1. Net Income in 2020 a. P100,000 b. P120,000 c. P130,000 d. P150,000 2. Working capital, end of 2020 а. Р300,000 b. Р330,000 c. P270,000 d. P350,000 3. Retained earnings, end of 2020 a. P100,000 b. P120,000 c. P130,000 d. P150,000
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- Entry for uncollectible accounts Using the data in Exercise 9-11, assume that the allowance for doubtful accounts for Selbys Bike Co. had a debit balance of 7,200 as of December 31, 2016. Journalize the adjusting entry for uncollectible accounts as of December 31, 2016. EX 9-11 Estimating doubtful accounts OBJ. 4 Selbys Bike Co. is a wholesaler of motorcycle supplies. An aging of the companys accounts receivable on December 31, 2016, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31, 2016.Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.Multiple step income statement and balance sheet The following selected accounts anti their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated DepreciationOffice Equipment 58,000 Store Equipment 650,000 Accumulated DepreciationStore Equipment 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2032) 140,000 Gerri Faber. Capital 431,000 Gerri Faber, Drawing 300,000 Sales 8,925,00 Cost of Merchandise Sold 5,620,00 Sales Salaries Expense 850,000 Advertising Expense 420,000 Depreciation Expense Store Equipment 33,000 Miscellaneous Selling Expense 18,000 Office Salaries Expense 540,000 Rent Expense 48,000 Insurance Expense 24,000 Depredation ExpenseOffice Equipment 10,000 Office Supplies Expense 4,000 Miscellaneous Administrative Exp. 6,000 Interest Expense 12,000 Instructions 1.Prepare a multiple-step income statement. 2.Prepare a statement of owners equity. 3.Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4.Briefly explain how multiple-step and single-step income statements differ.
- (Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson Companys adjusted trial balance at the end of 2019: In addition, the following information was obtained from the companys records: Land was sold, at cost, for 1,900. Dividends of 4,000 were declared and paid. Equipment was purchased for 10,400. Common stock was issued for 9,000. Beginning cash balance was 17,000. Required: Using visual inspection and the direct method, prepare Walsons 2019 statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Adjustment for Customer Refunds and Returns Assume the following data for Alpine Technologies for the year ending July 31. 20Y2. Illustrate the effects of the adjustments for customer refunds and returns on the accounts and financial statements of Alpine Technologies for the year ended July 31. 20Y2.Adjustment for uncollectible accounts Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Reference: EX 9-9 Estimating allowance for doubtful accounts OBJ. 4 Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. Age Class Percent Uncollectible Not past due 3% 1-30 days past due 4 31-60 days past due 15 61-90 days past due 35 Over 90 days past due 80 EX 9-8 Aging of receivables schedule OBJ. 4 The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: Customer Balance Due Date Builders Industries 44,500 May 1 Elkhorn Company 21,000 June 20 Granite Creek Inc. 7,500 July 13 Lockwood Company 14,000 September 9 Teton Company 13,000 August 7 a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
- Appendix 1 Adjusting entry for gross method The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4: a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts. b. How would sales and accounts receivable be reported on the financial statements for the year ending June 30, 20Y4?PROBLEM 3 (MODIFIED) Seed Enterprise gathered the following information from its accounting records for the year ended December 31, 2020, prior to adjustments: Net credit sales for the year Php 680,000 Accounts receivable at December 31, 2020 92,000 Allowance for uncollectible accounts at December 31, 2020 1,850 Debit Seed uses the allowance method of accounting for uncollectible accounts and estimates uncollectible account expense at 2% of net credit sales. REQUIRED: Prepare the adjusting entry to record uncollectible account expense on December 31, 2020. Determine the balance in allowance for uncollectible accounts after the adjusting entry is prepared. Show how the receivables would be reported on the December 31, 2020 balance sheet for Seed Enterprise.Exercise 4. Selected account balance before adjustments for Kiss Me Again Company on December 31, 2020 are as follows: Debit CreditAccounts Receivable P84,625Supplies 11,375Equipment 215,000Module 4 10- NABAccumulated Depreciation P34,450Wages payable 0Unearned fees 23,500Fees earned 348,975Wages expense 79,700Rent expense 48,000Depreciation Expense 0Supplies expense 0The data needed for year-end adjustments are as follows:a. Fees earned but not yet collected on December 31, P31,575.b. Supplies on hand on December 31, P2,785c. Rent expired during the year, P36,000d. Depreciation for equipment during the year, P5,000e. Wages accrued but unpaid on December 31, P13,800f. Accounts receivable of P10,000 is doubtful of being collected.Date Description PR Debit Credit
- Question no. 02 (b) (07)Wilson Corporation uses an income statement approach to estimate credit losses. Its Accounts Receivable of $5,000,000 at the beginning of the period had a net realizable value of $4,225,000.During year 2019 company wrote off all of its uncollectible accounts. Of these accounts 35% were subsequently collected. Prepare the entries to record write off using allowance for doubtful account and direct write off approaches. Draft Entry to record the accounts receivable that were subsequently collected. Allowance for doubtful account is treated as an expense or as a liability in general journal. Give reasons for your answer. Moreover explain the treatment of these in balance sheet. What is the characteristic common to all current assets? Many retail stores regularly sell merchandise on installment plans, calling for payments over a period of 24 or 36 months. Do such receivables qualify as current assets? Explain.Chapter 8 Assignment Question 1 of 2 View Policies Current Attempt in Progress Splish Fashions has been in business several years. At the end of the current year, the ledger shows the following: Accounts Receivable Sales Revenue Allowance for Doubtful Accounts R$ 343,000 Dr. 2,241,900 Cr. 5,100 Cr. Account Titles and Explanation Debit - / 1 Credit ||| Bad debts are estimated to be 6% of accounts receivable. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) RED E :Question 14 Santagos Industries gathered the following information from its accounting records for the year ended December 31, 2019, prior to adjustment: Net credit sales for the year $730,000 Accounts receivable balance, Dec. 31, 2019 145,000 Allowance for doubtful accounts balance, Dec. 31, 2019 1,850 Cr. Santagos uses the allowance method of accounting for uncollectible accounts and estimates bad-debt expense at 1.5% of net credit sales. Required: a) Prepare the adjusting entry to record bad-debt expense on December 31, 2019. b) Determine the balance in allowance for doubtful accounts after the adjusting entry is prepared. c) Show how the receivables would be reported on the December 31, 2019, balance sheet for Santagos Industries.