Basic Procedures - Practice Problem

Required Information [The following Information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Accounts Cash Debit. Credit Accounts Receivable Allowance for Uncollectible Accounts $ 27,100 50,200 $ 6,200 Inventory 22,000 Land 66,000 Equipment 25,000 Accumulated Depreciation 3,500 Accounts Payable 30,500 Notes Payable (6%, due April 1, 2022) 70,000 Common Stock 55,000 Retained Earnings 25,100 Totals $190,300 $190,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to…

Provide correct net realizable value of accounts receivable?

Question: Perform the following accounting for the receivables of A & G, an accounting firm, at December 31, 2014. 1. Start with the beginning balances for these T-accounts: Accounts Receivable, $80,000 Allowance for Uncollectible Accounts, $9,000 Post the following 2014 transactions to the T-accounts: a. Service revenue of $850,000, all on account b. Collections on account, $790,000 c. Write-offs of uncollectible accounts, $7,000 d. Bad debt expense (allowance method), $8,000 2. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts? 3. Show two ways A & G could report accounts receivable on its balance sheet at December 31, 2014. Please explain & show steps, thank you.

Subject: accounting

Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets $ 39,900 56,491 58,411 4,616 256,082 $ 33,783 $ 39,888 71,898 89,474 10,785 286,555 Cash Accounts receivable, net Merchandise inventory 97,913 125,594 10,989 Prepaid expenses Plant assets, net 310,097 $ 578,376 Total assets $ 498,600 $ 415,500 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings $ 144,016 109,822 $ 81,735 113,531 $ 54,298 91,826 163,500 105,876 163,500 161,038 163,500 139,834 Total liabilities and equity $ 578,376 $ 498,600 $ 415,500 For both the current year and one year ago, compute the following ratios: Exercise 17-9 (Algo) Analyzing risk and capital structure LO P3 The company's income statements for the current year and one year ago, follow. For Year Ended December 31…

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44. Subject :- Accounting

Required information   [The following information applies to the questions displayed below.]      The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:   Accounts Debits   Credits Cash $ 41,500           Accounts Receivable   25,700           Land   110,800           Accounts Payable           15,300   Notes Payable (due in 2 years)           30,000   Common Stock           100,000   Retained Earnings           32,700   Totals $ 178,000     $ 178,000       The following is a summary of the transactions for the year:   1.   January   12   Provide services to customers on account, $62,400. 2.   February   25   Provide services to customers for cash, $75,300. 3.   March   19   Collect on accounts receivable, $45,700. 4.   April   30   Issue shares of common stock in exchange for $30,000 cash. 5.   June   16   Purchase supplies on account, $12,100. 6.   July   7   Pay on accounts payable, $11,300. 7.…

Given the ledger accounts of Bastoni Company as of January 31, 2020: Cash $40,500 Accounts Payable $11,000 Supplies 5,200 Rent Expense 4,100 Share Capital-Ordinary 33,200 Accounts 8,700 Receivable Notes Payable 3,500 Service Revenue 10,800 Required: Compute the total of the debit side of the trial balance. (show your computation). 1. Compute the total of the credit side of the trial balance. (show your computation). 2.

After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $674,914 and Allowance for Doubtful Accounts has a balance of $25,921. What is the net realizable value of accounts receivable? a. $25,921 b. $648,993 c. $674,914 d. $700,835

answer in text form please (without image),   Note: .Every entry should have narration please

F. RST Company reported the following balances (after adjustments) 12/31/21 155,000 150,000 CREAT Total Accounts Receivable Net accounts receivable During 2021, the company wrote off customer accounts amounting to P4,500 and collected 1,000 on accounts written off in previous years. How much is the doubtful accounts expense for the year 2021. a. 7,000 b. 4,000 12/31/20 110,000 108,500 c. 5,000 d. 6,000

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1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.

Please provide correct answer the general accounting question

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Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31

answer in text form with explanation , narration, calculation for every steps

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits $ 26,680 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue 17,480 16,88e 168, 08e $ 8,700 7,80e 163, e00 48,500 Conmon Stock Retained Earnings Tatals $228, 080 $228, 000 The following is a summary of the transactions for the year: 9 Provide storage services for cash, $154,100, and on account, $62, 200. 1. Зaпиагy 2. February 12 Collect on accounts receivable, $53,508. 3. April 4. May 5. July 6. September 10 Pay on accounts payable, $13,408. 7. October 8. Novenber 20 Issue shares of comman stock in cxchange for $47,000 cash. 9. Decenber 38 Pay $4,880 cash dividends to stockholders. 25 Receive cash in advance from custoners, $14,98e. 6 Purchase supplies on account, $13, 200. 15 Pay property taxes, $1e,5ee. 31 Pay salaries, $143,60e. Insurance expired during the year is $9,000. Supplies remaining on hand at the end of the year equal…

Use the following information from financial statements of Hamilton Inc. Information from Balance Sheet Accounts: 12/31/2020 12/31/2021 Accounts receivable, gross Allowance for uncollectible accounts 5,000 70,000 90,000 Advances from customers 1,600 600 Information from Income Statement Accounts: Revenue (gross) carned during 2021 277,000 Bad debt expense in 2021 5,200 Other Information: Accounts receivable of 3,900 were written off during the year 2021.

Omega Company prepared an aging of accounts receivable on December 31, 2018 and determined that the net realizable value of the accounts receivable was P2,500,000. Alow ance for uncolectible accounts on January 1 Accounts written off as uncollectible Accounts receivable on December 31 Uncollectible accounts recovery 280,000 230,000 2,700,000 50,000 What is the uncollectible accounts expense for the current year?