Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018. Accounts receivable Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings S 40,730 8,820 14,350 42,000 16,000 20,200 31,475 31,535
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- On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23,300 48, e00 Accounts Receivable Allowance for Uncollectible Accounts $ 4, See Inventory Land 37,800 72,108 Accounts Payable Notes Payable (6%, due in 3 years) Comnon Stack 28,9ee 37,000 63, 0e0 Retained Earnings 39,0e0 Totals $172,400 $172,48e The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,6e0 units for $168,80e on account ($18s cach). January 8 Purchase 1,78e units for $187,000 on account ($11e cach). January 12 Purchase 1,8e0 units for $287, B0e on account ($115 cach). January 15 Return 135 of the units purchased on 3anuary 12 because of defcects. January 19 sell 5,280 units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…termediate Accounting 1.docx Open with Google Docs For Nos. 20-21 Nabangst Corporation reported the following recelvables on December 31, 2018: Accounts recelvable, net of P520,000 allowance for doubtful accounts Interest receivable P3,840,000 190,000 4,000,000 Notes receivable Additional Information: The notes recelvable comprised of the following: P3,000,000 note dated March 31, 2018, with principal and 8% interest payable on March 31, 2019. P1,000,000 note dated October 31, 2018, with principal and interest payable on October 31, 2019. During 2019, sales revenue totaled P21,200,000, cash collected from customers amounted to P19,800,000, and P410,000 in accounts receivable were written off. All sales are made on credit basis. Doubtful accounts expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. 20. What amount should be reported as interest income for 2019? P240,000 d. P110,000 a. P80,000 C. b. P60,000 21. What…The following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF) Company. For Fiscal 2015 For Fiscal 2014 $60 million $ 39 million Provision for doubtful accounts Accounts receivable, net Accounts receivable, gross Beginning Balance At Fiscal Year- At Fiscal Year-end 2014 end 2015 Ending Balance 13,503 million 13,706 million Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 13,972 million 14,218 million Allowance for Doubtful Accounts
- Using the following accounts, complete all journal entries: Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Credit Card Expense Sales Discount Sales Revenue For the year 2019, Bristax Corporation recorded $1,385,660 in credit sales and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. PLEASE NOTE: You must enter the account names exactly as written in the table above and all whole dollar amounts using "$" with commas as needed and rounded to two decimal places (i.e. $12,345.67). Record the year-end adjusting entry for 2019 bad debt using the income statement method. DR CR Record the year-end adjusting entry for 2019 bad debt using the balance sheet method. DR CR Assume there was a previous credit balance in Allowance for Doubtful Accounts of $37,430, record the year-end adjusting entry for bad debt using the income…On January 1, 2021, the general ledger of Big Bles: Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23, 308 48, e0e Accounts Receivable Allowance for Uncollectible Accounts $ 4, 580 37, eee Inventory Land 72,100 Accounts Payable Notes Payable (6%, duc in 3 years) 28,98e 37,eee 63,0ee 39,8ee Comnon Stock Retained Earnings Totals $172,400 $172, 400 The $37,000 beginning belance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,680 units for $168,89e on account ($185 cach). January 8 Purchase 1,78e units for $187, e0e on account ($110 each). January 12 Purchase 1,88e units for $207, B00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788, eee. The cost of the units sold is deternined using a FIFO perpetual inventory syston. January 22 Receive $753, eee…At December 31, 2021, Pina Co. reported the following information on its balance sheet. Accounts receivable $960,100 Less: Allowance for doubtful accounts 78,200 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,739,000 2. Sales returns and allowances 49,400 3. Collections of accounts receivable 2,814,000 4. Write-offs of accounts receivable deemed uncollectible 90,500 5. Recovery of accounts previously written off as uncollectible 28,000 1. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2 .Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use…
- Please help me. Thankyou.se the following selected financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Year Net Credit Sales Ending Accounts Receivable 2017 $687,430 $332,250 2018 705,290 362,450 2019 769,500 403,650 A. Compute the number of days’ sales in receivables ratios for 2018 and 2019. Round your answers to two decimal places. 2018 fill in the blank 1 days 2019 fill in the blank 2 days B. Using the sales in accounts receivable, choose the statement that most closely describes the company's management of its receivables. a. The company collects its accounts slowly, and the days are increasing. b. This may be leave the company unable to pay current debt owed to a lender. c. The company may need to be more aggressive with its receivable collection procedures. d. All of the above statements may be correct.Use the following financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Ending Accounts Receivable Year Net Credit Sales 2017 $690,430 $335,250 2018 705,290 364,450 2019 770,500 406,650 A. Compute the accounts receivable turnover ratios for 2018 and 2019. Round your answers to two decimal places. 2018 times 2019 times B. Using the accounts receivable turnover, choose the statement that most closely describes the company's management of its receivables. a. The company's lending policies may be too strict. b. Collection efforts are not aggressive enough. There may be uncollectable receivables affecting the beginning and ending C. balances. d. All of the above statements may be correct. a b d
- During August 2024, Yond Company recorded the following: • Sales of $51,100 ($44,000 on account; $7,100 for cash). Ignore Cost of Goods Sold. • Collections on account, $33,800. • Write-offs of uncollectible receivables, $1,900. • Recovery of receivable previously written off, $200. Date Aug. Accounts and Explanation Debit Credit Requirements Journalize Yond's transactions during August 2024, assuming Yond uses the direct write-off method. 1. 2. Journalize Yond's transactions during August 2024, assuming Yond uses the allowance method.Information for questions 12 and 13 The following are extracts from the financial statements of a company for the two years ended 31 December 2016 and 2017. Statement of financial position as at 31 December Inventory Trade receivables Cash and bank balances Bank overdraft Trade payables 2016 £000 590 275 25 200 1,218 1,536 2017 £000 465 425 76 450 710 2,728 Non-Current assets Non-Current liabilities 0 300 Issued £1 Ordinary Shares 5,000 5,500 The income statement for the year ended 31 December 2017 shows an operating profit of c) £1,265,000 d) £1,815,000 £1,500,000 after charging depreciation of £600,000 and a profit on disposal of a non-current asset of £52,000. Q12. The change in the company's cash and cash equivalents for the year ended 31 December 2017 was: a) Outflow £199,000 b) Inflow £1 16,000 c) Outflow £89,000 d) Inflow £51,000 Q13. The cash flow from operations of the company for the year ended 31 December 2017 was: a) £1,515,000 b) £1,619,000Refer to the Balance Sheet, what is the company's current ratio? TABLE P3.2 Balance Sheet, Cyclone Construction Co. (31 December 2012) Assets (a) Current assets $389,927.04 16,629.39 Cash on hand and on deposit Notes receivable, current - Accounts receivable, including retainage of $265,686.39 1,222,346.26 15,867.80 Deposits and miscellaneous receivables 26,530.14 Inventory-construction material Prepaid expenses Total 8,490.68 1,679,791.31 (b) Notes receivable, non-current 12,777.97 (c) Property Buildings 5,244.50 Construction equipment 188,289.80 Motor vehicles 37,576.04 13,596.18 Office furniture and equipment Total 244,706.52 (d) Less accumulated depreciation 102,722.51 141,984.01 Net property (e) Total assets 1,834,553.29 Select the correct response: 1.41 1.79 207 1.38 O Liabilities (f) Current liabilities Accounts payable Due subcontractors Accrued expenses and taxes Equipment contracts, current Provision for income taxes Total (g) Deferred credits Income billed on jobs in…
