The post-closing trial balance of Bendit Traders on 29 February 2016 included the following balances: $ Bank (CR balance) 60,000 Debtors control 80,000 Creditors control 100,000 Accrued expenses 14,000 Petty cash 2,000 Accrued income 6,000 Income received in advance 4,000 Prepaid expenses 8,000 Current portion of long-term borrowings 40,000 The current liabilities of Bendit Traders on 29 February 2016 amount to: A. $218,000 B. $158,000 C. $178,000 D. None of the above
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- 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.The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…
- On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…1. On December 31, 2020, the accounts receivable control account of nana Company had a balance of P8,200,000. An analysis of the accounts receivable account showed the following:Subscription receivable due in 30 days 2,200,000Advance payments to creditors on purchase orders 400,000Advances to affiliated companies 1,000,000Interest receivable on bonds 400,000Trade accounts receivable – unassigned 2,000,000Customers’ accounts reporting credit balances arising from sales returns ( 600,000)Trade accounts receivable – assigned (Finance Company’s equity inassigned accounts is P500,000) 1,500,000Trade installments receivable due 1-18 months, including unearnedfinance charge of P50,000 850,000Trade accounts receivable from officers, due currently 150,000Trade accounts on which post-dated checks are held (no entries were made on receipt of checks) 200,000Accounts known to be worthless 100,000Total 8,200,000The correct balance of trade accounts receivable on December 31, 2020 is_________.Omega Company prepared an aging of accounts receivable on December 31, 2018 and determined that the net realizable value of the accounts receivable was P2,500,000. Alow ance for uncolectible accounts on January 1 Accounts written off as uncollectible Accounts receivable on December 31 Uncollectible accounts recovery 280,000 230,000 2,700,000 50,000 What is the uncollectible accounts expense for the current year?
- Culver Company shows a balance of $237,880 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021 $23,900 Installment accounts due after 2021 38,300 Overpayments to vendors 3,540 Due from regular customers, of which $39,570 represents accounts pledged as security for a bank loan 87,500 Advances to employees 1,740 Advance to subsidiary company (due in 2021) 82,900 Illustrate how the information above should be shown on the balance sheet of Culver Company on December 31, 2020. Assume that installment accounts collectible due after December 31, 2018 (Customers) are collectible within the operating cycle of the business. The company’s operating cycle is such that all installment receivables are classified as current. CULVER COMPANYBalance Sheet (Partial)What is the net sales of the entity for 2016?JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances: GH¢’m GH¢’m Revenue 2,648 Loan note interest paid 3 Purchases 1,669 Distribution costs 514 Administrative expenses 345 Interim dividend paid 6 Inventories at 1 January 2012 444 Trade receivables 545 Trade payables 434 Cash and cash equivalents 28 50Gp ordinary shares 100 Capital surplus 814 Retained earnings at 1 January 2012 349 4% loan note repayable 2018 (issued 2010) 150 Land and buildings: Cost (including GH¢60m land) 380 Accumulated depreciation at 1/1/2012 64 Plant and equipment: Cost 258 Accumulated depreciation at 1/1/2012 126 Investment property at 1 January 2012 548 Rental income 48 Proceeds from sale of equipment 7 , 4,740 4,740 Further information to be taken into account: i. Closing inventories were counted and amounted to GH¢388m at cost. However, shortly after the year end out-of-date inventories with a cost of GH15m were sold for GH¢8m. ii. The company decided to…
- The following information is taken from the 2015 annual report to shareholders of Hughe-Pockets (HP) Co. For Fiscal 2015 For Fiscal 2014 Provision for doubtful accounts 24 39 million %24 116 million At Fiscal Year-end 2014 16,487 million 17,031 million At Fiscal Year-end 2015 Accounts receivable, net Accounts receivable, gross 15,956 million 16, 368 million What is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, resp answers in millions (I.e., 10,000,000 should be entered as 10).) For Fiscal 2015 For Fiscal 2014 million million Allowance for doubtful acCounts < Prev. 46 of 87 NextSwift Co. had post-closing trial balances at September 30 20X0, as follows: Items Debit Credit (S) [X1] 15,200 (S) Cash Short-term investments Trade receivables 30,000 22,000 Inventories Non-current assets 46,500 Bank Trade payables 6,000 40,000 12% Loan notes 20,000 Ordinary shares (par 100,000 value: 1$) Retained earnings Revaluation surplus 20,000 5,000 10,000 3,500 Wages and salaries Тах раyables Accruals 400 Total |X2] 204,900 The following information for transactions from October to December 20X0 are available: 1. Cash purchase: $45,000, Credit purchase:$80,000 Inventory at 31 December 20X0 was valued at $30,000 based on its original cost. However, $10,000 of this inventory has been obsolete and the directors have agreed to sell it in January 20X1 for a cash price of $6,000. At December 31, 20X0, outstanding trade payables were $50,000 2. Total sales: $250,000. At December 31, 20X0, trade receivables were $50,000. Payment discounts allowed: $11,000 3. Wages and salaries expense…Aljon Company reported the following as of December 31, 2021:Accounts receivables P100,000Notes receivables 80,000Allowance for doubtful accounts 27,000Installment receivables(normally receivable within 1 to 3 years) 150,000Customer’s credit balances 20,000Supplier’s debit balances 10,000Advances to subsidiaries 35,000Advances to suppliers 30,000Advances to affiliates 40,000Security deposit 85,000Subscriptions receivable 22,000How much is the total trade receivables as of December 31, 2021?