CONNECT CODE F/FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260685978
Author: PHILLIPS
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Textbook Question
Chapter 2, Problem 12ME
Reporting a Classified
Given the transactions in M2-9 (including the sample), prepare a classified balance sheet for Spot- lighter, Inc., as of January 31.
M1-9 Determining Financial Statement Effects of Several Transactions
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the
- a. (Sample) Borrowed $3,940 from a local bank on a note due in six months.
- b. Received $4,630 cash from investors and issued common stock to them.
- c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year.
- d. Paid $300 cash for supplies.
- e. Bought and received $700 of supplies on account.
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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
IN GOOD ACCOUNTING FORM
1. In connection with the audit of NMD Inc. financial statements, the following data was gathered in connection to its accounts receivable for the year ended December 31, 2019.
Accounts Receivable, Jan. 1, 2019
720,000
Allowance for Doubtful Accounts, Jan. 1, 2019
28,800
Sales during the year, all on account, terms 2/10, 1/15, n/60
3,600,000
Cash received from customers
3,840,000
Accounts written off
33,600
An analysis of the cash received from customers during the year revealed that P2,116,800 was received from customers availing the 10-day discount period, P1,188,000 from customers availing the 15-day discount period, P6,840 represented recovery of accounts written off, and the balance was received from customers paying beyond the discount period.
NMD's year-end balance of allowance for doubful accounts was estimated to be 5% of the outstanding accounts receivable as of December 2019.
How much is the accounts receivable as of December 31, 2019?
a.460,800…
Chapter 2 Solutions
CONNECT CODE F/FINANCIAL ACCOUNTING
Ch. 2 - Define the following: a. Asset b. Current asset c....Ch. 2 - Define a transaction anti give an example of each...Ch. 2 - For accounting purposes, what is an account?...Ch. 2 - What is the basic accounting equation?Ch. 2 - Prob. 5QCh. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - What is a journal entry? What is the typical...Ch. 2 - What is a T-account? What is its purpose?Ch. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Which of the following is not an asset account? a....Ch. 2 - Which of the following statements describe...Ch. 2 - Total assets on a balance sheet prepared on any...Ch. 2 - The duality of effects can best be described as...Ch. 2 - The T-account is used to summarize which of the...Ch. 2 - Prob. 6MCCh. 2 - A company was recently formed with 50,000 cash...Ch. 2 - Which of the following statements would be...Ch. 2 - Prob. 9MCCh. 2 - Prob. 10MCCh. 2 - Prob. 1MECh. 2 - Prob. 2MECh. 2 - Matching Terms with Definitions Match each term...Ch. 2 - Prob. 4MECh. 2 - Prob. 5MECh. 2 - Prob. 6MECh. 2 - Prob. 7MECh. 2 - Identifying Events as Accounting Transactions Half...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Preparing Journal Entries For each of the...Ch. 2 - Posting to T-Accounts For each of the transactions...Ch. 2 - Reporting a Classified Balance Sheet Given the...Ch. 2 - Prob. 13MECh. 2 - Prob. 14MECh. 2 - Identifying Transactions and Preparing Journal...Ch. 2 - Prob. 16MECh. 2 - Prob. 17MECh. 2 - Prob. 18MECh. 2 - Prob. 19MECh. 2 - Prob. 20MECh. 2 - Prob. 21MECh. 2 - Prob. 22MECh. 2 - Prob. 23MECh. 2 - Prob. 24MECh. 2 - Prob. 25MECh. 2 - Prob. 1ECh. 2 - Identifying Account Titles The following are...Ch. 2 - Classifying Accounts and Their Usual Balances As...Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Recording Journal Entries Refer to E2-4. Required:...Ch. 2 - Prob. 6ECh. 2 - Recording Journal Entries Refer to E2-6. Required:...Ch. 2 - Analyzing the Effects of Transactions in...Ch. 2 - Inferring Investing and Financing Transactions and...Ch. 2 - Analyzing Accounting Equation Effects, Recording...Ch. 2 - Recording Journal Entries and Preparing a...Ch. 2 - Analyzing the Effects of Transactions Using...Ch. 2 - Explaining the Effects of Transactions on Balance...Ch. 2 - Calculating and Evaluating the Current Ratio...Ch. 2 - Prob. 15ECh. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Prob. 1PACh. 2 - Recording Transactions (in a Journal and...Ch. 2 - Recording Transactions (in a Journal and...Ch. 2 - Determining Financial Statement Effects of Various...Ch. 2 - Prob. 2PBCh. 2 - Recording Transactions (in a Journal and...Ch. 2 - Finding and Analyzing Financial Information Refer...Ch. 2 - Finding and Analyzing Financial Information Refer...Ch. 2 - Prob. 4SDCCh. 2 - Prob. 5SDCCh. 2 - Accounting for the Establishment of a Business...
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