Use the following information in the adjusted trial balance for Stockton Company to answer the followingquestions.Stóckton CompanyAdjusted Trial BalanceFor the Year ended December 31, 20XX$ 6,030Cash2,100Accounts Receivable700Prepaid ExpensesEquipmentAccumulated DepreciationAccounts PayableNotes PayableBob Steely, CapitalBob Steely, WithdrawalsFees EarnedWages ExpenseRent ExpenseUtilities ExpenseDepreciation ExpenseMiscellaneous Expense13,700$ 1,1001,9004,20012,9407908,7502,5001,96077525085$28,890Totals$28,890 Determine the total liabilities for the period.

Formula to calculate total liabilites:Total liabilites =Notes payable + Accounts payable

Answered: Use the following information in the…

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 its fiscal year end, under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $12,000. The unadjusted balance for the Allowance for Doubtful Accounts is $2,000 credit. Assume the company records adjusting entries only at year end. What is the amount of bad debts expense for the year? A. $12,000 B. $14,000 C. $10,000 D. $2,000
The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Historical & Uncollectible Number of Days Unpaid Q Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,307 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,201 of uncollectible accounts on August 15, 2022. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. Complete this question by entering your answers in the tabs below. Required A Beginning Balance Ending Balance Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. 2 Required B…
Roth Service Company experienced the following transactions for Year 1, its first year of operations: Provided $72,000 of services on account. Collected $41,000 cash from accounts receivable. Paid $28,000 of salaries expense for the year. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $16, 800 0.01 0 to 30 5,900 0.05 31 to 60 3,400 0.10 61 to 90 1, 100 0.30 Over 90 days 3,800 0.50 Required Organize the transaction data in accounts under an accounting equation. Prepare an income statement for Roth Service Company for Year 1. What is the net realizable value of the accounts receivable at December 31, Year 1?
Ruiz Company's Accounts Receivable balance at December 31 was $150,000 and there was a balance of $700 in the Allowance for Uncollectible Accounts. Sales for the year were $900,000. The firm estimates credit losses for the year at 1.5% of sales. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year-end? Select one: a. $150,000 b. $135,800 c. $162,700 d. $138,700 e. None of the above
Entries for Bad Debt Expense under the Direct Write-Off and Allowance Methods The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: Apr. 13. Wrote off account of Dean Sheppard, $6,720. May 15. Received $3,360 as partial payment on the $8,940 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27. Received $6,720 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Paul Chapman $4,500 Duane DeRosa 3,360 Teresa Galloway 2,020 Ernie Klatt 2,820 Marty Richey 1,010 31. If necessary, record the year-end adjusting entry for the 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.…
The unadjusted trial balance of Fortune Company included the following accounts: Debit $ Sales (80% on credit) for the year ended 31 Dec 2023 Credit $ 900,500 Accounts Receivable 31 Dec 2023 209,070 Allowance for Impairment 1 Jan 2023 3,500 The aging of accounts receivable produced the following five groupings. Days Past Due Amount Estimated Uncollectible % of Not yet due 85,000 1% 1-30 days past due 56,000 3% 31-60 days past due 33,500 5% 61-90 days past due 18,570 10% Over 90 days past due 16,000 15% Required: Prepare the adjusting entries to record the impairment loss of receivable for the year 2023. If Fortune Company: (a) (b) uses the Statement of Financial Position Approach to estimate the uncollectible accounts. Show your workings. uses the Income Statement Approach to estimate the uncollectible accounts, and it is expected that 1% of the net credit sales for the year will be uncollectible.
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $622,324 and Allowance for Doubtful Accounts has a balance of $20,510. What is the net realizable value of the accounts receivable? a.$601,814 b.$642,834 c.$20,510 d.$622,324
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Numerator: Year 1 $ 48,814 26,497 4,180 128,303 50,206 3. Compute the Year 2 year-end debt ratio. 1 1 / 0 0 69,660 0 Year 2 Debt Ratio Denominator: $ 8,493 20,773 3,061 136,668 59,206 167,368 41,767 34,550 109, 135 = = Debt Ratio Debt ratio
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?
Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense. It has just completed an aging analysis of accounts receivable at December 31, 2019. This analysis disclosed the following information: Age Group Total Percentage Considered Uncollectible Not Yet Due 1 - 30 days past due $52,000 $32,000 $13,000 1% 2% 8% 31 - 60 days past due What is the appropriate balance for Oceanside's Allowance for Impairment at December 31, 2019 O A. $1,560 O B. $2,160 O C, 2% of credit sales in 2019 O D. $95,000
Weat
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…

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