1. On December 31, 2020, what is note received from Company AF
Q: Requirement What is the revenue figure to be presented in the statement of profit or loss for the…
A: Discount allowed is a contra sales account. It reduces the revenue. Discount received reduces the…
Q: Need assistance with this please Prepare a corrected classified balance sheet for the Hubbard…
A: A classified balance sheet is one of the financial statement that provides details regarding asset,…
Q: At what amount should Mount's net assets be reported in the December 31, 2020 statement of financial…
A: Though Treasury Stock has debit balance but its not shown in the Asset side. Its shown in the Equity…
Q: 11. A company is issuing its comparative financial statements for years 2021 and 2022. If the…
A: Statement of financial position: It is one of the company's financial statements that shows all of…
Q: Required: 1. Calculate Ingrid's balance in accounts receivable on December 31, 2019, prior to the…
A: Compute Ingrid’s balance in accounts receivable on December 31, 2019, prior to adjustment.
Q: Required: [Dikehendaki:] a. Prepare a Statement of Comprehensive Income for the year ended 31 March…
A: Statement of comprehensive income means the statement which shows all the nominal account and…
Q: Compute the total increase (or decrease) for the Home Office account balances on December 31, 2021.
A: To find out TOTAL increase or (decrease) for Home Office Account Balance, first we will have to make…
Q: On August 1, Year 1, made by Company payable at maturity. Required:
A: General Journal is a book of prime entry where the finacial transactions are first…
Q: 1 The Creative Electronics Company shows the following selected adjusted account balances as at…
A: Introduction: Current liabilities: The liabilities which are to be paid with in 12 months period of…
Q: Required: Based on the preceding information, prepare a correct December 31, 2022 statement of…
A: Statement of Financial Position The preparation of statement of Financial position which involves…
Q: Required: 1. to 3. Prepare the journal entries to record their issuance by The Gorman Group on June…
A: The financial instrument which provides fixed interest as a return over the period of investment is…
Q: Required: 1. Prepare journal entries to recognize revenue for 2018, 2019 and 2020. I
A: In Year 2018 Construction contract price: $8,360,000 %age completion= $2,120,000…
Q: how much should be reported as current liabilities
A: Current Liabilities are the obligations of the business which are to be settled in the coming 12…
Q: he following information has been extracted from the accounting records of Lubners Limited on 31…
A: Statement of comprehensive income includes income from continuing operation as well as income from…
Q: What is the correct balance of Retained earnings on December 31, 20197
A: Step 1 Retained earnings are the amount of net income left over for the business after it has paid…
Q: What is the sales revenue to be reported by the entity for the year ended December 31, 2020?
A:
Q: How about these questions: 1. How much is the balance of Account Receivable at December 31, 2021?…
A: Following is the answer of two questions.
Q: What is the retained earnings balance ending December 31, 2021?
A: Share dividend and Cash dividend are given from the retained earnings, In the Stock dividend shares…
Q: LEQUIRED: ) Determine the amount assigned to equity on January 1,2020. ) Compute the amount charged…
A:
Q: ended 30 June 2021. Prepare an income statement for the year ended 30 June 2021. Note: An Earnings…
A:
Q: or the year ended December 31, 2020, Tam's records total franchise revenue in an amount of
A: Revenue to be recognised is equal to = initial amount on signing of contract + yearly revenue +…
Q: Present the assets
A: Solution: Calculation of revaluation of assets : Asset Cost as on 1 Jan 17 Revalued % Revalued…
Q: REQU 1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables,…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Chuckwagon Company went into business on July 1, 2020. During 2020, following are some of the…
A: PARTICULARS AMOUNT($) Paid dividend (200) Borrowed from bank( long term borrowing 2020-2025)…
Q: a. Compute the company's current E&P for the year ended December 31, 2021. b. Compute the company's…
A: Current Earnings and Profits refers to the net income earned by the organization after all the…
Q: On June 1, 2022, C liabilities, and comi operations: Cash
A:
Q: i. The Statement of Profit and Loss for the year ending December 31, 2020 ii. The Statement of…
A: This question belongs to the preparation of the statement of profit and loss and the financial…
Q: 20. At 1 July 2020, a company had peepaid insurance of RMK200. On I January 2021, the company paid…
A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…
Q: 3. Spring Water Corporation has the following selected accounts at March 31, 2020 after posting…
A: Introduction
Q: adjusted balance of accounts receivable on December 31, 2021?
A: Answer: Unadjusted balance of accounts receivables as on Dec 31,2021 = P104000 Adjustments:…
Q: At year-end, what amount should be reported as total noncurrent liabilities?
A: Liabilities are the amount of money which the business or the company owes to the creditors and as…
Q: Prepare Statement of Comprehensive Income and Statement of Financial Position as at 31 Dec 2021.
A: We are given the trial balance of Zombie Berhad as on 31st Dec 2021 along with some additional…
Q: Part of the Financial Position of Candy Inc. as of Dec. 31, 2019 shows the following:
A: Liquidation of Company Liquidation of the company is the winding process of the company whether by…
Q: a) Prepare a classified statement of financial position for Bort Ltd. At December 31, 2020 (b)…
A: Financial statements is one of the measurement of the company's financial performance.
Q: What amount should be reported as total current assets at December
A: Solution Concept Current asset are the assets which are expected to be realized within a period of…
Q: A Classified balance sheet, in report format, at June 30, 2020.
A: Required balance sheet is shown below:
Q: adjusted balance of accounts payable on December 31, 2021?
A: Answer: Unadjusted Balance of Accounts payable as on Dec 31,2021…
Q: Prepare an income statement for the year ending December 31, 2021
A: Income statement: It is a statement which shows the net income of the company by subtracting total…
Q: on January 9, 2021. The company made the followi REVENUE SHOULD BE RECORDED UNDER EAC provide a GAAP…
A: a. For the first item, depreciation must be charged to profit or loss irrespective of whether the…
Q: he statement of the financial positión of 2020 was shown in Table 1. Distinguish information…
A: (i) Calculate the gross profit or loss at year end by deducting the purchase cost from the sales:…
Q: Choose the correct.A company must prepare IFRS financial statements for the first time on December…
A: IFRS: IFRS requires company to prepare opening balance sheet on the transition date. The transition…
Q: a) Prepare all journal entries to record the activity for the items above for 2020 b) Prepare any…
A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…
Q: Bixby Co. went into business on October 1, 2020 and had the following transactions:
A: Given: sale of inventory = $7000 + $5000 = $13000 sale of land = $3000 total sales =…
Q: What is the balance of the retained earnings account as of 31 December 2019?
A: Retained earnings are those earnings which has to the company out from the earnings earned by the…
Q: Relax Company provided the following information for the purpose of presenting the statement of…
A: Statement of financial statement represents the financial position of the company that involves the…
Q: Required: How much should be reported as rent expense in SEVEN's income statement for the year…
A: Starting date of Lease= 01-May-21 Free rent period= 7 months ( May21-Nov21) Annual lease rent =…
Q: The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 P2,600,000…
A: Purchases = Ending accounts payable balance + Amount paid to suppliers - Beginning accounts payable…
Q: 1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current…
A: Note: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you.…
Q: 27. If salaries of daily paid employees of an Entity for the period from December 27, 2020 to…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Step by step
Solved in 2 steps
- Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
- Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton Corporations accounting records at the beginning of 2019: During 2019, sales on credit amounted to 575,000, 557,400 was collected on outstanding receivables and 2,600 of receivables were written off as uncollectible. On December 31, 2019, Shell on estimastes its bad debts to be 4% of the outstanding gross accounts receivable balance. Required: 1. Prepare the journal entry necessary to record Sheltons estimate of bad debt expense for 2019. 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet. 3. Compute Shelton's receivables turnover. (Round to one decimal place.) 4. It Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
- Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.Notes Receivable Transactions The following notes receivable transactions occurred for Harris Company during the last three months of the current year. (Assume all notes are dated the day the transaction occurred.) Required: 1. Prepare the journal entries to record the preceding note transactions and the necessary adjusting entries on December 31. (Assume that Harris does not normally sell its notes and uses a 360-day year for the purpose of computing interest. Round all calculations to the nearest penny.) 2. Show how Harris notes receivable would be disclosed on the December 31 balance sheet. (Assume these are the only note transactions encountered by Harris during the year.)Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following information: Required: 1. Prepare the journal entries necessary for Upham to record the preceding transactions. 2. Prepare an analysis and schedule that shows the amounts of the accounts receivable, allowance for doubtful accounts, notes receivable, and notes receivable dishonored accounts that will be disclosed on Uphams June 30, 2020, balance sheet.