Use the following adjusted trial balance of Hay Co. to prepare a classified balance sheet as of December 31, Account Title Debit $ 13,200 29,800 3,300 172,000 Cash Credit Accounts receivable office supplies Trucks Accumulated depreciation, trucks Land $ 46, 200 277,000 Accounts payable Interest payable Long-term notes payable (due in 4 years) Stanley Hanson, capital Stanley Hanson, withdrawals Trucking revenue Depreciation expense, trucks Salaries expense Office supplies expense Repairs expense, trucks 31, 200 420 154, 000 208, 180 19,200 170,000 22,700 59,000 6,700 7,100 $610,000 Total $610,000 Required: Prepare a classified balance sheet

Use the following adjusted trial balance of Hay Co. to prepare a classified balance sheet as of December 31, Account Title Debit $ 13,200 29,800 3,300 172,000 Cash Credit Accounts receivable office supplies Trucks Accumulated depreciation, trucks Land $ 46, 200 277,000 Accounts payable Interest payable Long-term notes payable (due in 4 years) Stanley Hanson, capital Stanley Hanson, withdrawals Trucking revenue Depreciation expense, trucks Salaries expense Office supplies expense Repairs expense, trucks 31, 200 420 154, 000 208, 180 19,200 170,000 22,700 59,000 6,700 7,100 $610,000 Total $610,000 Required: Prepare a classified balance sheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 56,000 7% Accounts receivable Percent uncollectible Total 0 $ 670,000 $ 416,000 Req A Req B and C 3% Complete this question by entering your answers in the tabs below. 1 to 30 $ 110,000 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $14,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,000 debit. Estimated balance of allowance for uncollectibles 4%
On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals Debit $27,300 15,300 4, 200 21,000 80,600 a-1. The receivables turnover ratio is a-2. The company collecting cash from customers b-1. Allowance for Uncollectible Accounts ratio b-2. The company expects an $148,400 Credit $1,600 During January 2024, the following transactions occur: January 2 January 6 Provide services to customers for cash, $52,100. Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. (Assume the company uses the allowance method) Pay cash for salaries, $33,100. January 20 January 22 Receive cash on accounts receivable, $87,000. January 25 Pay cash on accounts payable, $7,200. January 30 Pay cash for utilities during January,…
Recording Entries to Estimate Bad Debt Expense Including the Write-Off and Subsequent Collection of an Account Following are accounts of Long Company at its December 31 year-end for the current year. $25,500 Accounts receivable balance, December 31, prior year Allowance for doubtful accounts balance, December 31, prior year Total sales revenue during the current year (1/6 are on credit) Uncollectible account written off during the current year (A. Smith) Cash collected on accounts receivable during the current year 1,500 480,000 500 85,000 Required Recording Write-off b. Prepare the entry to record bad debt expense for each of the following three cases. • Note: Treat each case separately. 1. Bad debt losses assume 1% of credit sales. Date Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts To record bad debt Recording Bad Debt Expense Account Name Date Dec. 31 Bad Debt Expense Age Less than 30 days 31-90 days Account Name Allowance for Doubtful Accounts To record bad debt 91-120…
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) On December 31, a company has outstanding accounts receivable of $69,000, and it estimates that 3% of its receivables will be uncollectible. Prepare the adjusting journal entry at year-end to record bad debts expense if the Allowance for Doubtful Accounts has a: $1,173 credit balance before the adjustment. $345 debit balance before the adjustment.
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for Doubtful Accounts has a debit balance of $3,500; and sales for the year total $1,800,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $15,800. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. 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.
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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.
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