Use the following Company T adjusted trial balance to prepare the following: Adjusted Trial Balance Debit Credit Cash $24,000 Accounts Receivable 14,900 Prepaid Insurance 5,400 Land 13,500 Accounts Payable $12,400 Salaries Payable 1,500 Common Stock 35,000 Retained Earnings 10,200 Dividends 6,000 Service Revenue 56,100 Insurance Expense 7,600 Salaries Expense 39,000 Miscellaneous Expense 4,800 $115,200 $115,200 A. Prepare an income statement. Company T Income Statement For the Year Ended December 31, 2020 Revenues: Expenses: Total Expenses B. Prepare a statement of retained earnings. Company T Retained Earnings Statement For the Year Ended December 31, 2020 C. Prepare a balance sheet (simple-unclassified). Company T Balance Sheet December 31, 2020 Assets Total Assets Liabilities

Use the following Company T adjusted trial balance to prepare the following: Adjusted Trial Balance Debit Credit Cash $24,000 Accounts Receivable 14,900 Prepaid Insurance 5,400 Land 13,500 Accounts Payable $12,400 Salaries Payable 1,500 Common Stock 35,000 Retained Earnings 10,200 Dividends 6,000 Service Revenue 56,100 Insurance Expense 7,600 Salaries Expense 39,000 Miscellaneous Expense 4,800 $115,200 $115,200 A. Prepare an income statement. Company T Income Statement For the Year Ended December 31, 2020 Revenues: Expenses: Total Expenses B. Prepare a statement of retained earnings. Company T Retained Earnings Statement For the Year Ended December 31, 2020 C. Prepare a balance sheet (simple-unclassified). Company T Balance Sheet December 31, 2020 Assets Total Assets Liabilities

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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At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000
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…
The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $20.00 October 25 Purchase $122.60 average daily balance = $ ___
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us Kimmel, tinancial Accounting, Be US eo 1 Srstom Announcements CALCATO Brief Exercise 8-10 Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w be Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment c indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current a arder of liquidity) Pronghorn Corp Balance Sheet (partial) wT O secouNTS
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The following information is available for Crane Company. Beginning accounts receivable Ending accounts receivable Net sales Compute the accounts receivable turnover and the average collection period. (Round average collection period to 1 decimal places, eg. 15.2. Use 365 days for calculation.) Accounts receivable turnover $72,800 114,400 1.216,800 Average collection period times days
Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.