Answered: Hope Company’s total assets were…

Name: Hope Company’s total assets were $7,375. Hope collected on $617 of acc
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Hope Company’s total assets were $7,375. Hope collected on $617 of account receivable that had previously been written off. After the collection, Hope’s total assets will be $______

Business

Accounting

Hope Company’s total assets were $7,375. Hope collected on $617 of account receivable that had previously been written off. After the collection, Hope’s total assets will be $______

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 7DQ

See similar textbooks

Similar questions

On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
The following accounts have normal balances. Prepare a trial balance. Accounts Payable, 20; Accounts Receivable, 90; Capital, 40; Sales, 200; Cash, 100; Rent Expense, 70.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
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.
During the year, Jantz Company made an entry to write off a ₱4,000 uncollectible account. Before this entry was made, the balance in accounts receivable was ₱80,000 and the balance in the allowance account was ₱4,500. The net realizable value of accounts receivable after the write-off entry was
During the first year of operation, Year 1, McGinnis Appliance recognized $352,000 of service revenue on account. At the end of Year 1, the accounts receivable balance was $69,195. Even though this is his first year in business, the owner believes he will collect all but about 5 percent of the ending balance. Required What amount of cash was collected by McGinnis during Year 1? Assuming the use of an allowance system to account for uncollectible accounts, what amount should McGinnis record as uncollectible accounts expense in Year 1? What is the net realizable value of receivables at the end of Year 1? Show the effect of these transactions on the financial statements by recording the appropriate amounts in a horizontal statements model like the one shown here. When you record amounts in the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If element is not affected by the event, leave the cell blank.
At 1 January 20X4, Tartar Co had total receivables of $380,000. A specific allowance of $20,000 had been made for a business customer, Drab. The general allowance for receivables was 2.5%. During the year, Drab went out of business owing Tartar Co $28,000, none of which is expected to be recovered. At 31 December 20X4, Tatar had total receivables of $420,000. There were no specific allowances but the general allowance for receivables was increased to 3%. What is the charge in the statement of profit or loss for the year to 31 December for the allowance for receivables and irrecoverable debts?
The following accounts and their balances appear in an unadjusted trial balance of Jhet Co. as of December 31, 2021: Cash and cash equivalents -₱400,000; Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000; Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. At December 31, 2021, goods costing ₱125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. D. Trade and other payables include dividends payable amounting to ₱170,000, of which ₱70,000 is payable in cash and ₱100,000 is distributable…