2-2 to 5b(Almond Dalton)

audit  please quickly i will give you a thumb

When analyzing financial statements, what can you conclude when the accounts receivable turnover ratio decreases from 9.0 to 6.0 over a three year period. Group of answer choices None of the above b. The collection period has increased over time a. Collections are within standard terms c. The collection period has decreased over time

View Policies Current Attempt in Progress Vaughn Manufacturing has outstanding accounts receivable totaling $ 6.47 million as of December 31 and sales on credit during the year of $ 24.5 million. There is also a credit balance of $ 11500 in the allowance for doubtful accounts. If the company estimates that 6% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? O $388200. O $ 399700. O $ 376700. O $1470000. Save for Later Attempts: 0 of 1 used Submit Answer

Compute acid test ratio    Need it within half an hour

PROBLEM 4: (ERROR CORRECTION) You are auditing the financial statements of Brin Inc. for the year 2020. The details of the unadjusted balances of its Accumulated Profit account are as follows: ACCUMULATED PROFIT Date Particulars Debit Credit Balance Beginning Balance Gain on sale of treasury shares Net income for the year Payment of dividends declared in 2018 Paid in capital in excess of par Loss on sale of treasury shares Net loss for the year Net income for the year Payment of dividends declared in 2019 01.01.2018 500,000 540,000 740,000 670,000 690,000 660,000 580,000 730,000 640,000 08.31.2018 40,000 200,000 12.31.2018 02.28.2019 70,000 05.31.2019 20,000 07.31.2019 30,000 80,000 12.31.2019 12.31.2020 150,000 12.31.2020 90,000 Your examination disclosed the following: a. Omissions at the end of each year of the following: 2017 2018 2019 2020 Merchandise Inventory, end | Accrued Expense 4,000 7,000 3,000 5,000 b. The cost of major repairs on the company's equipment on January 1, 2018…

While spotting red flags is difficult, vertical and horizontal financial statement analysis introduces a straightforward approach to fraud detection. Evaluate Company A’s Five Year Financial Data, please see the attached. (a)  Perform horizontal analysis of the above data to indicate any potential red flags regarding possible overstatement of sales. (b)  Perform vertical analysis of the above data to indicate any potential red flags regarding possible overstatement of the COGS.

USE TGHE FOLLOWING TO SOLVE FOR QUESTION7  ONLY    Tooele Company’s controller estimated bad debt expense using the percentage of accountsreceivable method. Total sales for the year were $500,000 of which 250,000 are on account.The ending balance in accounts receivable was $100,000. An examination of the outstandingaccounts at the end of the year indicates that approximately 12 percent of these accounts willultimately prove to be uncollectible. Before any adjusting entries, the balance in theAllowance for Doubtful Accounts is $700 (CREDIT). Which is part of the correct adjustingentry to record bad debt expense for the year?(The Allowance for Doubtful Accounts is also known as the Allowance for Bad Debts or theAllowance for Uncollectible Accounts.)a. CREDIT Allowance for Bad Debts for $11,300b. DEBIT Allowance for Bad Debts for $11,300c. CREDIT Allowance for Bad Debts for $12,000d. CREDIT Allowance for Bad Debts for $12,700e. DEBIT Allowance for Bad Debts for $14,700 5. Use the…

8

Please avoid image based solutions thanx

You have been asked to carry out an investigating by the management of Adepa Ltd. One of the company’s subsidiaries, Papa Engineering Ltd, has been making losses for the past years. Adepa’s management is concerned about the accuracy of Papa Engineering’s most recent quarter’s management accounts. The summarized income statements for the last three quarters are as follows: Quarter to                                                       30/09/17          30/06/17          31/03/17                                                                                                GHS000          GHS000            GHS000 Revenue                                                          860                  668                  686 Opening inventory                                          360                  326                  331 Materials                                                         636                  468                  475 Direct wages…

Current Attempt in Progress Bridgeport Limited had net sales in 2023 of $2.2 milion. At December 31, 2C23, before adjusting entnes, the balances in selected accounts were as follows: Accounts Receivable $231,300 debit: Allowance for Expected Credit Losses $3.000 detit. Assuming Bridgeport has examined the aging of the accounts receivable and has determined the Alowance for Expected Credit Losses should have a balance of $25,900, prepare the December 31, 2023 journal entry to record the adjustment toAllowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry s required, select "To Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit eTextbook and Media

Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $2,700,000 and sales for the year total $32,400,000. a. The allowance account before adjustment has a debit balance of $27,100. Bad debt expense is estimated at 2 of 1% of sales. b. The allowance account before adjustment has a debit balance of $27,100. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $128,000. c. The allowance account before adjustment has a credit balance of $17,900. Bad debt expense is estimated at 4 of 1% of sales. d. The allowance account before adjustment has a credit balance of $17,900. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $279,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. a. $ b. $ c. $ d. $

None

Domestic

Providing for doubtful accounts At the end of the current year, the accounts receivable account has a debit balance of $1,243,000 and sales for the year total $14,100,000. a. The allowance account before adjustment has a debit balance of $16,800. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before adjustment has a debit balance of $16,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $53,800. c. The allowance account before adjustment has credit balance of $5,500. Bad debt expense is estimated at 3/4 of 1% of sales. d. The allowance account before adjustment has a credit balance of $5,500. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $45,700. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. 70,500 ✓ 70,600 ✓ 111,250 X a. b. C. d. Feedback Check My Work An estimate based on a percent…

Don't give answer in image format

Analysis of Financial StatementsThere was a bit of concern about one of Big Rock’s newer entities – Big Rock PavingCompany. Management wants you to review the two financial statements below and giveyour analysis of the company’s performance.Big Rock Paving CompanyAssetsLiabilitiesCurrent Assets: Current Liabilities:Cash 500,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 500,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,200,000Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets 1,600,000 Retained Earnings 100,000Total Assets 2,900,000 Total Owners’ Equity 800,000Total Liabilities and Owners’Equity2,900,000Big Rock Paving CompanyIncome Statement for Year Ending December 31, 2021Sales 3,400,000Less: Cost of Goods Sold 2,700,000Less: Administrative Expenses 700,000Less Depreciation 682,000Earnings Before…

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Aging Analysis of Accounts Receivable Cowen’s, a large department store located in a metropolitan area, has been experiencing difficulty in estimating its bad debts. The company has decided to prepare an aging schedule for its outstanding accounts receivable and estimate bad debts by the due dates of its receivables. This analysis dis-closes the following information: Balance:               Age of receivable:       Estimated Percentage Uncollectible: $193,000               Under 30 days                     0.8% 114,000                 30-60 days                          2.0% 73,000                   61-120 days                        5.0% 41,000                   121-240 days                      20.0% 25,000                   241- 360 days                    35.0% 19,000                   Over 360 days                    60.0% $465,000 Required: 1. Use the preceding analysis to compute the estimated amount of uncollectible receivables. 2. What is the net realizable value of Cowen’s…

8.3 At the end of the current year, the accounts receivable account has a debit balance of $1,935,000 and sales for the year total $26,710,000. The allowance account before adjustment has a debit balance of $10,200. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $175,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions c listed above.

Analyze the cases in the document attached and prosose solutions

Please do not give solution in image format thanku

COURSE: ACCOUNTABILITY - INFLATION EFFECTS A company closes its fiscal year with assets of $150,000 and liabilities of $68,000. Initial capital contributed was $50,000. At end of period there was a new capital contribution of $30,000. Inflation rate for period is 10%.Answer:(a) Determine profit or loss for period without adjustment and with inflation adjustment.b) Perform a comparative analysis and indicate how inflation affects performance. Comment on your results HINT: be careful with those items (accounts) that are subject to inflation or are not

i need help with this acid test ratio

mi.3

How much is the accounts receivable as of December 31, 2019? * 460,800 434,400 405,600 398,400