Age ClassPercent UncollectibleNot past due1%1-30 days past due2 31-60 days past due12 61-90 days past due32 91-120 days past due38 Over 120 days past due82 Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partiallycompleted aging of receivables schedule as of the end of business on December 31, 20Y7:NotDays Past DuePastCustomerBalanceDue1-3031-6061-9091-120Over 120АВС Веauty21,00021,000Angel Wigs7,3007,300Zodiac Beauty3,7003,700Subtotals1,283,500744,500280,800129,50035,90015,00077,800The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year.CustomerDue DateBalanceArcade BeautyAug. 17$5,000Creative ImagesOct. 305,300Excel Hair ProductsJuly 38,700First Class Hair CareSept. 86,700Golden ImagesNov. 233,100Oh That HairNov. 292,300One Stop Hair DesignsDec. 76,700Visions Hair & NailJan. 114,700 Wig Creations CompanyAging of Receivables ScheduleDecember 31, 20Y7Not PastDays PastDays PastDays PastDays PastDays PastBalanceDueDue 1-30Due 31-60Due 61-90Due 91-120Due Over 120CustomerАВС Веauty21,00021,000Angel Wigs7,3007,300Zodiac Beauty3,7003,700Subtotals1,283,500744,500280,800129,50035,90015,00077,800Arcade BeautyCreative ImagesExcel Hair ProductsFirst Class Hair CareGolden ImagesOh That HairOne Stop Hair DesignsVisions Hair & NailTotalsPercent uncollectible (%)%%%%%%Estimate of uncollectible accounts $2$%24

Uncollectible Receivables:-Receivables which are not going to receive in the future, the company treats them as uncollectible receivables. The company has provisions for them so that it does not bear many losses at the time of uncollection.Aging of Receivables schedule for the W Company:-

Business

Accounting

Wig Creations Company Aging of Receivables Schedule December 31, 20Y7 Not Past Days Past Days Past Days Past Days Past Days Pa Balance Due Due 1-30 Due 31-60 Due 61-90 Due 91-120 Due Over 1 Customer АВС Веauty 21,000 21,000 Angel Wigs 7,300 7,300 Zodiac Beauty 3,700 3,700 Subtotals 1,283,500 744,500 280,800 129,500 35,900 15,000 77,800 Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair & Nail Totals Percent uncollectible (%) % % % % % Estimate of uncollectible accounts $ $ $ $

Wig Creations Company Aging of Receivables Schedule December 31, 20Y7 Not Past Days Past Days Past Days Past Days Past Days Pa Balance Due Due 1-30 Due 31-60 Due 61-90 Due 91-120 Due Over 1 Customer АВС Веauty 21,000 21,000 Angel Wigs 7,300 7,300 Zodiac Beauty 3,700 3,700 Subtotals 1,283,500 744,500 280,800 129,500 35,900 15,000 77,800 Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair & Nail Totals Percent uncollectible (%) % % % % % Estimate of uncollectible accounts $ $ $ $

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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ACCT 102 - Subparts A,B,C.
Mena's Pizza Shoppe borrowed $7,000 at 9% interest on May 1, 2021, with principaljand interest due on October 31, 2022. The company's Iscal year ends June 30, 2021. What adjusting entry is necessary on June 30, 20212 Multiple Choice Prepaid interest Interest payable Interest expense Interest payable No entry.
a. 450 000 b. 422 500 c. 315 000 d. 400 000
5. EEE Company reported accounts receivable 8,000,000 on December 31, 2023 and allowance for doubtful accounts 1,000,000 on January 1,2023. During the year, accounts of 400,000 were written off and recoveries of accounts written off totalled 10,000. Under 30 days 31-180 days 181-360 days More than 1 yr Amount 5,000,000 1,500,000 1,000,000 500,000 % Uncollectible 8% 10% 15% 25% a. What amount should be reported as doubtful account expense for the current year?
Given the NYSE advancing/declining (Num) and volume (Vol) Advancing DecliningDay Num Vol Num Vol1 492 346 2493 35072 2244 2587 714 6803 1940 1725 979 12764 2035 2169 904 10765 743 823 2143 2431 What is the Advance-Decline Volume (AD Volume) for day 4?
12- Due to the concept of periodicity, interest, rent, etc. collected in the current period but concerning the future period. In which account are some incomes, such as, temporarily monitored? a) 380 Revenues for Future Months Hs. B) 181 Income Accruals Hs. NS) 642 Interest Income Hs. D) 649 Other Ordinary Income and Profits Hs. TO) 647 Rediscount Interest Income Hs
QUESTION 39 Sally's Shed had account balances in Accounts Receivable of $415,000 and in Allowance for Uncollectible Accounts of $800 (debit) before any adjustments on December 31. An analysis on December 31 determined that the allowance for uncollectible accounts should be 4% of accounts receivable. The amount of the end of period adjustment would be: A. $15,190 OB. $15,800 OC. $16,600 D. $17,400
None
R S4 OH2 Required Information Nevertheless The FASB requires that income statement recognition of gains and losses from cither source be delayed Politically acceptable approach 0:00 /6:56 720p 1x CC Knowledge Check 01 Calder Company has a defined benefit pension plan. Pension-related data for the current calendar year are shown below: 12 years Average remaining service period of active employees Net gain, January 1 PBO, January 1 Plan assets, January 1 009 1,930,000 What is the amount of the amortization of the net loss or gain that should be included as a component of pension expense for the current year? Amortization of net gain Next > %24 F6 F4 F5 F3 F2 %23 8. 9 L 1. H.
QS 17-4 (Algo) Horizontal analysis LO P1 Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases should be indicated with a minus sign. Round percent change to one decimal place.) Short-term investments Accounts receivable Notes payable Percent Change: = Short-term investments Accounts receivable Notes payable $ Current Year Prior Year $ 377,232 99,828 0 $ 236,026 103,326 90,624 Horizontal Analysis - Calculation of Percent Change Numerator: Current Year 377,232 $ 99,828 0 Prior Year 236,026 103,326 90,624 Denominator: Dollar Change Percent Change % % %
1 )
Leave no cells plank - De certain to enter "U" wherever requirea.) Year Beginning Balance Total Payment Interest Payment Principal Payment 1 $ 72,000.00 $ 18,032.86 $ 5,760.00 $ 12,272.86 $ 2 59,727.14 18,032.86 4,778.17 13,254.69 3 46,472.44 18,032.86 3,717.80 14,315.07 4 32,157.37 18,032.86 2,572.59 15,460.27 5 16,697.10 18,032.86 1,335.77 16,697.10 A b. Interest paid in third year c. Interest paid over the life of loan ✔ Ending Bala 59,7 46,4; 32,15 16,69 b. How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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Age Class	Percent Uncollectible
Not past due	1	%
1-30 days past due	2
31-60 days past due	12
61-90 days past due	32
91-120 days past due	38
Over 120 days past due	82