Assessment Quiz - Answers

Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it.  Long Term Liability?

An examination of Insurance Policies of Standard Company is presented below: Policy Date of Purchase Life of Policy Cost September 1, 2019 4years P25,920 May 1, 2020 2years 18,960 July 31, 2020 1year 9,720 Prepaid Insurance was debited for the cost of each policy at the time of its purchase. Expired insurance was correctly recorded at the end of 2019. What is the balance of Prepaid Insurance at the end of 2020?

Kinesis Company paid or collected during 2021 the following items: Insurance premiums paid 25,450 Salaries paid 116,300 Interest collected 53,750   The following balances were from Kinesis Company’s balance sheets:   December 31, 2020 December 31, 2021 Prepaid insurance   2,400   1,700 Interest receivable   4,700   3,200 Salaries payable 12,300 10,600 The insurance expense on the income statement for 2021 was The interest revenue on the income statement for 2021 was The salary expense on the income statement for 2021 was

Requlred Informatlon [The following Information apples to the questions displayed below.] A company makes the payment of a one-year Insurance premlum of $4,248 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for Increases and amounts with – for decreases.) Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Net Income Expenses Revenues

The following balances have been excerpted from Tito Piccolo's statement of financial position: Prepaid Insurance Interest Receivable Salaries Payable Accounts Receivable December 31 January 1 P 6,000 P 7,500 3,700 14,500 61.500 53,000 550.000 415.000 Allowance for bad debts 40.000 25,000 Tito Piccolo Company reported the following during 2020 the following items: Insurance premiums paid Interest collected Salaries paid Sales 41,500 123,500 481,000 1,980,000 How much is the interest revenue on the income statement for 2020? (no peso sign, no comma, whole number only)

Ratio of liabilities to owner's equity The following data were taken from Mesa Company's balance sheet:   Dec. 31,2019 Dec. 31,2018 Total liabilities $547,000 $518,000 Total owner's equity 415,000 370,000 a. Compute the ratio of liabilities to owner's equity.b. Has the creditor's risk increased or decreased from December 31,2018, to December 31, 2019?

Need help for questions B & C

1. A note receivable due in 18 months is listed on the balance sheet under the caption A. current assets B. investments C. long-term liabilities D. fixed assets   2. Two methods of accounting for uncollectible accounts are the A. direct write-off method and the accrual method B. direct write-off method and the allowance method C. allowance method and the accrual method D. allowance method and the net realizable method   3. What is the type of account and normal balance of Allowance for Doubtful Accounts? A. contra asset, debit B. asset, credit C. contra asset, credit D. asset, debit

*see attached How much should be reported in the December 31, 2020 balance sheet as total liabilities?a. P 7,210,000b. P 7,005,000c. P 6,960,000d. P 6,672,000

Font Paragraph Styles Lanson Corporation Co's trial balance included the following account balances at December 31, 2021: Accounts payable Bonds payable, due 2030 Salaries payable $26, 200 24,700 17,800 Notes payable, due 2022 Notes payable, due 2026 21,300 41,000 What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet? ultiple Cho $68,700. $65,300. $44,000. $106,300.

Discussion question: Ace Company uses the Aging of receivables method to account for uncollectible accounts. The company had the following balances on January 01, 2019. Part A Accounts receivable...........................................$2,800,000 Allowance for uncollectible accounts...................$88,800 (credit)   The company completed the following transactions during 2019. April 20-- Wrote off the balance of $1,000 from Shari Wickham’s account as uncollectible.   November 27- Re-instated the account of Louis Benn and recorded the collection of $1,500 as payment in full for her account which had been written off earlier.     December 31st- Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $124,500 of accounts receivable was estimated as uncollectible. Made the closing entry for the uncollectible expense account.   Requirements: Prepare journal entries for each transaction (No narrations required) Prepare the Allowance for…

Calculate the following ratios a. Gross profit ration  b.Net Profit ratio c. Current Ratio d. Liquid ratio.

Question: answer this financial accounting

CHOICES a. P 4,068,200b. P 4,083,200c. P 4,163,200d. P 4,868,200

HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following chronological transactions and a. You sold merchandise on account for $250,000 on account. The products cost $110,000. Your company uses a perpetual inventory system. Your sales included a two-year warranty on the product. spent $1,400 to repair products in part "a." which were under warranty. b. You с. On December 31, 2021, you estimated that there would be an additional $8,000 of repairs on products in part "a." You estimated that $5.000 of the repairs would occur in 2022. In 2022, you performed $4,800 of repairs on products from part "a." and $1,920 of repairs on products sold in 2022. On December 31, 2022, you estimated that repairs on products sold in 2021 d. e. would be an additional $3,500 and for products sold in 2022 would be an additional $9,000. You believe that $5,400 of the $9,000 of repairs would occur in 2023. II. Based upon the transaction above, determine the amount of current…

Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Is

Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Surf and Tide.   Surf Tide Sales revenue $19,176.1 $10,381 Allowance for doubtful accounts, beginning 78.4 119 Allowance for doubtful accounts, ending 110.8 124 Accounts receivable balance (gross), beginning 2,873.7 1,743 Accounts receivable balance (gross), ending 2,994.7 1,553 Instructions a) Calculate the accounts receivable turnover and average collection period for both companies. My answer for (a)     Surf Tide Net Accounts Receivable, beginning (Accounts receivable balance (gross), beginning-Allowance for doubtful accounts, beginning) (2,873.7-78.4) =2,795.3 (1,743-119) =1,624 Net Accounts Receivable, ending (Accounts receivable balance (gross), ending-Allowance for doubtful accounts, ending) (2994.7-110.8) =2,883.9 (1,553-124) =1,429 Average Net Accounts Receivable (Net Accounts Receivable, beginning+Net Accounts Receivable,…

Balance sheet classification At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of $1,250. How should the liability be classified on the balance sheet?

S Find online the annual 10 - K report for Costco Wholesale Corporation (COST) for September 28, 2023 f. Did the company have any contingent liabilities at the balance sheet date? Discuss the specific nature of these contingencies and how (or whether) they are expected to affect the firm's financial health h ASSEN s Ope TOTAL ASSETS CURRENT LIABILITIES LABILITIES AND EQUITY A Der Cap OTT L se org TOTAL LIATES COMMITMENTS AND CONTINGENCIES COUNTY 10 suhted this Consescanda Talk sil TOTAL LIABUTES AND EQUITY 2/12 3/18 2241 17667 Sa 24741 2/14 4 04.15 17482 s 52.545 2321 7301 топ 2337 2174 1.589 22 5611 TRE 3377 242 2482 2555 2.558 BUX 4351 = - 2 7.340 084 138931 21842 25194 21547 94111

Problem 5: The following selected accounts were taken from the trial balance of Romen Company as December 31, 2020: 750,000 150,000 450,000 2,700,000 525,000 3,900,000 30,000 150,000 240,000 900,000 1,800,000 4,460,000 222,000 393,600 150,000 2,787,500 Accounts receivable Installment receivable – 2018 Installment receivable - 2019 Installment receivable – 2020 Beginning inventory Purchases Freight-in Repossessed merchandise @ NRV Repossession loss Cash sales Credit sales Installment sales Deferred gross profit – 2018 Deferred gross profit – 2019 Operating expenses Cost of installment sales Additional information: a. Gross profit rate for 2018 and 2019 installment sales were 30% and 32%, respectively. b. The entry for repossessed goods was: Repossessed Merchandise Repossession loss Installment Receivable – 2018 150,000 240,000 180,000 210,000 c. Merchandise on hand at the end of 2020 (new and repossessed) was 282,000. Installment Received - 2019 Required: Compute for the following : 1.…

HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following chronological transactions and a. You sold merchandise on account for $250,000 on account. The products cost $110,000. Your company uses a perpetual inventory system. Your sales included a two-year warranty on the product. You spent $1,400 to repair products in part "a." which were under warranty. On December 31, 2021, you estimated that there would be an additional $8,000 of b. с. repairs on products in part "a." You estimated that $5,000 of the repairs would оссur in 2022. In 2022, you performed $4,800 of repairs on products from part "a." and $1,920 of repairs on products sold in 2022. On December 31, 2022, you estimated that repairs on products sold in 2021 would be an additional $3,500 and for products sold in 2022 would be an additional $9,000. You believe that $5,400 of the $9,000 of repairs would occur d. е. in 2023. II. Based upon the transaction above, determine the amount of current…

Question Content Area A company reported the following information: Interest receivable, December 31, 2023: $8,000 Interest receivable, December 31, 2022: $11,500 Interest revenue for 2023: $16,000 Interest receivable, December 31, 2023 $8,000 Interest receivable, December 31, 2022 11,500 Interest revenue for 2023 16,000 How much cash was received for interest during 2023?