Cash $7,000 Prepaid insurance 700 Accounts receivable 3,500 Accounts payable 2,800 Notes payable 4,200
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- At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $42,500 and the allowance for uncollectible accounts is estimated at 16% of gross receivables? Select one: a. $42,500 b. $35,700 c. $28,900 d. $6,800The following information relates to ReDo Corporation: $28,184,000 $316,199,000 $64,115,000 What ReDo's receivables collection period (DSO)? In your computations, assume there are 360 days in a year. 42.50 days O 72.99 days 32.09days Accounts receivable Total credit sales Accounts payable O 11.22days
- Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000 What should be reported as sales under the accrual basis?a. 10,000,000b. 25,000,000c. 20,000,000d. 5,000,000Interest Revenue on the income statement is $3.900, beginning Interest Receivable is $360, ending Interest Receivable is $420, and Net Sales Revenue is $31,800. What is the cash receipt for interest? OA. $27,860 OB $3,100 OC. $3,140 OD. $3.860Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
- These figures relate to receivables: Balance at 1/1/X1 $2,500 Balance at 31/12/X1 $2,000 Cash from receivables $10,600 Contra with payables ledger $5,000 Increase in allowance for receivables $580 What were sales during the year? A $5,100 B $14,520 C $15,100 D $15,680Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s Equity
- Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000 What should be reported as sales under the cash basis?a. 15,000,000b. 18,000,000c. 17,000,000d. 16,000,000UNADJUSTED TRIAL BALANCE Account Debit Credit Cash $68,900 Accounts receivable 116,300 Interest receivable 1,300 Supplies inventory 138,600 Prepaid insurance 8,700 Notes receivable 50,000 Property and equipment 277,800 Accumulated depreciation $64,500 Accounts payable 104,100 Accrued liabilities 21,600 Deferred revenue 9,200 Notes payable 87,400 Contributed capital 216,100 Retained earnings 143,500 Sales revenue 40,500 Interest revenue 21,900 Cost of service expense 26,400 Supplies expense 0 Depreciation expense 0 Wages expense 3,000 Rent expense 17,800 Insurance expense 0 Totals $708,800 $708,800 The following data are available to determine adjusting entries: A) $4,350 of prepaid insurance expired during the period. B) The company estimates…Gu Company provided the following from the unadjusted trial balance at year end Debit Credit Accounts Receivable 5,000,000 Allowance for Doubtful Accounts 40,000 Net Credit Sales 20,000,000 The entity estimated that 3% of the gross accounts receivable will become uncollectible What is the required allowance for doubtful accounts at year end? a. 150,000 b. 110,000 c. 190,000 d. 40,000