Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter C, Problem 43BP
1.
To determine
Prepare single step income statement of DRC for the year ended December 31, 2018 (using single-step format).
2.
To determine
Prepare the
3.
To determine
Prepare statement of cash flows under direct method.
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Students have asked these similar questions
During May 2020, Kaili Company recorded the following:
a. Sales totaled $60,300 of which sales on account totaled $53,600 with cash sales totaling
$6,700. Ignore Cost of Goods Sold.
b. Collections on account totaled, $34,700.
c. Write-offs of uncollectible receivables, $1,760.
d. Recovery of receivable previously written of totaled, $470.
Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the
direct write-off method.
Date
TO
C
Description
Debit
Credit
I
Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the
allowance method.
The following transactions (in summary) affecting the accounts receivable of Seraphine
company occurred during the year ended December 31, 2021:
Accounts Receivable balance, January 1
674,000
Allowance for bad debt balance, January 1 (credit balance)
24,000
Sales (all on account, terms: 2/10, 1/15, n/60)
3,000,000
Cash received includes the following:
3,200,000
The cash received includes the following:
Customers paying within the 10-day discount period
1,764,000
Customers paying within the 15-day discount period
990,000
Recovery of accounts written-off
6,000
Customers paying beyond the discount period
?
Accounts Receivable written-off as worthless
22,000
Credit memo for sales return
12,000
It is the company's policy to provide for uncollectible accounts equal to 1% of sales. How much
is the carrying amount of the accounts receivable as of December 31, 2021?
The Phillips Company gathered the following information pertaining to its year ended December 31, 2020 prior to any adjustments:
Net Sales for the Year $780,000
Accounts Receivable, 12/31 165,000
Allowance for Uncollectible Accounts, 12/31 2,200 Debit
Assume that Phillips uses the percentage of outstanding accounts receivable method for uncollectible amounts. An aging of accounts receivable indicates that $9,550 will be uncollectible. Phillips will report the following amounts in its 2020 financial statements:
Select one:
a. Bad debts expense $11,750; Net accounts receivable $155,450
b. Bad debts expense $9,550; Net accounts receivable $155,450
c. Bad debts expense $9,550; Net accounts receivable $157,650
d. Bad debts expense $1,750; Net accounts receivable $157,650
e. Bad debts expense $7,350; Net accounts receivable $157,650
Chapter C Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. C - Identify each item as operating (O), investing...Ch. C - Identify each item as operating (O), investing...Ch. C - Identify each item as operating (O), investing...Ch. C - Identify each item as operating (O), investing...Ch. C - Identify each item as operating (O), investing...Ch. C - Prob. 6TICh. C - Prob. 7TICh. C - Prob. 8TICh. C - Muench Inc.s accountant has partially completed...Ch. C - Prob. 1QC
Ch. C - Prob. 2QCCh. C - Prob. 3QCCh. C - Prob. 4QCCh. C - Prob. 5QCCh. C - Prob. 6QCCh. C - Prob. 7QCCh. C - Prob. 8QCCh. C - Prob. 9QCCh. C - Prob. 10QCCh. C - Prob. 1RQCh. C - Prob. 2RQCh. C - Prob. 3RQCh. C - Prob. 4RQCh. C - Prob. 5RQCh. C - Prob. 6RQCh. C - Prob. 7RQCh. C - If a company experienced a loss on disposal of...Ch. C - Prob. 9RQCh. C - Prob. 10RQCh. C - Prob. 11RQCh. C - Prob. 12RQCh. C - Prob. 13RQCh. C - Prob. 14RQCh. C - How does the direct method differ from the...Ch. C - Prob. 16RQCh. C - Prob. 1SECh. C - Prob. 2SECh. C - Prob. 3SECh. C - DVR Equipment, Inc. reported the following data...Ch. C - Prob. 5SECh. C - Prob. 6SECh. C - Prob. 7SECh. C - Prob. 8SECh. C - Prob. 9SECh. C - Julie Lopez Company expects the following for...Ch. C - Prob. 11SECh. C - Prob. 12SECh. C - Prob. 13SECh. C - Prob. 14SECh. C - Prob. 15SECh. C - Prob. 16ECh. C - Prob. 17ECh. C - Prob. 18ECh. C - Prob. 19ECh. C - Prob. 20ECh. C - The income statement of Boost Plus, Inc. follows:...Ch. C - Prob. 22ECh. C - Rouse Exercise Equipment, Inc. reported the...Ch. C - Use the Rouse Exercise Equipment data in Exercise...Ch. C - Prob. 25ECh. C - Prob. 26ECh. C - Prob. 27ECh. C - Prob. 28ECh. C - Prob. 29ECh. C - Prob. 30ECh. C - Prob. 31ECh. C - American Rare Coins (ARC) was formed on January 1,...Ch. C - Prob. 33APCh. C - Prob. 34APCh. C - Prob. 35APCh. C - Boundary Rare Coins (BRC) was formed on January 1,...Ch. C - Use the Rolling Hills, Inc. data from Problem...Ch. C - Prob. 38APCh. C - Classic Rare Coins (CRC) was formed on January 1,...Ch. C - Accountants for Benson, Inc. have assembled the...Ch. C - Prob. 41BPCh. C - Prob. 42BPCh. C - Prob. 43BPCh. C - Use the Sweet Valley data from Problem P14-41B....Ch. C - Prob. 45BPCh. C - Prob. 47PCh. C - Before you begin this assignment, review the Tying...Ch. C - Prob. 1DCCh. C - Prob. 1EICh. C - Details about a companys cash flows appear in a...
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