The post-closing trial balance of Ha Hakdog Company reported the following: Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation P 45,000 Accounts Payable 140,000 Loans Payable 25,000 Bonds payable 132,000 Mortgage Payable 32,000 H. Hakdog, Capital P 31,000 22,000 48,000 127,000 32,000 At what amount would the totals debits be?

The post-closing trial balance of Ha Hakdog Company reported the following: Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation P 45,000 Accounts Payable 140,000 Loans Payable 25,000 Bonds payable 132,000 Mortgage Payable 32,000 H. Hakdog, Capital P 31,000 22,000 48,000 127,000 32,000 At what amount would the totals debits be?

Name: The post-closing trial balance of Ha Hakdog Company reported the foll
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Description: The post-closing trial balance of Ha Hakdog Company reported the following:CashAccounts ReceivableAllowance for Doubtful AccountsEquipmentAccumulated DepreciationP 45,000 Accounts Payable140,000 Loans Payable25,000 Bonds payable132,000 Mortgage Paya

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 65E: Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared...

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Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts: Required: 1. Calculate the average percentage of losses from uncollectible accounts for 2015 through 2018. 2. Assume that the credit sales for 2019 are $1,260,000 and that the weighted average percentage calculated in Requirement 1 is used as an estimate of loses from uncollectible accounts for 2019 credit sales. Determine the bad debt expense for 2019 using the percentage of credit sales method. 3. CONCEPTUAL CONNECTION Do you believe this estimate of bad debt expense is reasonable? 4. CONCEPTUAL CONNECTION How would you estimate 2019 bad debt expense if losses from uncollectible accounts for 2018 were What other action would management consider?
Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of 2019. Michelle currently uses the income statement method to record bad debt estimation at 4%. To manage earnings more efficiently, Michelle changes bed debt estimation to the balance sheet method at 4%. How much is the difference in net income between the income statement and balance sheet methods? A. $3,100 B. $13,800 C. $10,700 D. $77,500
Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
The following are the changes in the accounts of BTS Co. during the period:· Accounts receivable- P240,000 increase· Prepaid assets- P600,000 increase· Inventory- P1,500,000 decrease· Notes payable- P800,000 decreaseAdditional information:During the year, BTS Co. obtained a bank loan of P2,000,000 and paid interest of P100,000. Interest of P80,000 is accrued on December 31, 2021. Interest payable at the end of 2020 amounted to P120,000. In 2021, a shareholder donated an equipment with historical cost of P1,000,000 and carrying amount of P800,000 to BTS Co. The fair value of the equipment is P600,000. BTS declared dividends in 2021 of P160,000.How much is the profit (loss) for the year?
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Presented below is the trial balance of Grimjow Corporation at December 31, 2020. Debit Credit Cash $ 201,970 Sales $ 8,104,060 Debt Investments (trading) (at cost, $145,000) 157,060 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 303,970 Equity Investments (long-term) 281,970 Notes Payable (short-term) 94,060 Accounts Payable 459,060 Selling Expenses 2,004,060 Investment Revenue 66,860 Land 264,060 Buildings 1,044,970 Dividends Payable 140,970 Accrued Liabilities 100,060 Accounts Receivable 439,060 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,060 Administrative Expenses 903,860 Interest Expense 214,860 Inventory 601,970 Gain 83,860 Notes Payable (long-term) 904,970…
Snoopy Co.'s trial balance includes the following account balances at September 30, 2021: Accounts receivable, net $ 86,000 FV-NI investments 16,000 Accumulated depreciation, equipment 31,000 Cash 25,000 Inventory 56,000 Equipment 150,000 Land 36,000 Prepaid expenses 3,000 What is the total of non-current assets as at September 30, 2021? Question 9 options: $186,000 $217,000 $171,000 $155,000
Bayley Company has the following trial balance below at December 31, 2020. All accounts have normal balances. Account Balance Cash $460,000 Accounts receivable (net of the Allowance for Doubtful Accounts) 352,000 Inventory at the lower of FIFO cost and net realizable value 451,000 Trading Investments 230,000 Buildings (net of accumulated depreciation) 740,000 Equipment (net of accumulated depreciation) 240,000 Land held for Future Use 305,000 Goodwill 89,000 Notes Receivable (due 2025) 91,000 Prepaid Insurance 16,000 Accounts Payable 345,000 Guaranteed Investment Certificates 50,000 Notes Payable (due in 2021) 235,000 Bonds Payable at net carrying value (due February 1, 2021) 83,000 Rent Payable 55,000 Bonds Payable at net carrying value (due December 31, 2028) 746,000 Common shares, unlimited number of shares authorized 400,000 Contributed surplus 190,000 Retained…
The following information was extracted from the records of SydMel Ltd for the year ended30 June 2021.SydMel LtdStatement of Financial Position (Extract)As at 30 June 2021AssetsAccounts receivables $26,000Allowance for doubtful debts 2,500 $23,500Equipment 150,000Accumulated depreciation – Equipment (20% per year) 30,000 120,000LiabilitiesInterest Payable 2,000 2,000Provision for employee benefits 5,000 5,000Additional information• The allowed deductible tax depreciation rate for Equipment is 25%.• None of the employee benefits has been paid. It is not deductible for tax purposes untilit is actually paid.• The tax rate is 30%.Requireda. Prepare a deferred tax worksheet to identify the temporary differences arising inrespect of the assets and liabilities in the statement of financial position, and tocalculate the balance of the deferred tax liability and deferred tax asset accounts at30 June 2021. Assume the opening balances of the deferred tax accounts were $3,000for Deferred Tax…
The following is the trial balance of Swifty Corporation at December 31, 2020. SWIFTY CORPORATIONTRIAL BALANCEDECEMBER 31, 2020 Debits Credits Purchase Discounts $33,000 Cash $626,010 Accounts Receivable 346,500 Rent Revenue 59,400 Retained Earnings 528,000 Salaries and Wages Payable 59,400 Sales Revenue 3,630,000 Notes Receivable 363,000 Accounts Payable 161,700 Accumulated Depreciation—Equipment 92,400 Sales Discounts 47,850 Sales Returns and Allowances 57,750 Notes Payable 231,000 Selling Expenses 765,600 Administrative Expenses 326,700 Common Stock 990,000 Income Tax Expense 177,870 Cash Dividends 148,500 Allowance for Doubtful Accounts 16,500 Supplies 46,200 Freight-in 66,000…