What is the total current assets and total current liabilities at December 31, 2020?

Q: CPA Co.'s allowance for doubtful accounts was P1,000,000 at the end of 2021 and P900,000 at the end…

A: The allowance for doubtful account is maintained to record the bad debt expense for the firm. The…

Q: Suppose Easton Company reported net receivables of $2,582 million and $2,260 million at January 31,…

A: Accounts Receivable Debit Credit Date Particulars  Amount (In $ million)  Date Particulars…

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional…

A: The accrual basis accounting records the revenue and expenses when they are incurred irrespective of…

Q: At the beginning of the current year, Art Company had a credit balance of P260,000 in the allowance…

A: Uncollectible account: When the company is unable to recover its accounts receivables within the…

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company…

A: Current assets are the assets which can be converted into liquidity within a period of one year or…

Q: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of…

A: Account receivables: Account receivable is the balance of money due to a firm for goods and services…

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company…

A: Hi Student Since there are multiple questions, we will answer only first question. If you want…

Q: The balance in ABC Company's accounts payable account at December 31, 2021, was P900,000, before any…

A: Accounts Payable: Accounting for accounts payable (AP) is the collection of money owed to vendors…

Q: The unadjusted trial balance of S&M Corporation as on June 30, 2020 are as follows:   Cash…

A: Computation of statement of income : (amount in $) Particulars Amount Amount Sales revenue…

Q: Grouper Inc. had the following long-term receivable account balances at December 31, 2019. Note…

A: For entry 4 : Installment due = $ 45125 - ($ 140000*12%) = $ 28325

Q: Milky Company's allowance for doubtful accounts was P1,000,000 at the end of 2019 and P900,000 at…

A: The allowance for doubtful account is established to record the estimated bad debt expense for the…

Q: At the end of 2020, Crown Point Corp. has accounts receivable of $479,200 and an allowance for…

A: Uncollectible receivables are the amount which is not paid by the customer or which is not recovered…

Q: The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as…

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: On December 31, 2022, the following information were taken from the trial balances of ABC Company…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: The following accounts and their balances appear in an unadjusted trial balance of Shine Company as…

A: The current assets of a company include all those assets that are in the form of cash or that can be…

Q: These are some information for the balance sheet as of December 31, 2019 of MUST Corp. Accounts…

A: Introduction Total liability includes all liability accept owner's equity, It includes current and…

Q: The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its…

A: Introduction Adjusting entries: Adjusting entries are prepared at the end of year to match expenses…

Q: YinYang Company reported cash basis of income other than sales of P 50,000 for rent and P18,000 for…

A: The accrual basis states that income and expenses should be recorded as and when they are incurred…

Q: At December 31, 2020, end of the annual reporting period, the accounts of ABC company showed the…

A: Accounts Receivable Receivable is considered to be one of the main sources income generation to the…

Q: The following accounts and their balances appear in an unadjusted trialbalance of Achiever Company…

A: Current assets refers to the assets which can be held to the maximum of 12 months. Current…

Q: Presented below are unaudited balances of selected accounts of Angelica Company as of December 31,…

A: SOLUTION-   NOTE-  IN THE CASE OF SALE  FOB SHIPPING POINT , THE OWNERSHIP OF GOODS IS TRANSFERRED…

Q: 1.The following accounts and their balances appear in an unadjusted trial balance of Achiever…

A: The current assets are those assets which can normally be converted into cash withing on year of…

Q: FDNACCT Co. purchased merchandise and issued a twelve-month promissory note with 8% interest and…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: 4. Emmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts…

A: Total liabilities mean the sum of the amount an entity owes.

Q: 1.  How much is the total amount of uncollectible accounts receivable?  2. How much is the total…

A: Account receivable (AR) means the debtors/customers of the company whom they sold goods on credit.…

Q: On February 1, 2021, MARIGOLD Company factored receivables with a carrying amount of ₱300,000 to…

A: Solution:- Introduction:- The following information given in the problem as follows:- factored…

Q: Interest receivable of P12,500 was not recorded on December 31, any for Case 3-Effects of The…

A: Error include clerical error,ommisions . For rectification of errors ,adjustment entries are…

Q: Based on aging of the receivables at December 31, 2021, Adobo Co. has determined that its…

A: Allowance for uncollectible accounts on December 31, 2021 =  trade receivables December 31 -…

Q: On February 1, 2021, MARIGOLD Company factored receivables with a carrying amount of ₱300,000 to…

A: Loss on factor = Accounts receivable x finance charge

Q: FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable…

A: Estimated uncollectible accounts = accounts receivable x uncollectible % Doubtful accounts expense…

Q: At December 31, 2020, end of the annual reporting period, the accounts of ABC company showed the…

A: Part-1) Bad Debt Expense = Amount to be written off - Allowance for Doubtful Debts Part-2a) Bad Debt…

Q: Cullumber Corporation has the following accounts included in its December 31, 2020, trial balance:…

A: Patents and accounts payable is not a current asset section of the balance sheet.

Q: Shown below are selected accounts and their balances for the KTS Company as of December 31, 2021:…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: The following accounts and their balances appear in an unadjusted trial balance of Shine Company as…

A: The current liabilities of a company are referred to as all those liabilities for which the company…

Q: Heat incorporated repored the following data for the year ending December 31, 2021: - Accounts…

A: As per the accrual basis of accounting, the transaction is recorded when the transactions occurred…

Q: The adjusted trial balance for Carla Vista Ltd. at October 31, 2021, contained the following:…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: SM Company prepared an aging of its accounts receivable at December 31, 2021 and determined that the…

A: Accounts Written off during the year = Balance of accounts receivable on December 31, 2020 +…

Q: A company's accounts payable dated December 31, 2021, totaled P1,000,000 before any necessary…

A: Working notes :- 1]  Issuance of check of P 350,000 was recorded on 3rd…

Q: The following accounts and their balances appear in an unadjusted trial balance of JISOO Company as…

A: As given in the question we are having the following Liabilities: Trade and Other Payable:  ₱…

Q: allowance for doubtful accounts was P1,000,000 at December 31, and P900,000 at January 1, 2020. For…

A: Allowance for doubtful debt: It can be defined as a contra asset account that reduces the amount of…

Q: Emmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts payable…

A: Solution Total liabilities  is the total debt that a business have to pay to individuals or any…

Q: The following accounts and their balances appear in an unadjusted trial balance of YOU Company as of…

A: The trial balance represents the ending balance of each account maintained by the corporation either…

Q: n February 1, 2021, MARIGOLD Company factored receivables with a carrying amount of ₱300,000 to…

A: 1) Computing the amount of cash initially to be received as follows:   Total Charges = (3% + 5%)…

Q: From inception of operations, Paramount Company provided for uncollectible accounts receivable under…

A: Allowance for doubtful accounts: When an organization follows allowance method for receivables it…

Q: Orange Company's accounts payable balance at December 31, 2021 was P540,000 before the year-end…

A: Solution: Amount of accounts payable to be reported by Orange company in statement of financial…

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company…

A: Following are the answers to given questions

Q: The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its…

A: Given that ,  Accounts receivable = $ 107000 Accounts payable  =  $36800 15% notes payable to bank =…

Q: aging of the receivables at December 31, 2021, CPA Co. has determined that its collectible trade…

A: Solution: Provision for bad debt based on aging analysis method is computed by deduction beginning…