as…
Q: None
A: Step 1:The journal entry to record the reacquisition of the stock is provided hereunder:DateAccount…
Q: Brian Bruin, single, claiming one exemption, has cumulative earnings before this biweekly pay period…
A: To calculate Brian Bruin's net pay, we need to find the federal income tax withholding amount using…
Q: please answer in text form with proper workings and explanation for each and every part and steps…
A: To solve this problem, we need to calculate the income for each alternative and then compare them to…
Q: Give me three steps solution and explanation.
A: Step 1: to get the value of lease liability in the POV of the lessee. We must get the sum of the…
Q: Rafael and Lucy, married taxpayers, each contribute $3,250 to their respective § 401(k) plans…
A: Rafael and Lucy's Potential Tax Savings with the Saver's CreditSaving for retirement is crucial, and…
Q: On October 26, you plan to purchase a $1,500 computer by using one of your two credit cards. The…
A: Here are some additional points to consider:The Silver Card charges interest based on the entire…
Q: 3. The following information summarizes the activities in the Sewing Department for the month of…
A: To calculate the equivalent units completed with respect to conversion costs using the average…
Q: On January 1, 2020, Petty Company leased a machine with the following provisions. Annual lease…
A: Step 1: Record the initial recognition of the leaseAt the commencement date, recognize a…
Q: 田 Sentinel Company is considering an investment in technology to improve its operations. The…
A: (C)NPV is the sum of present values of all cash inflows & outflows. The NPV table is as…
Q: Answer in all option
A: Explanation for the Correct Answer: All of the AboveThe correct answer to the question "Which of the…
Q: Am. 128.
A: Explanation:Step 1: Determine the starting point.- Net income (cash method): The net income when…
Q: Additional information for 2023: 1. Net income was $60,000. This amount includes depreciation…
A: Now, let's analyze the statement of cash flows for the fiscal year that concluded on December 31,…
Q: 6. Groch Corporation uses activity-based costing to compute product margins. Overhead costs have…
A: What is asked is the activity rate for the Supervising activity cost pool. In the first part of the…
Q: Please provide graph answer
A: The bank reconciliation as of May 31 is presented hereunder:…
Q: The following data are accumulated by Waiola Company in evaluating the purchase of $118,000 of…
A: The objective of the question is to calculate the net present value (NPV) of the proposal for the…
Q: please answer in text form with proper workings and explanation for each and every part and steps…
A: Detailed explanation: April MayJuneJulyUnits to produce 500 630 600 600Materials required per…
Q: Rahul
A: ItemToorak GravelKilda CorporationRemarksLoads purchased100400 Average tons per load100005000 Total…
Q: None
A: Impairment loss is the amount wherein the carrying amount of an asset exceeds its recoverable…
Q: The St. Louis to Seattle Railroad is considering acquiring equipment at a cost of $148,000. The…
A: The objective of the question is to calculate the average rate of return, the cash payback period,…
Q: please fill out this table :)
A: Step 1: Departmental Overhead Rate (Fabricating) Departmental Overhead Rate (Fabricating) = Overhead…
Q: None
A: To address the situation portrayed, we want to figure out the effect of the obtaining of Vide Ltd by…
Q: income statement information for Sadie Company as follows: Line Item Description Amount Sales…
A: Step 1: The gross profit percentage is calculated as follows:- Gross Profit Percentage = Gross…
Q: Denjar
A:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
- 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 unadjusted trial balance of ABC Company on December 31, 2019, end of its first year of operation, showed among others: Accounts Receivable, P1,250,000 and Cash Sales, P4,560,000. Among its transactions for the year 2020 are the following: a. Sales on account, P5,500,000 b Total collections during the year, P3,500,000 c. The management adopted a policy of providing for doubtful accounts based on 5% of the outstanding receivable at the end of the year. What is the adjusting journal entry on December 31, 2020 in recognizing bad debt expense? Select the correct response: Dr. Bad Debt Expense 62,500; Cr. Allowance for Bad Debts 62,500 Dr. Bad Debt Expense 100,000; Cr. Allowance for Bad Debts 100,000 Dr. Bad Debt Expense 275,000; Cr. Allowance for Bad Debts 275,000 Dr. Bad Debt Expense 162,500; Cr. Allowance for Bad Debts 162,500What is the loss on factoring to be recorded by Rosewell Company? Prepare the journal entry to record the factoring.
- Analysis of accounts receivable reveals that with two exceptions, all appeared collectible as at December 31, 2021. These are: a.) The Bravo Company had fallen into receivership and were expected to realize only seventy centavos on a peso. The December 31, 2021 receivable balance was P227,000. On January 29, 2022, you verified that P200,000 was already collected from Bravo Company. Required: adjusting entriesThe following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 35% of the $18,100 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,300 cash in full payment of Clark's account. Aug. 9 Wrote off the $6,350 balance owed by Iron Horse Co., which has no assets. Nov. 7 Reinstated the account of Vinyl Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,865 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Beth Connelly Inc., $7,105; DeVine Co., $5,435; Moser Distributors, $9390; Oceanic Optics, $1,075. Dec. 31 Based on an analysis of the $1,796,000 of accounts receivable, it was estimated that $35,920 will be uncollectible. Journalized…On December 31, Cosgrove Corporation (a calendar year end corporation) reports an ending balance in accounts receivable (before any adjustments) of $240,000, and total credit sales of $2,900,000 for the year ended December 31, 2022. Crane and Co uses the allowance method to account for uncollectible accounts. Assume Allowance for Doubtful Accounts has an unadjusted balance of ($3,100). Compute the amount of bad debt expense that Cosgrove Corporation will record on December 31, assuming that they use the Percentage of Receivables method to estimate uncollectible accounts. Cosgrove prepared the following aging-of-receivables schedule: Age of Account Current 1-30 days past due 31-90 days past due 91-180 days past due Over 180 days past due Total Accounts Receivable Balance, Dec. 31 $150,000 41,200 26,400 16,200 6,200 $240,000 Estimated Uncollectible Percentage 2% 5% 20% 30% 50%
- This is the problem sorry I should have put it in my original question. The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 30% of the $18,900 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,265 cash in full payment of Clark’s account. Aug. 9 Wrote off the $6,410 balance owed by Iron Horse Co., which has no assets. Nov. 7 Reinstated the account of Vinyl Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,980 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Beth Connelly Inc., $7,090; DeVine Co., $5,485; Moser Distributors, $9,415; Oceanic Optics, $1,190. Dec. 31 Based on an analysis of the $1,774,000 of…On December 31, 2021, Timberwolves Corporation had the following account balances related to credit sales and receivables prior to recording adjusting entries: \table[[Accounts receivable, 25,000), Allowance for doubtful accounts, 20 D], [Sales revenue (all credit sales),400,000]] credit balance REQUIRED: Prepare the necessary journal entries for each of the following independent assumptions: A An account was recognized as a had debt in July. Amount is $350 B At December 31 an aging of accounts receivable is completed. It is estimated that $2,150 of the receivables outstanding at year-end will be uncollectible. C Assume the same information presented in part 8. except that prior to adjustment, the allowance for doubtful accounts had a debit balance of $200 rather than a credit balance of $200. D At December 31 it is estimated that a provision for bad debts is required for 1% of credit sales for the year.During the second year of operations, Rabbit Company found itself in financial difficulties. The entitydecided to use the accounts receivable as a means of obtaining cash to continue operation.On July 1, 2022, the entity sold P1,500,000 of accounts receivable for cash proceeds of P1,400,000. Noallowance for doubtful accounts was associated with these accounts.On December 15, 2022, the entity assigned the remainder of its accounts receivable, P5,000,000 as ofthat date, as collateral on a P2,500,000, 12% annual interest rate loan from Finance Company. The entityreceived P2,500,000 less a 2% finance charge.None of the assigned accounts have been collected by the end of the year. It is estimated that 10% ofaccounts receivable would be uncollectible.The entity revealed the following data on December 31, 2022. Accounts Receivable, excluding factored and assigned ACCOUNTS 1,000,000 Accounts receivable -assigned 5,000,000 Accounts receivable – factored 1,500,000 Allowance for doubtful…
- At the end of the first year of operations, Majestic Company had accounts receivable of P6,000,000, net of related allowance for doubtful accounts. During the current year, the entity recorded charges to bad debt expense of P900,000 and wrote off P200,000 of uncollectible accounts receivable. At year end, what amount should be reported as accounts receivable before the allowance for doubtful accounts?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…On January 1, 2020, the records of ABC Company showed a debit balance of P650,000 in its Accounts Receivable account. The following summary transactions that occurred during 2020 were also shown under the said account: Debits:Charge sales, P6,300,000Shareholders’ subscriptions, P200,000Deposit on contract, P120,000Claims against common carrier for shipping damages, P100,000IOUs from employees, P10,000Cash advances to affiliates, P150,000Advances to a supplier, P30,000Credits:Collections from customers, P5,300,000Write-off, P35,000Merchandise returns, P45,000Allowances to customers for shipping damages, P25,000Collections on carrier claims, P40,000Collections on subscriptions, P50,000Required:a. Determine the correct amount of accounts receivable.b. Compute the amount to be presented as “trade and other receivables” under current assets.