wwwwwwwwwThe Sky Blue Corporation has the following adjusted trial balance at December 31.CreditSmCashAccounts ReceivablePrepaid InsuranceNotes Receivable (long-term)EquipmentAccumulated Depreciation.Accounts PayableSalaries and Wages PayableIncome Taxes Payable.Deferred RevenueCommon StockRetained EarningsDividendsSales RevenueRent RevenueRequired:Prepare a statement of retained earnings for the year.Salaries and Wages ExpenseDepreciation ExpenseUtilities ExpenseInsurance ExpenseRent ExpenseIncome Tax ExpenseTotalSKY BLUE CORPORATIONStatement of Retained EarningsBalance, January 1Balance, December 31ServersDebit$ 1,2602,3002,6003,30013,50033022,2001,6004,5201,7006,3003,200$ 62,810$ 3,2005,7201, 1503,2006602,7001,12044,730330$ 62,810

The income statement and statement of stockholders' equity are the different financial statements of…

The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Debit $ 1,260 2,300 2,600 3,300 13,500 330 22,200 1,600 4,520 1,700 6,300 3,200 $ 3,200 5,720 1,150 3,200 660 2,700 1,120 44,730 330

The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Debit $ 1,260 2,300 2,600 3,300 13,500 330 22,200 1,600 4,520 1,700 6,300 3,200 $ 3,200 5,720 1,150 3,200 660 2,700 1,120 44,730 330

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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?
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit CreditSupplies $2,000Prepaid Insurance 8,000Salaries Payable $11,000Deferred Revenue 3,000The following information is known for the month of December:1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500.2. No insurance payments are made in December. Insurance cost is $2,000 per month.3. November salaries payable of $11,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $16,000.4. On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.Required:Show the adjusting entries that…
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…
At the end of the current year, Accounts Receivable has a balance of $128,310; Allowance for Doubtful Accounts has a debit balance of $3,095; and sales for the year total $947,000. Bad debt expense is estimated at 1/2 of 1% of sales. a. Determine the amount of the adjusting entry for bad debt expense.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts fill in the blank 3 Bad Debt Expense fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
At the end of the current year, Accounts Receivable has a balance of $947,700; Allowance for Doubtful Accounts has a credit balance of $7,201; and credit sales for the year total $3,040,000. Bad debt expense is estimated at 1/2 of 1% of credit sales. a. Determine the amount of the adjusting entry for bad debt expense. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Adjusted Balance Bad Debt Expense c. Determine the net realizable value of accounts receivable. $
The year-end financial statements of Prize Inc. include the accounts receivable footnote:Total accounts and other receivables at December 31 consisted of the following: (in millions) Year 2 Year 1 Total accounts and other receivables $444.4 $476.6 Allowance for doubtful accounts (6.0) (8.4) Total accounts and other receivables, net $438.4 $468.2 The balance sheet reports total assets of $2,984.1 million at December 31, Year 2.The common-size amount for gross accounts and other receivables are: Select one: a. $444.4 million b. None of these are correct. c. 14.7% d. 14.9% e. $438.4 million
Selected accounts from Bennett Company's adjusted trial balance for the year ended December 31 follow. Prepaid rent $ 1,100 Accounts payable $ 2,600 Accounts receivable 10,500 Allowance for doubtful accounts 600 Cash 13,000 Notes payable (due in 10 years) 6,100 Common stock 5,500 Notes receivable (due in 4 years) 4,100 Retained earnings 13,900 Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet.
:Company provided the following information related to its accounts receivable. Last year 12/31 Estimated that P7,000 of accounts receivable would become uncollectible. Current year 1/05 Wrote-off the P 5,000 balance owed by J Company and the 2,000 balance owed by F Company. 3/18 Reinstate the account of J Company that had been written off since they signify and confirmed the payment. 3/21 Receipt of payment in full. Required: Journalize the transactions
The unadjusted trial balance of X Company on December 31, 2021 showed the Accounts Receivable with a debit balance of P 150,000 and a credit balance of P 3,000 for the Allowance for Bad debts. The management estimated that bad debts will 8% of the outstanding accounts receivable How much is the bad debts expense for 20217
At 1 July 20X2 the receivables allowance of Q was $18,000. During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables allowance required was to be $16,000 as at 30 June 20X3. What amount should appear in Q's statement of profit or loss for receivables expense for the year ended 30 June 20X3
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $743,691 and Allowance for Doubtful Accounts has a balance of $20,139. What is the net realizable value of the accounts receivable? Select the correct answer. $723,552 $20,139 $763,830 $743,691