XYZ Company provided the following accounts on December 31, 2018 Cash on hand Angel, capital Allowance for doubtful accounts Supplies Utilities payable Equipment Accumulated depreciation equipment Accounts payable Furniture and fixtures Salaries payable Bank payable Accumulated depreciation - Furniture and fixtures Interest payable Prepaid rent Accounts receivable 226,000.00 440,250.00 13,750.00 2,500.00 7,500.00 400,000.00 18,000.00 155,000.00 15,000.00 1,500.00 100,000.00 1,500.00 3,000.00 42,000.00 55,000.00 Required: Prepare the statement of financial position of XYZ company as of December 31, 2018 with sup

XYZ Company provided the following accounts on December 31, 2018 Cash on hand Angel, capital Allowance for doubtful accounts Supplies Utilities payable Equipment Accumulated depreciation equipment Accounts payable Furniture and fixtures Salaries payable Bank payable Accumulated depreciation - Furniture and fixtures Interest payable Prepaid rent Accounts receivable 226,000.00 440,250.00 13,750.00 2,500.00 7,500.00 400,000.00 18,000.00 155,000.00 15,000.00 1,500.00 100,000.00 1,500.00 3,000.00 42,000.00 55,000.00 Required: Prepare the statement of financial position of XYZ company as of December 31, 2018 with sup

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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Purple Co showed the following balances as of Dec 31, 2021 · Account receivable P2,000,000 · All for doubtful accounts (60,000) The ff transactions transpired during the year a. On May 1, received a P300,000 six months 12 int note from MN in settlement of the account b. On June 30 factored P400,000 of its accounts receivable in a finance com. The finance co charged a factoring fee of 5 pct of the accounts and withheld 20 pct of the amount factored c. On Aug 1 Purple discounted the MN note at the bank at 15 pct d. On Nov 1 MN defaulted on the P300,000 note and Purple paid the bank the total amount plus a P12,000 protest fee and charges e. On Dec 31, Purple assigned P600k of its account sreceivable to a bank under a non notification basis. The bank advanced 80 pct less service fee of 5 pct of the accounts assigned. Purple signed a promissory note for the loan f. On dec 31 Purple collected fromMN in full incuding interest on otal amount de at 12 pct since default date g. On Dec 31…
The following is the summary of transactions of AA Company in 2021 and 2022: 2022 2021 Credit sales P6,000,000 P5,620,000 Collections of outstanding receivables 5,830,000 4,800,000 Accounts written off 60,000 20,000 Recovery of accounts previously written off 15,000 none Days past invoice date at December 31 2022 2021 0-30 600,000 500,000 31 90 150,000 180,000 91 180 110,000 Over 180 30,000 The company's policy to provide allowance on its account receivable at year end as follows: 0-30 days - 2%; 31-90 days - 5%; 91-180 days - 10%; and over 180 days - 20%. Statement 1; The balance of allowance for uncollectible account as of December 31, 2021 is P34,000. Statement 2:The balance of allowance for uncollectible accounts as of December 31, 2022 is P39,500.
At the beginning of 2018 Evan Company had a $1,958 balance in its accounts receivable account and a $448 balance in allowance for doubtful accounts. During 2018, Evan experienced the following events. (1) Earned $4,577 of revenue on account. (2) Collected $1,505 cash from accounts receivable. (3) Wrote-off $339 of accounts receivable as uncollectible. Evan estimates uncollectible accounts to be 3% of sales. Based on this information, the December 31, 2018 adjusted balance in the allowance for doubtful accounts is
On Dec. 31, 2021, Boss Company had a credit balance of $50,000 in its records pertaining to allowance for uncollectible accounts. Analysis of its accounts receivable on the same date revealed the following: Age Amount ％ collectible 0-30 days $5,000,000 95 31-60 days 600,000 85 61-90 days 450,000 70 Over 90 days 100,000 50 Total $6,150,000 The company has written off $20, 000 of accounts receivable during 2021. How much is the allowance for uncollectible accounts to be reported on Dec. 31, 2021?
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Accounts Receivable Free Company gathered the following information from its accounting records for the year ended December 31, 2019: • Net Credit Sales for the year - P680,000 • Accounts Receivable at December 31 - 92,000 • Allowance for doubtful accounts at December 31 - 1,850
Charlston Inc. has accounts receivable of $110,000 in an allowance for doubtful accounts of $17,000. If it writes off a customer account balance of $1700 what is the amount of its net accounts receivable? A) 93,000 B) 108,300 C) 91,300 D) 110,000
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The annual report for Fabeck Finishing Corporation contained the following information: (in millions) Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net 2021 $673 32 $641 Assume that accounts receivable write-offs amounted to $13 during 2021 and $3 during 2020, and that Fabeck Finishing did not record any recoveries. Bad Debt Expense 2020 $735 31 $704 Required: Determine the Bad Debt Expense for 2021 based on the above facts. (Enter your answer in millions.) million
:Company provided the following information related to its accounts receivable. Last year 12/31 Estimated that P7,000 of accounts receivable would become uncollectible. Current year 1/05 Wrote-off the P 5,000 balance owed by J Company and the 2,000 balance owed by F Company. 3/18 Reinstate the account of J Company that had been written off since they signify and confirmed the payment. 3/21 Receipt of payment in full. Required: Journalize the transactions
eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.