The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 0 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 23,000 63,000 Retained earnings The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net income $52,000 Calculate the amount of cash paid to employees for salaries during 2019.
Q: R E Q U I R E D:Determine the amounts that would appear in the consolidated financial statements of…
A: 4:Pam's retained earnings as of December 31, 2019$2,670,000 (from Pam's trial balance)Sam's retained…
Q: A company's inventory records show the following data for the month of January. Units Sold at Retail…
A: DateGoods purchasedCost of goods soldInventory balanceNo. of unitsCost per unitNo. of unitsCost per…
Q: Give Correct profit margin for this accounting question
A: Hello student! Profit Margin or Net Profit Margin is the percentage of net sales left after we…
Q: Question 2 Bangladesh Ltd had the following transactions related to liabilities. The company's…
A: i. journal entries for the transactions from (a) to (d) in 2007: DateAccountDebit ($)Credit ($)Nov…
Q: Vaughn Company's inventory records show the following data: Unit Units Cost Inventory, January 1…
A: Beginning inventory cost: 10000 units * $9.40/unit = $94000June 18 purchase cost: 9400 units *…
Q: Answer in step by step with explanation. Don't use Ai.
A: Explanation:Cost of Goods Sold Percentage:In 2019, COGS is 67% of net sales.In 2020, COGS increases…
Q: On January 1, 20X5, Teymond Corporation issued $30,000 in 12-year, zero-coupon bonds. The interest…
A: Zero-coupon bonds are issued at a discount to their face value. The discount is the difference…
Q: Financial Accounting
A: Step 1: Define SharesShares are the portion of a company that collectively represents the equity and…
Q: What is the cost of equity?
A: The problem requires the determination of the cost of equity. The cost of equity is the return that…
Q: LO.3, 5 BlueCo, a domestic corporation, incorporates GreenCo, a new wholly owned entity, in Germany.…
A: Since GreenCo is a wholly-owned foreign subsidiary of BlueCo, because no constructive dividend is…
Q: None
A: To determine how much of the first payment on a 60-month, $10,000 car loan with an APR of 2.89% goes…
Q: bc
A: a. As of December 31, 2024, what is the consolidated copyrights balance?To determine the…
Q: Please give solution for this accounting question
A: Step 1: Define Asset DisposalAsset disposal occurs when the company decides to sell its long-term…
Q: General Accounting
A: Part (a):• Step 1: Identify the given data• Step 2: Use the formula to calculate the predetermined…
Q: vr.2 Answer must be in table format or i will give down vote
A: Step 1: ABCDE1Conventional Retail Method2 CostRetailCost to Retail RatioWorking3Beginning…
Q: Don't use AI.
A: Hello student! To generate a flexible budget performance report, we must first understand what a…
Q: LO.3 Chock, a U.S. corporation, purchases inventory for resale from distributors within the United…
A: In order to conduct an analysis of the origin of Chock's income from the sale of inventory, it is…
Q: Delta Company reported revenue of $150,000 on its 20X4 income statement. This amount will not be…
A: Deferred income tax is a liability that a company must pay in the future. It arises when the tax…
Q: Solve this question
A: Step 1: - Define FIFO methodFirst in, first out (FIFO) is a method of inventory accounting in which…
Q: Hello tutor provide solution
A: Part (a):We are asked to find the return on stockholders' equity (ROE), which is a key measure of…
Q: Need answer the accounting question
A: Step 1: Define Return on Equity (ROE)The return on equity (ROE) ratio is a profitability ratio that…
Q: Which of the following accounts has a normal debit balance? a) Revenue b) Cash c) Accounts Payable…
A: Explanation of Cash: Cash is considered an asset account in accounting. It represents the liquid…
Q: Which account will have a debit balance? a) Sales Revenue b) Accounts Payable c) Accumulated…
A: Explanation of Sales Revenue:Sales revenue represents the income earned by a company from selling…
Q: Hello tutor provide solution for this accounting question
A: Step 1: Define Cash FlowsThe cash flows of a firm can be categorized into three types - operating…
Q: All of the following increase pension expense except: service cost. interest on the liability.…
A: Pension expense is the amount that a business needs to contribute to its employees' retirement…
Q: Give true answer do fast with calculation
A: Step 1: Define CVP AnalysisIn management accounting, Cost-Volume-Profit (CVP) is an important…
Q: I need do fast typing clear urjent no chatgpt used i will give 5 upvotes pls full explain
A: Solving the Differential Equation using Laplace TransformsGiven:Differential equation: y'' + 4y =…
Q: Help calculating Balance sheet items with limited information. Specifically need to know how to…
A: 1) First, let's establish some relationships:With Times Interest Earned of 10: Operating Income =…
Q: Question: Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct…
A: Explanation of Contribution Margin:Contribution margin represents the amount by which the selling…
Q: What is the value of the total assets?
A: Step 1: Define Total AssetsThe total assets of an organization can be traced from its balance sheet.…
Q: The Finishing Department started the month with 500 units in process, received 2,000 units from the…
A: 8. Units in process at the end of the monthBeginning work in process (WIP) units: 500Units started…
Q: A business has current assets of $120,000, including cash of $20,000, and current liabilities of…
A: Explanation of Current Assets: Current assets are the resources a business owns that are expected to…
Q: If the w. king papers correlating with this textbook are not used, omit Problem 4-4B. per accounts…
A: First, we need to complete the end-of-period spreadsheet using the adjustment data provided. This…
Q: Please help with this accounting problem. It is long and I can not solve it! The small drop downs on…
A:
Q: ch
A: Approach to solving the question:Kindly refer the above answer.All figures are in Dollars($).…
Q: hrs
A: HHD, Inc.Classified Balance SheetAs of December 31, 2018 AssetsCurrent Assets: - Cash…
Q: Provide correct answer. accounting
A: Step 1: Define Labor VarianceLabor variance is used in a business if there is a compensation expense…
Q: Accounting NPBT
A: Step 1:- Define Profit MarginThe income statement for a firm shows the costs incurred, sales made,…
Q: Help me with this question tutor
A: Explanation of Fixed Costs:Fixed costs are the expenses a company incurs that do not change with the…
Q: tell me which is correct option and with reason why ? Tell me which are incorrect option and with…
A: Events and Transactions: The completeness assertion for events and transactions guarantees that all…
Q: General accounting
A: Step 1: Determine the Predetermined Overhead Rate This rate is used to apply overhead costs to jobs…
Q: Can you please answer the accounting question?
A: Step 1: Define Accrued ExpensesAccrued expenses are expenses that have been incurred but have not…
Q: please do them right. i will upvote.
A: The organizational costs Ajax, Inc. incurred—$16,900 in total—are subject to the IRS rules under…
Q: Solve this one
A: Step 1: Define Cost-Volume-Profit (CVP) AnalysisThe cost-volume-profit (CVP) analysis is used to…
Q: On 1 January 2024, Pelican Inc. provided services to Eagle Co. in exchange for Eagle’s $300,000,…
A: note's initial recognition reflects its full value, with a discount adjusting it to the market rate.…
Q: Answer the following in detail
A: 1. Pub's income from Sub for the years 2019, 2020, and 2021Since Pub owns 80% of Sub, calculate…
Q: Borod Ltd started business early in 2013. During its first 9 months, Borod Ltd acquired real estate…
A: First, we need to analyze each transaction and determine which category it falls into. The…
Q: Need help
A: Step 1: Introduction to the Gross ProfitGross profit is calculated to determine total profit made…
Q: Exercise 5-19A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross…
A: a and b FIFOLIFOWAVESales77,08077,08077,080Less: COGS38,24038,40038,284Gross…
Q: Solution
A: 1. Calculate the manufacturing overhead cost per unit:Manufacturing overhead rate = 150% of direct…
Need help with this accounting question
Step by step
Solved in 2 steps
- Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…The following information (in millions) was taken from the December 31 financial statements Accounts receivable, gross Allowance for expected credit losses Accounts receivable, net Revenues Total current assets Total current liabilities 13) Calculate the current ratio for 2020 13) 2021 $ 1.102 28 1,074 14,477 3,426 3,120 2020 $ 1.080 26 1,054 13,819 3,102 3,274 2019 $ 1.241 28 1,213 14,917 2,830 4,287
- BTS Company had the following data relating to its accounts receivable.Accts. Receivable, Dec. 31, 2020 - P1,300,000Credit sales for 2021 - P5,400,000Collections from customers during 2021, excluding recoveries - P4,750,000Accounts written off on Sept. 30, 2021 - P95,000Recoveries of accounts previously written off in prior years - P20,000Est. uncollectible receivables per aging, Dec. 31, 2021 - P165,000How much is the amortized cost of BTS Company’s accounts receivable at December 31, 2021?Ayayai Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division Note receivable from officer 1. Transactions during 2020 and other information relating to Ayayai's long-term receivables were as follows. 2. 3. $1,800,000 4. 414,300 The $1,800,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Ayayai's electronics division to New York Company. Principal payments of $600,000 plus appropriate interest are due on May 1, 2020, 2021, and 2022. The first principal and interest payment was made on May 1, 2020. Collection of the note installments is reasonably assured. The $414,300 note receivable is dated December 31, 2019, bears interest at 9%, and is due on December 31, 2022. The note is due from Sean May, president of Ayayai Inc. and is collateralized by 10,358 shares of Ayayai's common stock. Interest is payable annually on December 31, and…How do I prepare the rates receivables give that Rates Receivables: Owing at 1 January 2019 $100; Paid during financial year $600; Owing at 31 December 2019 $150
- 4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…The following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for baddebts of $9,750 and $15,336, respectively $179,866 $225,851 Required:a. If $11,849 of accounts receivable 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.) b. The December 31, 2020, Allowance account balance includes $3,034 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…
- Blackmon Corporation’s December 31, 2018, balance sheet disclosed the following information relating to its receiVables: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmon’s December 31, 2019, balance sheet. 3. Next Level Compute Blackmon’s accounts receivable turnover in days, assuming a 360-day business year. what is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?Please solve it.The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.