following revenue and expense account balances were taken from the ledger of Acorn Health Services Co. after the accounts had been adjusted on January 31, 20Y7, the end ofthe fiscal year:TheDepreciation expenseInsurance expenseMiscellaneous expenseRent expenseService revenueSupplies expenseUtilities expenseWages expense$7,6003,0008,85062,000446,0002,25033,900350,000Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to theInstructions and the list of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (:) on the income statement.

Income Statement - Income Statement Is One Of Three Major Financial Statements. It Shows The…

The following revenue and expense account balances were taken from the ledger of Acorn Health Services Co. after the accounts had been adjusted on Janu he fiscal year: Depreciation expense Insurance expense Miscellaneous expense Rent expense Service revenue Supplies expense Itilities expense $7,600 3,000 8,850 62,000 446,000 2,250 33.900

The following revenue and expense account balances were taken from the ledger of Acorn Health Services Co. after the accounts had been adjusted on Janu he fiscal year: Depreciation expense Insurance expense Miscellaneous expense Rent expense Service revenue Supplies expense Itilities expense $7,600 3,000 8,850 62,000 446,000 2,250 33.900

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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Physicians’ Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $50,000; Allowance for Uncollectible Accounts = $1,000 (credit). On December 31, 2024, Physicians’ estimates uncollectible accounts to be 20% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable reported in the balance sheet.
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: $1300. Days Outstanding 1-30 days 2% 31-60 days 5% 61-90 days 10% Over 90 days 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1100. Under the aging-of- receivables method, the Uncollectible-Account Expense at year-end is: $9390. $10,490. Accounts Receivable $8290. Est. Percent Uncollectible $65,000 $45,000 $22,000 $7000
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $670,000; Allowance for Doubtful Accounts has a debit balance of $6,000; and sales for the year total $3,020,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $29,400. 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. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. %24 %24 %24 %24 %24
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $754,825 and Allowance for Doubtful Accounts has a balance of $18,222. What is the net realizable value of accounts receivable?
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The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
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The following totals for the month of June were taken from the payroll register of Arcon Company: $11,940.00 Salaries expense Social security and Medicare taxes withheld Income taxes withheld 895.50 289.00 531.00 Retirement savings The entry to record the payment of net pay would include a O a. debit to Salaries Payable for $11,940.00. Ob. credit to Salaries Expense for $10,224.50. O c. debit to Salaries Payable for $10,224.50. Od. credit to Salaries Payable for $10,224.50.
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2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--.
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