Below are accounts were taken from the books of Enrique Hill Cross School Security Services for April. Given the following data. School Security Income P 380, 000.00 Salaries Expense P 55, 000.00 Rent Expense P 18, 000.00 Utility Expense P 12, 000.00 Supplies Expense P 10, 000.00 Accounts Payable P 25, 000.00 How much is the net loss/net profit of Enrique Hill Cross School Security Services for the month of April? O a. P 500, 000. 00 ОБ. Р385,000. 00 Oc. P475, 000. 00 O d. P 285, 000. 00
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- Barga Company's net sales for Year 1 and Year 2 are $663,000 and $749,000, respectively. Its year-end balances of accounts receivable follow: Year 1, $61,000; and Year 2, $98,000. a. Complete the below table to calculate the days' sales uncollected at the end of each year. b. Did days' sales uncollected improve or worsen in Year 2 versus Year 1? Complete this question by entering your answers in the tabs below. Required A Required B Complete the below table to calculate the days' sales uncollected at the end of each year. Note: Do not round intermediate calculations. Round your "Days' Sales Uncollected" answers to 1 decimal place. Year 1: Year 2: Choose Numerator: Accounts receivable $ $ Days' Sales Uncollected 1 Choose Denominator: X /Net sales X 61,000 x 98,000 x 663,000/ $ 749,000/ $GG Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $700,000 and credit sales are $2,500,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Company make to record the bad debts expense? Select one: a. Bad Debt Expense .25,000 Allowance for Doubtful Accounts 25,000 b. Bad Debt Expense.... .32,000 Accounts Receivable 32,000 C. Bad Debt Expense .32,000 Allowance for Doubtful Accounts 32,000 d. The answer does not exist e. Bad Debt Expense ..... 25,000 Accounts Receivable 25,000 HIBA F1 F2 F3 F4 F5 B/O F6 F7 F8 F9 F10 图 PRTSC SYSRQ F11 F12 # $ 4 & * 3 6 8 9 НOME 7 PGUP E Y ! ق 4 D. F H J K END PGON w. RBarga Company's net sales for Year 1 and Year 2 are $668,000 and $748,000, respectively its year-end balances of accounts receivable follow. Year 1, $60,000; and Year 2, $96,000. a. Complete the below table to calculate the days' sales uncollected at the end of each year. b. Did days' sales uncollected improve or worsen in Year 2 versus Year 1?
- The accounts receivable balance on the records of of P38,000 were written off during the year as uncollectible. eud was P283,000. In going over the records, you found accounts reccivable REQUIRED: How much cash was received from the sale of the machine? during the year ended December 31, 2020. The accounts receivable at year- REQUIRED: How much cash was collected on credit sales during the year. Luneta Company of January 1, 2020. Credit sales were recorded at P1,060.000 P245,000 on durine p283.000. In going over the records, you found accounts reccivable PEOUIRED: How much cash was collected on credit sales during the year 2020 ? The manager of the Pansol Company is planning for the qaurter ending Narch 31, 2020, and wants to know how much cash must be paid for merchandise purchases. The inventory of merechandise is to be deereased by P46,000 during the quarter. Sales have been estimated at P360,000. The cost of saies is equal to 30% of sales. Accounts payable is expected to inerease…24. Miller Company's allowance for doubtful accounts was P1,000,000 at the end 20XX and P900,000 at the end of 20XX-1. For the year ended December 31, 20XX, Mill reported doubtful accounts expense of P160,000 in its income statement. What amount did Mill debit to the appropriate account in 20XX to write off uncollectible accounts?Barga Company's net sales for Year 1 and Year 2 are $666,000 and $747,000, respectively. Its year-end balances of accounts receivable follow: Year 1, $62,000; and Year 2, $95,000. a. Complete the below table to calculate the days' sales uncollected at the end of each year. b. Did days' sales uncollected improve or worsen in Year 2 versus Year 1? Complete this question by entering your answers In the tabs below. Required A Required B Complete the below table to calculate the days' sales uncollected at the end of each year. (Do not round intermediate calculations. Round your "Da Sales Uncollected" answers to 1 decimal place.) Days' Sales Uncollected Choose Denominator: Days Days' Sales Uncollected %3D Choose Numerator: Days' sales uncollected !! days Year 1: days Year 2: Required B >
- 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?At the end of the fiscal year, Accounts Receivable has a balance of R100 000 and allowance for doubtful accounts has a balance of R7 000. The expected net realizable value of the accounts receivable is________. Select one: a. R107 000 b. R7 000 c. R93 000 d. R100 000On December 31 of the current year, the following accounts were discovered in the BT21 Company's ledger: Dr. Accounts Receivable is at P356,800; Cr. Bad Debt Allowance is for P8,760; Cr. Cash Sales is worth P913,800; and Cr. Credit Sales is worth P1,851,000. Five percent of the outstanding accounts receivable, according to analysis, won't be recovered. What amount of the allowance for bad debts will need to be adjusted on December 31?
- On December 31, 20X1, Vale Company had an unadjusted credit balance of $1,000 in its Allowance for credit losses. Vale analyzes its historical experience related to receivables in specific age categories and estimates the expected credit loss for each category based on government forecasts of the economy. The resulting analysis is shown below. Age Amount Estimated Credit Loss 0–30 days $ 60,000 5 % 31–60 days 4,000 10 Over 60 days 2,000 70 Required: What amount should Vale report as Allowance for credit losses in its December 31, 20X1, balance sheet?Milky Way Inc. provided the following information on December 31, 2021: .P 900,000 Employee income taxes withheld... Cash balance at BPI-Leon Guinto Branch. 2,500,000 1,300,000 750,000 500,000 Cash overdraft at BDO-A. Mabini Branch. Accounts receivable with credit balance. Estimated amount of meeting warranties.. Estimated damages as a result of unsatisfactory... 1,500,000 Accounts payable.... Deferred serial bonds, issued at par and bearing interest at 12%, payable in semi-annual installments of P 500,000 due April land October 1 of each, the last bond to be paid on October 1, 2027. Interest is also paid semi-annually. . 3,000,000 5,000,000 What amount should be reported as total current liabilities on December 31, 2021?The following data were provided by Ninety Incorporated for the year 2021: Accounts Receivable, beginning 1,100,000 Accounts Receivable, ending 1,400,000 Accounts written off 45,000 Credit Sales 6,890,000 Cash Sales 3,455,000 Sales discounts granted to credit customers 132,000 Allowance for doubtful accounts 230,000 Sales Revenues under accrual basis would be Sales Revenues under cash basis would be