At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash.... $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory.. 112,500 82,500 54,000 Prepaid expenses.. 10,700 9,375 5,000 Plant assets, net. 278,500 255,000 230,500 Total assets.. $523,000 $445,000 $377,500 Llabilitles and Equity Accounts payable..... $129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value. 98,500 101,500 83,500 163,500 163,500 163,500 Retained earnings. ...... Total liabilities and equity. 131,100 $523,000 104,750 $445,000 79,250 $377,500

At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash.... $ 31,800 $ 35,625 $ 37,800 Accounts receivable, net 89,500 62,500 50,200 Merchandise inventory.. 112,500 82,500 54,000 Prepaid expenses.. 10,700 9,375 5,000 Plant assets, net. 278,500 255,000 230,500 Total assets.. $523,000 $445,000 $377,500 Llabilitles and Equity Accounts payable..... $129,900 $ 75,250 $ 51,250 Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value. 98,500 101,500 83,500 163,500 163,500 163,500 Retained earnings. ...... Total liabilities and equity. 131,100 $523,000 104,750 $445,000 79,250 $377,500

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...

See similar textbooks

Similar questions

ABC Co. financial records on Dec31,2025 A/R,Dec2025-1,680,000 CollectionsofA/R-6,240,000 Allow.forbaddebts,Jan2025-38,400 Invetory,Jan1-2,880,000 Inventory,Dec31-1,500,000 CashSales-1,200,000 Purchases-4,800,000, GrossProfitSales-2,160,000 For current yr, the management decided to change the method in estimating bad debts from % of A/R to aging meth. Of ending bal of A/R, 60% of it belongs to 0-30 days category with 1% uncollectibility rate,30% belongs to 31-60 days age with 5% uncollectibility rate,&rest belongs to 61 & over days category with 10% uncollectibility rate. Bad debts expense for the year is?
#10: Accounts Payable, beg. 70,000.00; Accounts Payable, end 75,000.00; Merchandise Inventory, beg - 350,000.00; Merchandise Inventory, end 175,000.00; Cash Payment to Supplier for Purchase on Account, 560,000.00. Fifty percent (50%) of Merchandise Inventory Purchases for the year are made on account. The total cost of goods are sold amounted to __________ (Round your answers to the nearest 2 decimal places)
At 31 October 20X6 Roger's trial balance included the following balances: $ Machinery at cost 12,890 Accumulated depreciation 8,950 Inventory 5,754 Trade receivables 11,745 Trade payables 7,830 Bank overdraft 1,675 Cash at bank 150 What is the value of Roger's current assets at 31 October 20X6? A $17,649 B $17,499 C $15,974 D $13,734
Holdaway's cost of goods sold for the year isa. 257,000 b. 260,500 c. 261,000 d. 269,500
Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable.
Part B The company completed the following transactions during 2020.• Jan 10 sold inventory to Natty Paul, $11,000, on account • May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 • August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible • October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. • December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements:1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of creditsales are…
Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be…
Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) this part was completed and is provided in the image belowhelp needed for questions below Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable.
A home office bills its branch at 120% of cost. During 2022, inventory costing the home office P320,000 was transferred to the branch. At year end, the home office adjusted its Allowance for Overvaluation account by debiting P72,800. The branch’s year-end balance sheet shows P19,200 of inventory acquired from the home office. How much is the beginning inventory of the branch at cost?*.. a. P 72,000 b. P 64,000 c. P 60,000 d. P 12,000 Please answer it asap thank you
Purchased $6,000 of merchandise on account, terms 2/10, n/30
Lloyd Company reprted net income of $25000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below Accounts receivable $4,600 $3000 Merchandise Inventory 25000 30000 Accounts payable 16000 18000 wages payable 8000 12000
Instruction: make the statement of Financial Position The balances shown are as of December 31, 2021. Sales Returns and Allowances P11,000 Accounts Payable 100,000 Accounts Receivable 220,000 Merchandise Inventory, December 31, 2021 80,000 Cash 50,000 Freight-In 10,000 General and Administrative Expense 200,000 Merchandise Inventory, January 1, 2021 100,000 Mr. Ian Capital, Jan. 1, 2021 200,000 Accumulated Depreciation – Office Equipment 50,000 Net Income from Operation 200,000 Notes Payable 200,000 Office Equipment 220,000 Office Supplies 30,000 Prepaid Rent 100,000 Purchase Discounts 8,000 Sales Discounts 29,000 Purchase Returns and Allowances 2,000 Purchases 400,000 Sales 1,050,000 Mr Ian Drawings 50,000 Selling Expenses 190,000