Homework Help is Here – Start Your Trial Now!
Business
Accounting
The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals June 3 June 8 November 15 Debit $22,200 44,000 8,200 20,000 90,000 The following information is available on December 31. 71,400 25,700 17,200 $298,700 Credit $3,200 $298,700 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: 13,300 126,000 30,400 125,800 Provide additional services on account for $12,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $7,500. Write off customer accounts of $3,500 as uncollectible.

The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals June 3 June 8 November 15 Debit $22,200 44,000 8,200 20,000 90,000 The following information is available on December 31. 71,400 25,700 17,200 $298,700 Credit $3,200 $298,700 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: 13,300 126,000 30,400 125,800 Provide additional services on account for $12,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $7,500. Write off customer accounts of $3,500 as uncollectible.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Do not give answer in image 

Income Statement Using the information from the requirements in the previous tabs, complete the 'Analysis' tab. Analyze the following information: (a) By how much does the year-end estimate of future uncollectible accounts reduce net income in 2024? Bad Debt Expense (b) What is the ending balance of Allowance for Uncollectible Accounts? General Journal Requirement General Ledger Trial Balance Ending Balance of Allowance for Uncollectible Accounts (c) What amount of cash is expected to be collected from accounts receivable? Amount expected to be collected < Balance Sheet Balance Sheet Analysis Analysis
Transcribed Image Text:Income Statement Using the information from the requirements in the previous tabs, complete the 'Analysis' tab. Analyze the following information: (a) By how much does the year-end estimate of future uncollectible accounts reduce net income in 2024? Bad Debt Expense (b) What is the ending balance of Allowance for Uncollectible Accounts? General Journal Requirement General Ledger Trial Balance Ending Balance of Allowance for Uncollectible Accounts (c) What amount of cash is expected to be collected from accounts receivable? Amount expected to be collected < Balance Sheet Balance Sheet Analysis Analysis
The general ledger of Pop's Fireworks includes the following account balances in 2024: Debit Accounts Cash Credit $22,200 Accounts Receivable 44,000 Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 8,200 20,000 90,000 71,400 25,700 17,200 $298,700 June 3 June 8 $3,200 13,300 126,000 30,400 125,800 $298,700 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: Provide additional services on account for $12,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $7,500. November 15 Write off customer accounts of $3,500 as uncollectible. The following information is available on December 31.
Transcribed Image Text:The general ledger of Pop's Fireworks includes the following account balances in 2024: Debit Accounts Cash Credit $22,200 Accounts Receivable 44,000 Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals 8,200 20,000 90,000 71,400 25,700 17,200 $298,700 June 3 June 8 $3,200 13,300 126,000 30,400 125,800 $298,700 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: Provide additional services on account for $12,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $7,500. November 15 Write off customer accounts of $3,500 as uncollectible. The following information is available on December 31.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS