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- DND Inc.'s December 31,2021 statement of financial position reported the following current assets: Cash, excluding payroll fund of P200,000 Accounts receivable Inventory Deferred tax assets including prepaid tax of P100,000 P 4,300,000 7,500,000 4,000,000 1,200,000 P17,000,000 An analysis of the accounts receivable disclosed that accounts receivable comprised the following: Trade accounts receivable Allowance for doubtful accounts Selling price of DND's unsold goods sent to Tar Inc. on consignment P 5,000,000 (500,000) at 150% of cost and excluded from DND's ending inventory 3,000,000 P7,500,000 On December 31,2021, what amount should be reported as total current assets?Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. 2019 $18,798 2,494 6,741 1,183 Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 $17,049 2,386 5,740 1,350 Cash flow from assets Cash flow to creditors Cash flow to stockholders 1,115 1,330 8,681 9,277 11,498 13,512 1,684 1,651 29,090 35,254 72,792 77,640 6,275 6,670 20,441 21,872 2,029 2,324 For 2019, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. Compute 3M’s accounts receivable turnover. - Accounts Recievable turnover ratio=? (times) Compute 3M’s average collection period for accounts receivable in days - Average collection period =? (days)
- Teeter Company began 2022 with accounts receivable of $400,000 and an allowance for uncollectible accounts of $26,000 (credit balance). Bad debt expense for the year was $39,000 and the ending balance in the allowance for uncollectible accounts account was $12,000. What was the amount of accounts receivable written off during the year? A. $53,000 B. $414,000 C. $14,000 D. $453,000On 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…Sohar Co. had the following information in 2020: Sales 180000 COGS 80000 ast ... Operating expenses (including depreciation) Depreciation expense Interest expense ber... 32000 4200 en... 9000 ... ... Taxes 4000 Increase in Accounts receivable 7000 [p Decrease in inventory Increase in Accounts payable Decrease in other payables Increase in interest payable Decrease in tax payable 4000 5000 4500 2300 2000 Prepare operating cash flows using direct method.
- 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…The statement of financial position of Larkspur Inc. at December 31, 2022, includes the following: Notes receivable Accounts receivable Less: Allowance for expected credit losses Transactions in 2023 include the following: 2. 3. $380,000 4. 282,700 1. Accounts receivable of $144,500 were collected. Customer accounts of $40,400 were written off during the year. In December, an additional $16,200 was received in payment of an account that was written off early in 2023. At year end, Allowance for Expected Credit Losses was estimated to need a balance of $52,400. This estimate is based on an analysis of aged accounts receivable. (47,200) $615,500On 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 data concern Tech Corporation for the 2022 financial year. Credit sales during the year $2 400 000 Accounts receivable 30 June 2022 410 000 Allowance for bad debts 30 June 2022 55 000 Bad debt expense for the year 70 000 What amount will Tech Corporation show on its year-end balance sheet for the net realisable value of its accounts receivable? a. 410 000 b. $285 000 c. $340 000 d. $ 355 000Skysong Corporation had the following 2025 Income statement. Revenues $103,000 Expenses Net income In 2025, Skysong had the following activity in selected accounts. Accounts Receivable 21,000 Revenues 103,000 Write-offs Collections 1/1/25 66,000 $37,000 12/31/25 29.100 Allowance for Doubtful Accounts 1/1/25 Write-offs 900 Bad debt expense 12/31/25 (a) 900 94,000 1,300 1,700 2,100 Prepare Skysong's cash flows from operating activities section of the statement of cash flows using the din SKYSONG CORPORATION Statement of Cash Flows-Direct Method (Partial)