The following account balances appear in the books if MADECOR Corporation on December 31,2019. All amounts are in pesos.Cash on hand and in banksAccounts receivable --Merchandise inventory -Office supplies and materialsPrepaid rent - warehouse ad store outlet - 120,000Office equipment -Delivery vehicle -Accounts payable -Short-term notes payableAccrued expensesTaxes payable-- 50,000-- 350,000-1,500,000---30,000Bank loanCommon stock -Retained earningsSales - -Cost of salesSelling expensesAdministrative expensesDepreciation ----180,000- 680,000-320,000- 80,000-- 30,000- 10,000- -500,000-1,000,000-970,000-5,000,000- 3,000,000-500,000- 250,000- 20,000Using the above account balances, answer the questions below:How much is total liabilities and equity is?How much is gross profit?How much total operating expenses?How much is net income?

Name: The following account balances appear in the books if MADECOR Corpora
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Description: The following account balances appear in the books if MADECOR Corporation on December 31,2019. All amounts are in pesos.Cash on hand and in banksAccounts receivable --Merchandise inventory -Office supplies and materialsPrepaid rent - warehouse ad st

Formula: Gross profit = Sales - cost of sales

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The following account balances appear in the books if MADECOR Corporation on December 31, 2019. All amounts are in pesos. Cash on hand and in banks Accounts receivable -- Merchandise inventory - Office supplies and materials Prepaid rent - warehouse ad store outlet - 120,000 Office equipment -- Delivery vehicle - Accounts payable- Short-term notes payable - Accrued expenses Taxes payable - Bank loan - Common stock -50,000 - 350,000 -1,500,000 --30,000 - -180,000 -- 680,000 --320,000 80,000 -- 30,000 -10,000 --500,000 -1,000,000

The following account balances appear in the books if MADECOR Corporation on December 31, 2019. All amounts are in pesos. Cash on hand and in banks Accounts receivable -- Merchandise inventory - Office supplies and materials Prepaid rent - warehouse ad store outlet - 120,000 Office equipment -- Delivery vehicle - Accounts payable- Short-term notes payable - Accrued expenses Taxes payable - Bank loan - Common stock -50,000 - 350,000 -1,500,000 --30,000 - -180,000 -- 680,000 --320,000 80,000 -- 30,000 -10,000 --500,000 -1,000,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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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.
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