current assets

Q: Based on the following data for the current year, what is the number of days' sales in receivable?…

A: Number of days sale in receivable means how much time will the debtor takes to clear his dues. First…

Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…

A: The income statement is one of the essential parts of the financial statements used for reporting…

Q: The following information relates to a business for the year ended 31 December 2019: Trade…

A: Receivable ledger control account means an account where all entries related with credit sales and…

Q: On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account…

A: No.   Date   General Journal   Debit   Credit  3 January 31,  Interest Expense ($37,000 * 6% * 1…

Q: Last year, Dogwood Company had net sales of $9,690,000 and cost of goods sold of $4,812,000. Dogwood…

A: Accounts receivable turnover ratio = Net credit sales / Average accounts receivable

Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…

A: 1. Return on Assets Ratio - Return on assets ratio shows the income earned by the organization from…

Q: Vendetta Company provided the following information for the current year: Net accounts receivable,…

A: Gross income can be calculated by deducting the cost of goods sold from sales. The sales and cost of…

Q: Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on…

A: Journal Entry: In the accounts of your company, a record of a commercial transaction is referred to…

Q: Johnson Co. began operations on January 1, 2021.  During the next 2 years, they completed a number…

A: The bad debt expense = 2% of outstanding accounts receivables Bad debt expense  for year 1 = 2% (…

Q: On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Peru Industries began operations on January 1, 2020. During the next two years, the company…

A: As posted Multiple sub parts we are answering only first three sub parts kindly repost the…

Q: ABC started operations on January 1,2021. The following data are available as of June 30,2021:…

A: Allowance for Doubtful accounts: It  estimates the percentage of accounts receivable which  are…

Q: Prepare an Income Statement for the year ended 31 March 2020 and a Statement of Financial Position…

A: Income statement :— Income statement Is the part of the Financial Statement of the Company. Income…

Q: On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account…

A: When goods purchased are returned then the journal entry would include a debit to accounts payable…

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are…

A: Accounts receivable turnover = Credit Sales/ Average Accounts receivable Number of days' sales in…

Q: Peru Industries began operations on January 1, 2020. During the next two years, the company…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Roger Company completed the following transactions during Year 1. Roger's fiscal year ends on…

A: Journal Entry: In the accounts of your company, a record of a commercial transaction is referred to…

Q: The following amounts appeared on the Mendelsteln Company's adjusted trial balance as of October 31,…

A: Net Sales = Sales - Sales return and allowances - Sales discount = 103400 - 8200 - 1195 = 94005

Q: Frederick, a wholesaler, has the following information relating to the year ended 31 March 2020: (a)…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: The following data are taken from the financial statements of Basinger Inc. Terms of all sales are…

A: Accounts receivables turnover ratio = Credit sales / Average accounts receivables  number of days…

Q: On January 1, 2019, Import Properties Inc. reported the following balances on its statement of…

A: Allowance for doubtful debt is an account that records the amount of receivables expected to be…

Q: The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31,…

A: Sales: Sales refer to the revenues earned by the business organization during the accounting period…

Q: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as…

A: Company S uses the periodic system as it records the accounts for purchases, freight-in-charge,…

Q: Peru Industries began operations on January 1, 2020. During the next two years, the company…

A: The allowance for doubtful accounts is maintained to record estimated bad debt expense for the…

Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…

A: All the transactions are recorded chronologically in the General Journal.

Q: The following data are taken from the financial statements of Colby Company. Accounts receivable…

A: Introduction: Financial records are written records that describe or attest to firm transactions. In…

Q: merchandise to

A: Given: Accounts receivable $109,000 doubtful accounts $10,000

Q: Peru Industries began operations on January 1, 2020. During the next two years, the company…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: The following data are taken from the financial statements of Cullumber Company.     2022   2021…

A: Accounts receivable turnover = Net sales on account / Average Accounts receivable   Average…

Q: n January 1, 2022, Harvee Company had Accounts Receivable of $54,200 and Allowance for Doubtful…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: Using the following data for the current year, determine the accounts receivable turnover. Net…

A: Accounts Receivable Turnover = Net Sales/ Average Accounts Receivables

Q: On January 1, 2019, Import Properties Inc. reported the following balances on its statement of…

A: FIrstly we shall calculate the gross accounts receivable on December 31, 2019 and then reduce…

Q: Based on the information provided below, what is the company's creditors turnover period? Opening…

A: Creditors turnover period shows the number of days which a company takes to repay its debts or…

Q: Calculating the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the…

A: Given in the question: Net Sales = $8,987,000 Accounts receivables on January 1 = $725,000 Accounts…

Q: Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.…

A: Adjusted trial balance: It is worksheet which shows all the accounts an organization has like…

Q: Mouse Co. started operations on January 1, 2021. Following data are available as of June 30, 2021:…

A: Accounts receivable indicates the amount owed by customer to the firm for credit sales made to them.…

Q: VC Corporation's books disclosed the following information as of December 31, 2021 P 2,000,000 Net…

A: Formula: Accounts receivable turnover = Net credit sales / Average accounts receivable where,…

Q: alley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.…

A: The income statement is the summary of income and expenses incurred during the period. The cost of…

Q: Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.…

A: Cost of merchandise purchased calculated after deducting the purchase return and purchase discount…

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are…

A:

Q: The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020,…

A: Income statement: It presents a company’s total income and expenditure and whether the company is…

Q: On January 1, 2021, the general ledger of Big Blas: Fireworks includes the following account…

A: The statement of financial position is prepared at the end of an accounting period. It shows the…

Q: Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.…

A: Note: Net sales is calculating after deducting the sales discount and sales return from the total…

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are…

A: a (1)Determine accounts receivable turnover:

Q: Peru Industries began operations on January 1, 2020. During the next two years, the company…

A: The allowance technique is putting money away for bad debts that really are likely to occur in the…

Q: Prepare closing entries. (Credit account titles are automatically indented when amount Account…

A: Closing Entries:- These entries are prepared at the end of the Accounting Period to close Temporary…

Q: Considering the financial statement information below for the The C’mon Cam! Co., how long is the…

A: Cash cycle shows the time taken by current assets to convert into cash. It is the total of time…

Q: January, Lily Bhd sold goods at a quoted price of RM10,000 with a credit term of 2/10, net 90. Show…

A: credit term of 2/10, net 90 means credit is allowed for 90 days. If the payment will receive within…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is