Required information [The following information applies to the questions displayed below.] Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash $ 23,000 Accounts payable 19,000 $ Investments (short-term) 3,500 4,000 Accrued liabilities payable Notes payable (short- term) Accounts receivable 4,800 5,300 47,000 Inventory 26,000 Notes payable (long-term) 10,700 Notes receivable (long- term) 2,000 Common stock 96,300 Equipment 53,000 Additional paid-in capital 43,300 Factory building 108,000 Retained earnings Intangibles 4,300 During the year 2015, the company had the following summarized activities:
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- The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
- The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet December 31, 2024 Cash $ 19,000 Notes receivable (due August 15, 2025) 35,000 Accounts receivable (net) 48,400 Inventory 70,600 Property, plant, and equipment (net) 250,000 Intangible assets 12,400 Total assets $ 435,400 Current liabilities $ 108,400 Bonds payable (11%) (long-term) 100,000 Common stock 70,000 Retained earnings 157,000 Total liabilities and equity $ 435,400 MARJORAM COMPANY Income Statement For the Year ended December 31, 2024 Sales $ 704,000 Cost of goods sold 422,400 Gross profit $ 281,600 Operating expenses 166,200 Operating income $ 115,400 Interest expense 11,000 Income before income tax $ 104,400 Income tax expense 31,320 Net income $ 73,080 Required: Compute the acid-test ratio for Marjoram Company. Note: Round your answer to 2 decimal places.2) On December 31, 2017, Sunmi Company has an outstanding accounts receivable balance of P130,000,000 broken down into: 0-60 days outstanding, P50,000,000; 61-120 days outstanding, P40,000,000; 121-365 days outstanding, P30,000,000; over one year outstanding, P10,000,000. Estimated uncollectible accounts are 2%, 5%, 10% and 25% respectively. During the current year, Sunmi wrote off P2,500,000 of accounts receivable and recovered P500,000 from accounts previously written off in prior years. On December 31, 2016, Sunmi had an allowance for doubtful accounts of P5,000,000. What amount should be reported as doubtful accounts expense for the year ended December 31, 2017? A. 5.500.000 В. 8,500,000 С. 4,500,000 D. 3,000,000
- The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet December 31, 2024 Cash $ 19,000 Notes receivable (due August 15, 2025) 35,000 Accounts receivable (net) 48,400 Inventory 70,600 Property, plant, and equipment (net) 250,000 Intangible assets 12,400 Total assets $ 435,400 Current liabilities $ 108,400 Bonds payable (11%) (long-term) 100,000 Common stock 70,000 Retained earnings 157,000 Total liabilities and equity $ 435,400 MARJORAM COMPANY Income Statement For the Year ended December 31, 2024 Sales $ 704,000 Cost of goods sold 422,400 Gross profit $ 281,600 Operating expenses 166,200 Operating income $ 115,400 Interest expense 11,000 Income before income tax $ 104,400 Income tax expense 31,320 Net income $ 73,080 Required: Compute the current ratio for Marjoram Company. Note: Round your answer to 2 decimal places.On January 1, 2024, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 274,000 Accounts receivable 74,000 Allowance for uncollectible accounts $ 37,400 Inventory 33,400 Building 243,400 Accumulated depreciation 44,000 Land 248,600 Accounts payable 190,000 Notes payable (8%, due in 3 years) 240,000 Common stock 119,600 Retained earnings 242,400 Totals $ 873,400 $ 873,400 The $33,400 beginning balance of inventory consists of 334 units, each costing $100. During January 2024, the company had the following transactions: January 2 Lent $54,000 to an employee by accepting a 6% note due in six months. January 5 Purchased 5,200 units of inventory on account for $572,000 ($110 each) with terms 110/110 , n30/�30 . January 8 Returned 100 defective units of inventory purchased on January 5. January 15 Sold 5,000 units of inventory on account for $820,000 ($164 each) with terms…The current assets and current liabilities sections of the balance sheet of Sunland Co. appear as follows. Sunland Co.Balance Sheet (Partial)As of December 31, 2017 Cash $ 17,900 Accounts payable $ 29,500 Accounts receivable $ 39,600 Notes payable 15,400 Less: Allowance for doubtful accounts 3,200 36,400 Unearned revenue 3,800 Inventory 61,100 Total current liabilities $ 48,700 Prepaid expenses 7,400 Total current assets $ 122,800 The following errors in the corporation’s accounting have been discovered: 1. Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company’s controller recorded the amount as revenue. 2. The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on…
- On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 94,000 Accounts receivable 44,000 Allowance for uncollectible accounts $ 9,400 Inventory 30,400 Building 90,400 Accumulated depreciation 14,000 Land 208,000 Accounts payable 40,000 Notes payable (8%, due in 3 years) 60,000 Common stock 104,000 Retained earnings 239,400 Totals $ 466,800 $ 466,800 The $30,400 beginning balance of inventory consists of 304 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $24,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,700 units of inventory on account for $407,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold…Required Information On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Debit Credit Accounts Receivable $ 58,800 25,200 Allowance for Uncollectible Accounts $ 2,300 Inventory 36,480 Notes Receivable (5%, due in 2 years) 13,200 Land 156,000 Accounts Payable Common Stock Retained Earnings 14,900 221,200 51,408 Totals $ 289,680 $ 289,600 During January 2024, the following transactions occur. January 1 Purchase equipment for $19,600. The company estimates a residual value of $1,608 and a six-year service life. January 4 Pay cash on accounts payable, $9,600. January 8 Purchase additional inventory on account, $83,980. January 15 Receive cash on accounts receivable, $22,100. January 19 Pay cash for salaries, $29,900. January 28 Pay cash for January utilities, $16,600. January 30 Firework sales for January total $221,000. All of these sales are on account. The cost of the units sold is $115,500. Information for adjusting entries: a.…The AHAI Company's balance sheet of December 31, 2018 is given below: Accounts payable Notes payable Accrued wages and taxes Long-term debt Common equity Total liabilities & equity Cash Accounts receivable Inventory Net fixed assets Total assets O a. $6 O b. $7 O c. $8 O d. $40 O e. $5 $10 25 40 95 $170 $20 25 15 30 80 $170 Sales during the past year were $1,000, and they are expected to increase to $2,000 during 2019. AHAI's fixed assets were used to 60% of capacity during 2018, but its current assets were at their proper levels. All assets except fixed assets increase at the same rate as sales, and fixed assets would also increase at the same rate if the current excess capacity did not exist. Assume that AHAI's profit margin will remain constant at 4.25 percent and that the company will continue to pay out 40 percent of its earnings as dividends. What amount of additional funds (AFN) will be needed during the next year assuming the company would use up the excess capacity before…