Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 3, Problem 3.74CEP
To determine
To Calculate: Corporation S’s net
To determine
To Calculate: Corporation S’s net working capital and current ratio at January 31, 2019.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
From the details given below, find out the credit sales and total sales.Opening debtors ....................45,000Closing debtors...................... 56,000Discount allowed................... 2,500Sales returns........................... 8,500Irrecoverable amount............ 4,000Bills receivables received..... 12,000Bills receivable dishonoured..... 3,000Cheque dishonoured............ 7,700Cash sales......................... 80,000Cash received from debtors....................... .2,30,000Cheque received from debtors........................ 25,000
Mosaic’s Company balance sheet at December 31, 2018, reported thefollowing:Accounts receivable...........................................$2,500,000Allowance for uncollectible accounts...................$66,600The following are the transactions to be taken into consideration for 2019:a. Total credit sales for 2019 were $3,600,000.b. 2% of sales were estimated to be uncollectible.c. The company received cash payments on account during 2019 for $1,000,000d. Accounts receivable identified to be uncollectible totaled $94,000.e. December 31, 2019, aging of receivables indicates that $75,000 of the receivablesis uncollectible.Requirements:1. Prepare a Balance Sheet extract clearly showing the net realizable value of thereceivables as at December 31, 2018?2. Prepare the journal entries for the company’s 2019 transactions.3. Prepare the Accounts receivable and the Allowance for uncollectible Accounts T-accounts based on the information presented above. (Note: The opening balancesand the…
Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,0008. Uncollectible accounts are determined by the percent-of-sales method to be 3% of creditsales. How much is uncollectible-account expense for 2018?a. $1,010b. $900c. $320d. $1,170
Chapter 3 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 3 - If Oxbow Corporation dees not record a sale mace...Ch. 3 - Which of the following transactions would be...Ch. 3 - A physician performs medical services for a...Ch. 3 - The Animal Adventure zoo gift shop sells stuffed...Ch. 3 - According to U S GAAP, when should revenue be...Ch. 3 - Prob. 6QCCh. 3 - Prob. 7QCCh. 3 - Prob. 8QCCh. 3 - What data flows from the statement of retained...Ch. 3 - Which financial statement reports assets,...
Ch. 3 - A companys balance of retained earnings on January...Ch. 3 - Prob. 12QCCh. 3 - All of the following accounts are temporary...Ch. 3 - Prob. 14QCCh. 3 - Prob. 15QCCh. 3 - Prob. 16QCCh. 3 - Prob. 3.1ECCh. 3 - LO 1 (Learning Objective 1: Explain how accrual...Ch. 3 - LO 1 (Learning Objective 1: Explain how accrual...Ch. 3 - Prob. 3.3SCh. 3 - (Learning Objective 2: Apply the revenue and...Ch. 3 - (Learning Objective 2: Apply the revenue and...Ch. 3 - Prob. 3.6SCh. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts...Ch. 3 - Prob. 3.11SCh. 3 - Prob. 3.12SCh. 3 - Prob. 3.13SCh. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - Prob. 3.16SCh. 3 - LO 5 (Learning Objective 5: Make closing entries...Ch. 3 - Group A LO 1, 2 (Learning Objectives 1. 2: Explain...Ch. 3 - LO 1, 3 (Learning Objectives 1, 3: Explain how...Ch. 3 - Prob. 3.20AECh. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.22AECh. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - LO 3, 4 (Learning Objectives 3, 4: Adjust the...Ch. 3 - (Learning Objective 5: Close the books) Prepare...Ch. 3 - LO 3, 5 (Learning Objectives 3. 5: Adjust the...Ch. 3 - Prob. 3.27AECh. 3 - LO 6 (Learning Objective 6: Analyze and evaluate...Ch. 3 - LO 1, 2 (Learning Objectives 1, 2: Explain how...Ch. 3 - LO 1, 3 (Learning Objectives 1. 3: Explain how...Ch. 3 - LO 2, 3 (Learning Objectives 2, 3: Apply the...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - LO 3, 4 (Learning Objectives 3. 4: Adjust the...Ch. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - LO 3,4 (Learning Objectives 3,4: Adjust the...Ch. 3 - LO 5 (Learning Objective 5: Close the books)...Ch. 3 - LO 3, 5 (Learning Objective 3, 5: Adjust the...Ch. 3 - LO 3, 5 (Learning Objective 3, 5: Adjust the...Ch. 3 - LO 6 (Learning Objective 6: Analyze and evaluate...Ch. 3 - Prob. 3.40SECh. 3 - Questions 41-43 are based on the following facts:...Ch. 3 - Prob. 3.42QCh. 3 - Prob. 3.43QCh. 3 - Using the accrual basis, in which month should...Ch. 3 - On January 1 of the current year. Oliver Company...Ch. 3 - Assume the same facts as in question 3-45....Ch. 3 - What effect does the adjusting entry in question...Ch. 3 - Prob. 3.48QCh. 3 - Prob. 3.49QCh. 3 - The Unearned Revenue account of Melrose...Ch. 3 - What is the effect on the financial statements of...Ch. 3 - For 2018. Broadview company had revenues in excess...Ch. 3 - Which of the following accounts would not be...Ch. 3 - Prob. 3.54QCh. 3 - Prob. 3.55QCh. 3 - Unadjusted net income equals 5,500. Calculate what...Ch. 3 - Salary Payable at the beginning of the month...Ch. 3 - Group A LO 1 (Learning Objective 1: Explain how...Ch. 3 - (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.60APCh. 3 - (Learning Objective 3: Adjust the accounts)...Ch. 3 - LO 4. 6 (Learning Objectives 4, 6: Construct the...Ch. 3 - LO 5 (Learning Objective 5: Close the books, and...Ch. 3 - LO 5 P3-63A (Learning Objective 5: Close the...Ch. 3 - Prob. 3.65APCh. 3 - LO 1 (Learning Objective 1: Explain how Accrual...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.68BPCh. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.70BPCh. 3 - Prob. 3.71BPCh. 3 - LO 5 (Learning Objective 5: Close the books,...Ch. 3 - Prob. 3.73BPCh. 3 - Prob. 3.74CEPCh. 3 - Prob. 3.75CEPCh. 3 - Prob. 3.76CEPCh. 3 - Prob. 3.77SCCh. 3 - LO 3, 6 (Learning Objectives 3, 6: Adjust the...Ch. 3 - Prob. 3.79DCCh. 3 - Prob. 3.80DCCh. 3 - Prob. 3.81EICCh. 3 - Prob. 3.82EICCh. 3 - Prob. 1FFCh. 3 - Prob. 1FACh. 3 - Group Project After completing his electrical...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,000If uncollectible accounts are determined by the aging-of-receivables method to be $1,260,the uncollectible-account expense for 2018 would bea. $2,160.b. $1,260.c. $360.d. $900.arrow_forwardJackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,000Refer to Question 10. Using the aging-of-receivables method, the balance of the Allowanceaccount after the adjusting entry at year-end 2018 would bea. $1,260.b. $2,160.c. $360.d. $9,260arrow_forwardBalance Sheet Assets Liabilities Current Assets Current Liabilities Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Accounts payable. . . . . . . . . . . . . . . . . . . 36 Accounts receivable. . . . . . . . . . . . . . . . . . 25 Notes payable/short term debt. . . . . . . . . . 5 Inventories. . . . . . . . . . . . . . . . . . . . . . . . . 15 Total current liabilities. . . . . . . . . . . . . . . . 41 Total current assets. . . . . . . . . . . . . . . . . . . 93 Long-Term Assets Long-Term Liabilities Net property, plant, and equipment. . . . . . . . 117 Long-term debt. . . . . . . . . . . . . . . . . . . . . 138 Total long-term assets. . . . . . . . . . . . . . . . . 117 Total long-term liabilities. . . . . . . . . . . . . . 138 Total liabilities. . . . . . . . . . . . . . . . . . . . 179…arrow_forward
- The following changes took place during the year in Pavolik Company’s balance sheet accounts:Cash ................................... $5 D Accounts payable ............ $35 IAccounts receivable ........... $110 I Accrued liabilities ............ $4 DInventory ............................ $70 D Bonds payable ................ $150 IPrepaid expenses .............. $9 I Deferred income taxes .... $8 ILong-term investments ...... $6 D Common stock ................ $80 DPlant and equipment .......... $200 I Retained earnings ........... $54 IAccumulated depreciation .. $(60) ILand ................................... $15 DD Decrease; I Increase.Long-term investments that had cost the company $6 were sold during the year for $16, and land thathad cost $15 was sold for $9. In addition, the company declared and paid $30 in cash dividends during theyear. No sales or retirements of plant and equipment took place during the year.The company’s income statement for the year follows:Sales…arrow_forwardBoscia Corporation's balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents......................... $ 44 $ 38 Accounts receivable .................................. 82 69 Inventory ................................................... 71 69 Plant and equipment .................................. 537 500 Accumulated depreciation......................... ( 240) ( 201) Total assets................................................ $494 $475 Liabilities and stockholders’ equity: Accounts payable ...................................... $ 70 $ 60 Wages payable........................................... 24 21 Taxes payable ............................................ 19 22 Bonds payable ........................................... 226 300 Deferred taxes............................................ 19 18 Common stock........................................... 22 20 Retained earnings...................................... 114 34 Total…arrow_forwardClassified Balance Sheet—Including NotesAdjusted account balances and supplemental information for Brockbank Research Corp. as of December 31, 2013, are as follows: Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,160 Accounts Receivable—Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,731 Accumulated Depreciation—Leasehold Improvements and Equipment. . . . . 579,472 Additional Paid-In Capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .265,000 Allowance for Bad Debts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,731 Automotive Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,800 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25,600 Cash Fund for Bond Retirement. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . .3,600 Common Stock. . . . .…arrow_forward
- Mosaic’s Company balance sheet at December 31, 2019, reported the following: Accounts receivable...........................................$2,500,000 Allowance for uncollectible accounts...................$66,600 The following are the transactions to be taken into consideration for 2019:a. Total credit sales for 2019 were $3,600,000.b. 2% of sales were estimated to be uncollectible. c. The company received cash payments on account during 2019 for $1,000,000d. Accounts receivable identified to be uncollectible totaled $94,000. e. December 31, 2019, aging of receivables indicates that $75,000 of the receivables is uncollectible. Requirements: 1. What was the net realizable value of the receivables as at December 31, 2019? 2. Prepare the journal entries for the company’s 2019 transactions. 3. Prepare the Accounts receivable and the Allowance for uncollectible Accounts Taccounts based on the information presented above. (Note: The opening balances and the transactions from the journal…arrow_forwardFind out the amount of bills matured during the year on the basis ofinformation given below ;Bills payable dishonoured........................ 37,000Closing balance of Bills payable................ 85,000Opening balance of Bills payable................. 70,000Bills payable accepted....... 90,000Cheque dishonoured........ 23,000arrow_forwardThe following information is taken Aiello Corporation's fiscal 2016 annual report. Selected Balance Sheet Data 2016 2015 Inventories........................ $221,418 $226,893 Accounts Receivable........... $121,333 $122,087 Assume that Aiello Corporation had $1,003,881 sales on credit during fiscal year 2016. What amount did the company collect from credit customers during the year? a. $1,003,881 b. $1,004,635 c. $1,003,127 d. $1,247,301arrow_forward
- 2.The following information is from Dejlah, Inc.s, financial statements. Sales (all credit) were AED 800 million for 2020. Sales to total assets... 2 times Total debt to total asset: 30% Current ratio ... 3.0 times Inventory turnover 5.0 times Average collection period 18 days Fixed asset turnover-.... 5.0 times Fill in the balance sheet: Cash..... Current debt Accounts receivable .. Long-term del Inventory ... Total debt . Total current assets Equity...... Fixed assets..... Total assets Total debt and equityarrow_forward32. Refer to Bellingham Incorporated's December 31, 2019 Balanoe Sheet shown below. Bellingham Incorporated Balance Sheet as of December a1, 2019 Assets Current Assets Cash Llabilities Current Uabitles S130,000 80,000 Accounts Payable Notes Payable S0,000 110,000 $200,000 Inventory Accounts Recelvables 40,000 Total Current Liabilitles Total Current Assets $250,000 Non-current Llabilities Debt 150,000 Owner's Equity Non-current Assets Plant and Equipment (Net) Patents (Net) 350,000 50,000 220,000 80,000 Common Stock Retained Earnings Total Assets $650.000 Total Liahilities and Owner's Equity 5650,000 Bellingham began 2019 with $240,000 in owner's equity. During the year they issued $30,000 in new common stock and paid $10,000 in dividends. If their net income for 2019 was $40,000, what was their retained earnings balance on December 31, 20187 O $30,000 $50,000 O S60,000 O $70,000arrow_forwardOn my last try please help finding out current ratio , accounts receivable turnover, average collection turnover, days in inventory, free cash flowarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
Financial ratio analysis; Author: The Finance Storyteller;https://www.youtube.com/watch?v=MTq7HuvoGck;License: Standard Youtube License