Bank of America Balance Sheet 31-Dec BẠC 2019 BẠC 2018 Dollarr in the millions Bank of America Income BẠC 2019 BAC 2018 Statement Net interest income 48,891 48,162 Noninterest income 42,353 42,858 Total Revenue, net of interest 91,244 91,020 100% exp Provisions for credit losess 3,590 3,282 Noninterest exp 54,900 53,154 Income before Income taxes 32,754 34,584 Income tax expense 5,324 6,437 Net Income 27,430 28,147 Preferred Stock Dividends 1,432 1,451 Net income applicable to 25,998 26,696 common shareholders Per common share info Earnings Diluted earnings Dividends paid 2.77 2.64 2.75 2.61 0.66 0.54

Bank of America Balance Sheet 31-Dec BẠC 2019 BẠC 2018 Dollarr in the millions Bank of America Income BẠC 2019 BAC 2018 Statement Net interest income 48,891 48,162 Noninterest income 42,353 42,858 Total Revenue, net of interest 91,244 91,020 100% exp Provisions for credit losess 3,590 3,282 Noninterest exp 54,900 53,154 Income before Income taxes 32,754 34,584 Income tax expense 5,324 6,437 Net Income 27,430 28,147 Preferred Stock Dividends 1,432 1,451 Net income applicable to 25,998 26,696 common shareholders Per common share info Earnings Diluted earnings Dividends paid 2.77 2.64 2.75 2.61 0.66 0.54

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 13EB: Fortune Accounting reports $1,455,000 in credit sales for 2018 and $1,678,430 in 2019. It has an...

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Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callable
McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of 1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.
Fortune Accounting reports $1,455,000 in credit sales for 2018 and $1,678,430 in 2019. It has an $825,000 accounts receivable balance at the end of 2018 and $756,000 at the end of 2019. Fortune uses the balance sheet method to record bad debt estimation at 7.5% during 2018. To manage earnings more favorably, Fortune changes bad debt estimation to the income statement method at 5.5% during 2019. A. Determine the bad debt estimation for 2018. B. Determine the bad debt estimation for 2019. C. Describe a benefit to Fortune in 2019 as a result of its earnings management.
Company A's net credit sales in 2020 and 2021 are 21115 and 35118 respectively. Cost of sales in 2020 is 15432, and in 2021 is 17088. Company A'a account receivable in 2020 and 2021 are 500 and 1000 respectively and its inventory in 2020 and 2021 are 2839 and 3489 respectively. Company A's cash collections from customers in 2021 are:
Assets ($) 2019 2018 2017 Cash on Hand & at Banks 1844388 2907252 3696201 Accounts Receivable Net 21373839 27958818 23638244 Notes Receivable 0 0 0 Post Dated Cheques 7430502 5910795 5481999 Short Term Investments 111502 111502 0 Inventory 14772540 15359933 16127022 Spare Parts 0 0 0 Total Current Assets 50764763 59355234 56162203 Long Term Investments 2247122 2305477 2346362 Fixed Assets Net 36960544 32892460 23018610 Lands 3338194 3344028 3364400 Projects in Progress 5544 4350057 10455510 Total Fixed Assets 40304282 40586545 36838520 Other Assets 6417935 6157108 5067638 Total Assets 99734102 108404364 100414723 Liabilities ($) 2019 2018 2017 Accounts and Notes Payable 9488026 9042459 6830212 Credit Banks 21176536 19278649 13508941 Short Term Loans 15347569 14306482 12568640 Accrued Part of Long Term Loans 3816788 3818532 3663256 Total Current Liabilities 63973817 67090416 44303485 Long Term Loans & Notes Payable 9883426…
Assets ($) 2019 2018 2017 Cash on Hand & at Banks 5936423 4037185 5960614 Accounts Receivable Net 1470879 1404974 1582153 Notes Receivable 0 0 0 Post Dated Cheques 29875 494480 400000 Short Term Investments 79029 79635 77462 Inventory 2480573 3663516 2230840 Spare Parts 296355 302883 325156 Total Current Assets 10648691 10431007 10628454 Long Term Investments 24000 24000 24000 Fixed Assets Net 1209909 1078634 1148657 Lands 151173 151173 0 Projects in Progress 5356 4378 0 Total Fixed Assets 1366438 1234185 1148657 Other Assets 0 0 0 Total Assets 12039129 11689192 11801111 Liabilities ($) 2019 2018 2017 Accounts and Notes Payable 989423 528431 423042 Credit Banks 0 88265 0 Short Term Loans 0 0 0 Accrued Part of Long Term Loans 0 0 0 Total Current Liabilities 1766230 1338167 1218900 Long Term Loans & Notes Payable 0 0 0 Corporate Bonds 0 0 0 Other Liabilities 0 0 0 Total Liabilities 1766230 1338167 1218900 Shareholders…
Assets ($) 2019 2018 2017 Cash on Hand & at Banks 5936423 4037185 5960614 Accounts Receivable Net 1470879 1404974 1582153 Notes Receivable 0 0 0 Post Dated Cheques 29875 494480 400000 Short Term Investments 79029 79635 77462 Inventory 2480573 3663516 2230840 Spare Parts 296355 302883 325156 Total Current Assets 10648691 10431007 10628454 Long Term Investments 24000 24000 24000 Fixed Assets Net 1209909 1078634 1148657 Lands 151173 151173 0 Projects in Progress 5356 4378 0 Total Fixed Assets 1366438 1234185 1148657 Other Assets 0 0 0 Total Assets 12039129 11689192 11801111 Liabilities ($) 2019 2018 2017 Accounts and Notes Payable 989423 528431 423042 Credit Banks 0 88265 0 Short Term Loans 0 0 0 Accrued Part of Long Term Loans 0 0 0 Total Current Liabilities 1766230 1338167 1218900 Long Term Loans & Notes Payable 0 0 0 Corporate Bonds 0 0 0 Other Liabilities 0 0 0 Total Liabilities 1766230 1338167 1218900 Shareholders…
-What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for 2021? (assume Accounts Receivable, net was $500,000 on December 31, 2020) -What is XYZ's Asset Turnover for 2021? (assume total assets were $14 million on December 31, 2020) Account Balance Data Debit Credit Cash 217,650 Accounts Receivable 545,000 Interest Receivable 1,200 Allowance for Doubtful Accounts 8,450 Merchandise Inventory 778,000 Prepaid Insurance 30,000 Notes Receivable Land 2,000,000 Office Building 4,000,000 Office Equipment 320,000 Store Building 9,000,000 Store Equipment 3,560,000 Accumulated Depreciation - office building and equipment 1,580,000 Accumulated Depreciation - store building and equipment 4,126,000 Goodwill 700,000
19. The following balances were reported by Nagpapangap Company on December 31, 2020 and 2019: 2020: Accounts payable - P3,500,000; Notes payable - P4,000,000 2019: Accounts payable - P2,500,000; Notes payable - P1,500,000 On July 1, 2020, the company issued a one-year, 12% note for a bank loan of P1,000,000. All other notes payable arose from purchases of merchandise. Total payment to suppliers in 2020 amounted to P11,000,000, after purchase discount of P250,000. During 2020, company returned defective merchandise costing P500,000. What is the amount of gross purchases for 2020 under the accrual basis?Choices: P14,250,000 P11,000,000 P12,450,000 P18,250,000
Walmart Inc (WMT) has the following excerpts from their financial statements January 31, 2022 January 31, 2021 Net Receivables * (in $ Millions) 8,280 6,516 *Net Receivable = Gross receivable minus Allowance Walmart’s fiscal year “FY22” is defined as the period between February 1, 2021 – January 31, 2022 Gross (Accounts) Receivables, January 31, 2022: $9,265 Million Gross Receivables, January 31, 2021: $7,421 Million Accounts Written-off in FY 22 $221 Million 2% of credit sales is assumed to be uncollectable CALCULATE The ending balance of Allowance for uncollectable accounts as of January 31, 2022 Bad Debt Expense for the fiscal year ending on January 31, 2022. Collections during FY22
The following information was taken from the books of Underwood Traders for December 2019and January 2020:Items appearing on the bank reconciliation statement of Underwood Traders as at 31 December 2019Bank Reconciliation Statement of Underwood Traders as at 31st December 2019Details Amount (R) Balance per bank statement (favourable) 405 670Outstanding cheques: No CQ221 6 780No CQ276 12 450No CQ298 21 560No CQ305 13 240 Outstanding deposit: DS205 18 700Correction of bank error on Deposit DS200‐ amount overstated by Bank 2 500Balance per Bank account( favourable) 367 840Cheque counterfoils of Underwood Traders‐ January 2020Date Cheque Counterfoil no. Amount (R)3 CQ306 6 54012 CQ307 2 41016 CQ308 12 50017 CQ309 23 56020 CQ310 1 47021 CQ311 3 26022 CQ312 15 32023 CQ313 27 65026 CQ314 8 95029 CQ315 2 250103 91020 2020Deposit slips of Underwood Traders‐ January 2020Date Deposit Slip no. Amount (R)5 DS206 8 90012 DS207 32 40018 DS208 17 43020 DS209 9 65021 DS210 27 89022 DS211 36 540132…
The following information was taken from the books of Underwood Traders for December 2019and January 2020:Items appearing on the bank reconciliation statement of Underwood Traders as at 31 December 2019Bank Reconciliation Statement of Underwood Traders as at 31st December 2019Details Amount (R) Balance per bank statement (favourable) 405 670Outstanding cheques: No CQ221 6 780No CQ276 12 450No CQ298 21 560No CQ305 13 240 Outstanding deposit: DS205 18 700Correction of bank error on Deposit DS200‐ amount overstated by Bank 2 500Balance per Bank account( favourable) 367 840Cheque counterfoils of Underwood Traders‐ January 2020Date Cheque Counterfoil no. Amount (R)3 CQ306 6 54012 CQ307 2 41016 CQ308 12 50017 CQ309 23 56020 CQ310 1 47021 CQ311 3 26022 CQ312 15 32023 CQ313 27 65026 CQ314 8 95029 CQ315 2 250103 91020 2020Deposit slips of Underwood Traders‐ January 2020Date Deposit Slip no. Amount (R)5 DS206 8 90012 DS207 32 40018 DS208 17 43020 DS209 9 65021 DS210 27 89022 DS211 36 540132…