Use the information in the following adjusted trial balance for the Wilson Trucking Company. Account Title Debit Credit $6,600 16,500 2,000 192,000 Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks $ 39,552 Land 75,000 10,600 3,000 52,000 179,589 Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks 19,000 133,000 25,511 62,377 7,315 11,438 Totals $417,741 $417,741 1. Calculate the current ratio. (Assume that the industry average for thẻ current ratio is 1.5.) Current Ratio Choose Numerator: Choose Denominator: Current Ratio Current ratio

Use the information in the following adjusted trial balance for the Wilson Trucking Company. Account Title Debit Credit $6,600 16,500 2,000 192,000 Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks $ 39,552 Land 75,000 10,600 3,000 52,000 179,589 Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense-Trucks 19,000 133,000 25,511 62,377 7,315 11,438 Totals $417,741 $417,741 1. Calculate the current ratio. (Assume that the industry average for thẻ current ratio is 1.5.) Current Ratio Choose Numerator: Choose Denominator: Current Ratio Current ratio

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Description: Use the information in the following adjusted trial balance for the Wilson Trucking Company.Account TitleDebitCredit6,60016,5002,000192,000CashAccounts receivableOffice suppliesTrucksAccumulated depreciation-Trucks$ 39,552Land75,00010,6003,00052,000

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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This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts $334,000 850,000 725,000 12,000 (this balance is given after writing-off uncollectible accounts and has a credit balance) Estimated uncollectible accounts based on aging analysis If the aging approach is used to estimate bad debts, what amount should be recorded as bad debts expense for 20X1? 1,700 13,200
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The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 116,000 Allowance for doubtful accounts 12,700 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $258,000. Sold merchandise to Abbey Corp; invoice amount, $42,000. Sold merchandise to Brown Company; invoice amount, $53,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $56,000. Collected $119,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $48,400. Cavendish paid its account in full after the…
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Entries to Write Off Accounts Receivable Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. Bad Debt Expense Accounts Receivable-Philadelphia Inc. ✔ Feedback 45,800 Check My Work Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. Feedback 45,800 b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank. ✓ Check My Work
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