The following information pertains to the financial statements of Buffalo Supply Company, a provider of plumbing fixtures to contractors in central Pennsylvania. Fiscal Years Ended October 31, 20X2 20X1 20X0 From Income Statements Revenues $3,877,135 $3,519,444 45,753 $2,969,981 38,610 Provision for bad debts 50,403 From Balance Sheets $ 345,044 (54,654) $ 362,349 (74,365) $ 287,984 $ 282,855 (47,612) $ 235,243 Gross accounts receivable Less: Allowance for credit losses Net accounts receivable $290,390 Required: Reconstruct all journal entries pertaining to Gross accounts receivable and Allowance for credit losses for the fiscal year ended October 31, 20X2. Assume that all revenues are from credit sales. (Hint. Begin by doing a T-account

The following information pertains to the financial statements of Buffalo Supply Company, a provider of plumbing fixtures to contractors in central Pennsylvania. Fiscal Years Ended October 31, 20X2 20X1 20X0 From Income Statements Revenues $3,877,135 $3,519,444 45,753 $2,969,981 38,610 Provision for bad debts 50,403 From Balance Sheets $ 345,044 (54,654) $ 362,349 (74,365) $ 287,984 $ 282,855 (47,612) $ 235,243 Gross accounts receivable Less: Allowance for credit losses Net accounts receivable $290,390 Required: Reconstruct all journal entries pertaining to Gross accounts receivable and Allowance for credit losses for the fiscal year ended October 31, 20X2. Assume that all revenues are from credit sales. (Hint. Begin by doing a T-account

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 information applies to the questions displayed below.]Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 32,700 $ 37,849 $ 37,130 Accounts receivable, net 94,775 65,580 51,527 Merchandise inventory 120,330 86,659 53,800 Prepaid expenses 10,118 10,034 4,252 Plant assets, net 285,450 268,303 235,991 Total assets $ 543,373 $ 468,425 $ 382,700 Liabilities and Equity Accounts payable $ 138,006 $ 78,372 $ 51,022 Long-term notes payable 100,111 107,738 83,731 Common stock, $10 par value 163,500 163,500 162,500 Retained earnings 141,756 118,815 85,447 Total liabilities and equity $ 543,373 $ 468,425 $ 382,700 The company’s income statements for the current year and 1 year ago, follow. For Year Ended December 31 Current Year 1 Year Ago Sales $ 706,385 $ 557,426 Cost of goods sold $ 430,895 $ 362,327 Other operating expenses 218,979 141,029 Interest…
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