FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
expand_more
expand_more
format_list_bulleted
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
The December 31, 2021, ledger of accounts receivable has a balance of 24,000,000. On this date, the company estimates 1,200,000 to be uncollectible , whereas 2,000,000 have to be written off.Required:1. Carry out any necessary journal entries.2. Present the accounts receivable extract as it has to appear in the statement of financial position of December 31,2021.
Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some questions as to the proper
classification of the following items:
a. $68,000 in cash restricted in a savings account to pay debt. The debt matures in 2028.
b. Prepaid rent of $42,000, covering the period January 1, 2025, through December 31, 2026.
c. Notes payable of $236,000. The notes are payable in annual installments of $38,000 each, with the first installment payable on
March 1, 2025.
d. Accrued interest payable of $30,000 related to the notes payable is due June 30, 2025.
e. Investment in equity securities of other corporations, $116,000. Cone intends to sell one-half of the securities in 2025.
Required:
Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported.
X Answer is not complete.
CONE CORPORATION
Balance Sheet (Partial)
At December 31, 2024
Current assets:
Prepaid rent
Investment in equity securities…
1. Open, post to and balance the debtors control account in the general ledger of Dumbledore Magic World for May 2019. The balance brought down on 1 May 2019 was R 71 821.20
Knowledge Booster
Similar questions
- Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some questions as to the proper classification of the following items: a. $55,000 in cash restricted in a savings account to pay debt. The debt matures in 2028. b. Prepaid rent of $29,000, covering the period January 1, 2025, through December 31, 2026. c. Notes payable of $210,000. The notes are payable in annual installments of $25,000 each, with the first installment payable on March 1, 2025. d. Accrued interest payable of $17,000 related to the notes payable is due June 30, 2025. e. Investment in equity securities of other corporations, $90,000. Cone intends to sell one-half of the securities in 2025. Required: Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported. CONE CORPORATION Balance Sheet (Partial) At December 31, 2024 Assets Current assets: Investment in equity securities Prepaid rent Long-term investments: $…arrow_forwardThe following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for baddebts of $9,750 and $15,336, respectively $179,866 $225,851 Required:a. If $11,849 of accounts receivable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint: Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) b. The December 31, 2020, Allowance account balance includes $3,034 for a past due account that is not likely to be collected. This account has not been written off.(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If it had been written off, will there be any effect of the write-off on net income and ROI for the year ended December 31, 2020? Yes No c. The…arrow_forwardRequired information [The following information applies to the questions displayed below.] On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,400 on December 31, 2022. The proceeds of the note were $116,400. c. 1. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. 2. Record the journal entry to show the effects of recording interest expense for the month of September. 3. Record the journal entry to show the effects of repaying the note on December 31, 2022. Complete this question by entering your answers in the tabs below. Required C1 Required C2 Required C3 Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1arrow_forward
- The following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 $173,630 $221,317 Accounts receivable, less allowance for bad debts of $9,344 and $16,814, respectively Required: a. If $11,033 of accounts receivable were written off during 2020, what was the amount of bad debts expense recognized for the year? Hint. Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) Bad debt expense b. The December 31, 2020, Allowance account balance includes $3,045 for a past due account that is not likely to be collected. This account has not been written off. (1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? O Yes O No (2) If It had been written off, will there be any effect of the write-off on net Income and ROI for the year ended December 31, 2020? O Yes O No c. The level of Avanti's…arrow_forwardQ.2.1) Open, post to and balance the debtors control account in the general ledger of Towel Talk for February 2021. (Round off to the nearest rand)arrow_forward4. What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021? 5. What is the amount of the current accounts receivable of AR Corporation that might prove to be uncollectible? 6. What is the balance of the allowance for uncollectible accounts before adjustments of AR Corporation on December 31, 2021?arrow_forward
- The reporting date is June 39,2020. Classify the accounts as to what they belong. Current or noncurrent. 1.Loans Payable ( Due Dec 31,2020) 2 Loans Payable ( Due May 5,2022) 3.Notes Receivable ( due Oct. 8 ,2020) 4.Notes Receivable ( due Dec. 10, 2021) Please answer it completely. Thanks.arrow_forwardOn August 1, 2022, Colombo Company’s treasurer signed a note promising to pay $122,700 on December 31, 2022. The proceeds of the note were $116,100. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. What is the discount on notes payable and what is the interest expense?arrow_forwardBased on the following data of KONTINALANG Co., how much is the adjusted bank balance as of December 31, 2019?arrow_forward
- ! Required information [The following information applies to the questions displayed below.] Cash Agrico Incorporated accepted a 10-month, 14% (annual rate), $5,600 note from one of its customers on July 15, 2022; interest is payable with the principal at maturity. b-1. Prepare the horizontal model to record collection of the note and interest at maturity. Note: Enter decreases to account balances with a minus sign. Do not round your intermediate calculation. Round your final answers to two decimal places. Assets 294.00 = = = Balance Sheet Liabilities + + + + Stockholders' Equityarrow_forward33.In Leni Company's December 31, 2021 statement of financial position, a note receivable was reported as a non-current asset and its accrued interest for five months was reported as a current asset. Which of the following terms would fit Leni Company's note receivable? a. Both principal and accrued interest amounts are payable on July 31, 2022 and July 31, 2023. b. Both principal and interest are due on July 31, 2023. c. Interest is due on July 31, 2022 and July 31, 2023 and principal is due on July 31, 2023. d. Accrued interest is due on December 31, 2021 and principal is due on July 31, 2023.arrow_forward4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education