nbulk Ltd. Lilydale Ltd Monbulk $2 950 300 17 100 ales (net credit) revenue for year llowance for Doubtful Debts, 1/7/18 llowance for Doubtful Debts, 30/6/19 ccounts receivable (gross) 1/7/18 ccounts receivable (gross) 30/6/19 $2 204 30 27 10 19780 28 10 722 650 368 00 485 800 384 20
Q: 5. The adjusting entry to record bad debts: a. may either debit or credit bad debts expense b. may…
A: Bad debts are the debts which cannot be recovered and hence need to be written off. These are the…
Q: The current sections of Larkspur, Inc.'s balance sheets at December 31, 2021 and 2022, are presented…
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…
Q: From the following information, calculate - 1. Trade receivables turnover ratio 2. Average…
A: Trade receivable turnover ratio: This ratio tells how efficiently an entity is managing its trade…
Q: Bravo company lended cash to Charlie company on February 1. It will be paid after a year. The…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Adjusting entries are: a. prepared on December 31, except for companies that use the calendar period…
A: Entries in the books of accounts can be of three types; Journal entries - recorded at the start of…
Q: Exercise 3 – 9. Net Income distribution and computation of partner's capital balance On July 1,…
A: The question is related to Partnership Accounting. First we will prepare Profit and Loss…
Q: Jewel Ltd manufactures four products, A, B, C and D, and has produced the following budgeted figures…
A: For determination of ranking as per key factor we need to calculate first contribution per unit.…
Q: If you invest £150 at 4% for 11 years how much money would you have at the end of the investment…
A: Future Value of ordinary annuity=Annuity×1+ratetime-1rate Present Value Annuity…
Q: A bond has an annual coupon of 67%, which makes semiannual payments. The next payment is 2 months…
A: Bonds clean price is the quoted price of the bond and it does not include accrued interest between…
Q: risk over the cash disbursement function, the auditor notes a delay in recording disbursements. This…
A: when talking about control risk it is the risk that a material misstatement could occur this may be…
Q: 2 of 3 Excitingpart's Closet Statement of Financial Position As of Nov. 30, 2015 Dec. 31, 2014…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: I need help with question 34 -38 if you can
A: Disclaimer : “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: 10. YOU Company has 40,000 shares of common stock outstanding that it originally issued for P30 per…
A: The dividend yield can be calculated by dividing the dividend per share by the market price per…
Q: Futura Company purchases the 50,000 starters that it installs in its standard line of farm tractors…
A: Financial advantage (disadvantage) of making the starters = (Purchase price per unit - Relevant…
Q: Krist Company provided the following data for the month of January: Balance per book, January 31…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Exercise 3 - 4. Journalizing Closing Entries The following is the list of income and expense…
A: The question is related to Partnership Accounting. Income Statement is a financial report of Revenue…
Q: On June 30, 2020, Happy Corporation reported the following information: Equipment at cost…
A: The revaluation surplus represents the increase in the value of the capital asset. The revaluation…
Q: Every summer Marianna offers a special convertible roof on the Sport Coupe model. The demand for the…
A: The Correct Answer is Option "A" i.e. 60%
Q: Explain and describe the various costing methods used in management accounting
A: Various costing approaches are used in management accounting to help a company become more organized…
Q: On January 1, 2021, Familia purchased 1,600 ordinary shares of another entity for P2,000,000. At…
A: If investments in shares are designated as FVOCI (Fair value through other comprehensive income),…
Q: Jaybo Company purchased the following portfolio of equity instrument designated as fair value…
A: Unrealised gains or losses are those gains or losses, which are not realised yet. These are only…
Q: On January 1, 2022, Edward Corporation (lessor) enters into a ten-year lease of equipment to Kirk…
A: In lease accounting, interest income that is to be recognized by lessor in its financial statement =…
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a…
A: Only the variable costs is relevant to the decision as it varies with production .Fixed cost on the…
Q: ACTIVITY 2014 2015 Horizontal Vertical Analysis Analysis Revenue 1,939,500 1,674,675 1- 7. Cost of…
A: Horizontal analysis is that financial statement analysis under which increase or decrease from…
Q: 16. During Year One, Hancock Corporation buys 2,000 shares of Waltz Inc. for P34 per share. Hancock…
A: Investment shall be valued at cost or market price whichever is lower.
Q: Does the selling and administrative expense budget affect other company documents?
A: Selling and Administrative expenses Budget It is important for the business entity to prepare the…
Q: IS a cafe specializ specializing making Spanish cof During their very first week they incurred the…
A: Explanation of Concept Cost is the expenses which have been incurred for production, marketing and…
Q: The following details were obtained from the accounting records of Civil Construction Consultants at…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: n October 1, 2021, A Corp. purchased goods from US based corporation worth 60,500 US dollars.…
A: Solution Concept in respect of the monetary assets and liabilities , there shall be initial and…
Q: Explain the term VAT and what is the VAT rate charged in Oman?
A: Full form of VAT is value added tax
Q: On January 1, 2020, PQR Company purchased 40,000 shares of Frank, Inc. at P100 per share. The…
A: Initial measurement of investment: Initially, the value of an investment property is determined by…
Q: The public accountant submitted to the tax office his revenue of his office for the year 2021…
A:
Q: The following is a summary of information presented on the financial statements of a company on 31…
A: Current liabilities are a company short term financial obligation that are due within one year.
Q: PAYLESS Corporation filed a petition of bankruptcy on January 2011. On March 15, 2011 the trustee…
A: 4. Particulars Amount (P) Cash 200000 Inventory 750000 Plant (280000 - 2200000 of…
Q: ginning of curr with the follow lative preferenc a value P12, aut areş, P1,000,000
A: To find the amount of ordinary share and preference share as,
Q: 2 of 3 Excitingpart's Closet Statement of Financial Position As of Nov. 30, 2015 Dec. 31, 2014…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…
Q: The Marine Division of Pacific Corp. has average invested assets of $110,000,000. Sales revenue of…
A: Residual income = Operating income - (Average invested assets x Hurdle rate)
Q: ialize transactions and adjusting P16.3 (LO 2, 3) On December 31, 2019, Ogallala Associates owned…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: This position determines eligibility for housing assistance and prepares rent calculations. If Ms.…
A: Income received each week=Annual IncomeNo. of weeks in a year
Q: C4 Company owns 8% of Isolate Inc., P100 par, 140,000 outstanding ordinary shares which was acquired…
A: Equity investment which are designated as fair value through profit or loss are recorded initially…
Q: On January 1, 2019, Villanueva Company classified noncurrent assets as held for sale that had a…
A: Introduction: Non-current assets are those that are not expected to be used within a year. If a…
Q: Several controls currently used at the Ayuyao Inn are listed below: Preventive/ Accounting/…
A: Preventive control is a type of internal control which prevents the occurrence of error or fraud in…
Q: Rianna is 60 years old. She purchased a deferred annuity for $40,000. The annuity will begin paying…
A: The correct answer for the above question is given in the following steps for your reference.
Q: Johanna resides in Saskatchewan and has taxable income of $85,000 for the current year. Determine…
A: Saskatchewan is a prairie and boreal province in Western Canada.` We are assuming tax period…
Q: 16. The annual premium on an insurance policy is $1, 200. First, find the premium per period if…
A: Insurance means the contract in which one party bears the risk of the other party. In this two-party…
Q: Data related to a bond issued by Roxon enterprises is given below: Interest expense on bond Increase…
A: Where bonds are issued at a price lower than it's par value, it is called a discount bond. These…
Q: PROBLEMS Problem 23-1 (IAA) Simple Company reported the following information in relation to land:…
A: An unrealized holding gain is an increase in the value of an asset that a business or individual…
Q: Linda’s Chocolate Factory decided to expand its business and bought a new machine on 1 January 2021…
A: Depreciation Expenses There are different method which are used to calculate the depreciation cost…
Q: What is the initial cost of the machine on July 31, 2022?
A: A new machine was acquired on July 31, 2022 by Harian Company. Now the cost of a Property, Plant…
Q: CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Step by step
Solved in 3 steps
- Required: Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method:Determine the amount to be charged to the uncollectible expense account.Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31 Journal Entries Date Particulars Debit($) Credit($) 10.1.20 Accounts Receivable 11000 To sales 11000 15.5.20 Allowance for uncollectible accounts(2500+400) 2900 To accounts receivable 2900 4.8.20 Cash(70% of 11000) 7700 Allowance for uncollectible accounts(30% of $11000) 3300 To Accounts Receivable 1100 26.10.20 Accounts Receivable(30% of $400) 120 To allowance for uncollectible accounts 120 26.10.20 Cash 120 To accounts receivable 120…The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1Accounts receivable, end of year $ 725,000 $ 650,000 $600,000Sales on account 5,637,500 4,687,500a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days’ sales in receivables. Round to the nearest dollar and one decimal place.b. What conclusions can be drawn from these data concerning accounts receivable and credit policies?ook int ences During 2020, Jesse Jericho Enterprises Corporation recorded credit sales of $786,000. At the beginning of the year, Accounts Receivable, Net of Allowance was $93,500. At the end of the year, after the Bad Debt Expense adjustment was recorded but before any bad debts had been written off, Accounts Receivable, Net of Allowance was $70,000. Required: 1. Assume that on December 31, 2020, accounts receivable totalling $10,000 for the year were determined to be uncollectible and written off. What was the receivables turnover ratio for 2020? (Round your answer to 1 decimal place.) Receivables turnover ratio 2. Assume instead that on December 31, 2020, $11,000 of accounts receivable was determined to be uncollectible and written off. What was the receivables turnover ratio for 2020? (Round your answer to 1 decimal place.) Receivables turnover ratio
- The following data were taken from the records of Millet Corporation for the year ended December 31: Sales on account, P7,200,000; Accounts receivable written off as a result of permanentimpairment, P50,000; Notes receivable to settle accounts, P800,000; Purchases on account,P7,800,000; Payments to creditors, P6,400,000; Purchase discounts, P520,000; Sales returns,P30,000; Collections received to settle accounts, P4,900,000; Notes given to settle accounts, P500,000; Purchase returns, P140,000; Payments of notes, P200,000; Discounts taken bycustomers, P80,000; Collection on notes receivable, P360,000. What is the carrying value of the accounts receivable on December 31?The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
- Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method: Determine the amount to be charged to the uncollectible expense account. Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31.n the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The monthly periodic rate is given to be 1.75%. Find the APR. APR = 12 ✕ monthly periodic rate = 12 ✕ ____ % = ____%At thr beginning of the current period whispering corp had balances in accounts receivable of 288,00 0 And in allowance for doubtful 9300 in credit
- Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
