What did Lali Company show as total credits on its Trial Balance? *$574,000$224,000$462,900None of the aboveWhat did Lali Company show as Rent Expense on its Trial Balance? *$350,000O $217,500O $111,100O None of the above Lali Company showed the following balances at the end of its first year onDecember 31, 2021.Accounts Receivable$94,500Accounts Payable75,600Cash200,000Lali, Capital35,000Lali, Draw ing18,900Notes Payable (2 years)113,400Service Revenues350,000Rent ExpenseSalaries Expense72,50017,000Supplies60,000Utility Expense

The question is related to the Trial Balance. Trial balance contains various ledger balances on a…

What did Lali Company show as total credits on its Trial Balance?* $574,000 $224,000 $462,900 None of the above What did Lali Company show as Rent Expense on its Trial Balance? * $350,000 $217,500 $111,100 None of the above

What did Lali Company show as total credits on its Trial Balance?* $574,000 $224,000 $462,900 None of the above What did Lali Company show as Rent Expense on its Trial Balance? * $350,000 $217,500 $111,100 None of the above

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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Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
I NEED HELP FEELING IN THE BLANKS Information related to Novak Company for 2020 is summarized below. Total credit sales $2,575,000 Accounts receivable at December 31 853,000 Bad debts written off 34,900 (a)What amount of bad debt expense will Novak Company report if it uses the direct write-off method of accounting for bad debts? $________________ (b)Assume that Novak Company estimates its bad debt expense based on 5% of accounts receivable. What amount of bad debt expense will Novak record if it has an Allowance for Doubtful Accounts credit balance of $3,700? $___________________ (c)Assume that Novak Company estimates its bad debt expense based on 5% of accounts receivable. What amount of bad debt expense will Novak record if it has an Allowance for Doubtful Accounts debit balance of $3,700? $__________________
A r Duilding G Cash Y H Z 1 Depreciation Expense AA J Dividends BB K Equipment EE L Federal Income Tax Withheld Payable FF M Federal Unemployment Taxes Payable GG N FICA Taxes Payable HH O Income Summary II P Income Taxes Payable JJ Q Interest Expense KK R Interest Payable LL S Land MM T Land Improvement NN Unearned Rent Revenue Cost of Goods Sold INOLES Payable Payroll Tax Expense Rent Revenue Example of Answer: G3000D B2000D GG5000C Retained Earnings Salaries and Wages Expense Sales Sales Returns Service Revenues Sales Taxes Payable Shipping Expense State Income Tax Withheld Payable State Unemployment Taxes Payable Supplies Tax Expense Where each box represents a journal entry line. In the first box, G denotes Cash account, 3000 is the amount, D stands for debit. In the second box: B denotes Accounts Receivable account, 2000 is the amount, D stands for debit. And in third box: GG denotes Service Revenues, 5000 is the amount, and C stands for credit. The letters are in the capital.…
uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work Amount
Vaughn Manufacturing unadjusted trial balance includes the following balances (assume normal balances): • Accounts receivable $1840000 • Allowance for doubtful accounts $33700 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?
GG Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $700,000 and credit sales are $2,500,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Company make to record the bad debts expense? Select one: a. The answer does not exist b. Bad Debt Expense .25,000 Allowance for Doubtful Accounts 25,000 С. Bad Debt Expense .32,000 Allowance for Doubtful Accounts 32,000 d. Bad Debt Expense 25,000 Accounts Receivable 25,000 е. Bad Debt Expense .32,000 Accounts Receivable 32,000
For company A and D combined, what is the ratio of revenue stream 1 to revenue stream 2?Company Revenue Stream 1 (millions) Revenue Stream 2 (millions) A 159.2 112.5 B 78.7 62.4 C 33.1 87.2 D 38.8 19.5 E 120.4 102.3
7 The accounts payable balance at the beginning of the year was $85,000. The company purchased $380,000 worth of goods on account, and the ending balance of the payables account was $70,000. What were the total payments on account? Multiple Choice $450,000 $395,000 $535,000 $465,000
bled: Assignment 1 i Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500 and sales of $1,115,000. If uncollectible accounts are estimated to be 0.9% of sales, what is the amount of the bad debts expense adjusting entry? Multiple Choice $10,035 $8,990 $11,080
Dr. Cr. Cash Accounts receivable Allowance for Doubtful Accts Inventory Equipment Accumulated Depreciation Accounts Payable 65,000 28,000 7,000 12,500 60,000 12,750 23,000 6,000 35,000 38,000 21,000 Unearned Revenue Long Term Note Payable Common Stock Retained Earnings Dividends Sales Cost of goods sold Repairs expense Salaries expense Depreciation expense Insurance expense Interest income Interest expense Income tax expense Total 10,000 130,000 52,000 6,500 25,000 3,000 4,500 1,250 4,000 3,500 274,000 274,000 What is the amount of Total Assets?
The following information concerns Complex, Inc. before the adjustments were made: $56,000 $189,000 $4,500 $1,500 credit Accounts receivable, 12/31/X7 Sales during X7 Accounts written off during X7 Allowance for doubtful accounts, 12/31/X7 Bad debt expense is determined using the percentage of receivables method. The company believes that 7% of receivables will never be collected. What would be the debit to bad debt expense in the adjusting entry on December 31, 20x7? Select one: O a. $2,420 O b. $4,500 O c. $3,920 O d. $11,730 Oe. $13,230