A company's January 1, 2019 balance sheet reported total assets of $167,000 and total liabilities of $68,500. During January 2019, the company completed the following transactions: (A) paid a note payable using $18,500 cash (no interest was paid); (B) collected a $17,500 accounts receivable; (C) paid a $6,700 accounts payable; and (D) purchased a truck for $6,700 cash and by signing a $28,500 note payable from a bank. The company's January 31, 2019 balance sheet would report which of the following? Multiple Choice Stockholders's Equity $86,700 Assets Liabilities $177,000 $90,300 Assets Liabilities Stockholders's Equity $195,500 $128,900 $66,600 Assets Liabilities Stockholders's Equity $170,300 $71,800 $98,500 Stockholders's Equity $98,500 Assets Liabilities $167,000 $68,500

A company's January 1, 2019 balance sheet reported total assets of $167,000 and total liabilities of $68,500. During January 2019, the company completed the following transactions: (A) paid a note payable using $18,500 cash (no interest was paid); (B) collected a $17,500 accounts receivable; (C) paid a $6,700 accounts payable; and (D) purchased a truck for $6,700 cash and by signing a $28,500 note payable from a bank. The company's January 31, 2019 balance sheet would report which of the following? Multiple Choice Stockholders's Equity $86,700 Assets Liabilities $177,000 $90,300 Assets Liabilities Stockholders's Equity $195,500 $128,900 $66,600 Assets Liabilities Stockholders's Equity $170,300 $71,800 $98,500 Stockholders's Equity $98,500 Assets Liabilities $167,000 $68,500

Name: A company's January 1, 2019 balance sheet reported total assets of $1
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: A company's January 1, 2019 balance sheet reported total assets of $167,000 and total liabilities of $68,500. During January 2019, the companycompleted the following transactions: (A) paid a note payable using $18,500 cash (no interest was paid); (B

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

See similar textbooks

Similar questions

A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: Accounts receivable $ 23,700 Less: Allowance for bad debts (3,500 ) $ 20,200 The company’s accounting records revealed the following information for the year ended December 31, 2020: Sales (all on account) $ 154,500 Cash collections from customers 147,000 Accounts written off 2,900 Bad debts expense (accrued at 12/31/20) 5,800 Required:Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.)
Johnson Ltd. reported the following information on financial statements for the year ended December 31, 2019: Accounts receivable $3,001,000 Allowance for doubtful accounts 94,930 Bad debts expense 153,130 Assume all 2019 balance are normal balances. During 2020, the company had the following transactions related to receivables: 1. Sales were $26,421,000, of which $21,105,000 were on account. 2. Collections of accounts receivable were $19,762,000. 3. Writeoffs of accounts receivable were $102,800. 4. Recoveries of accounts previously written off as uncollectible were $21,100. (Note that this amount is not included in the collections referred to in item b above. On December 31, 2019, Mills Manufacturing Ltd. had a $176,000 balance in its Accounts Receivable and a $10,000 balance in its Allowance for Doubtful Accounts. During 2020, the company made total sales of $955,000, of which $230,000 were cash sales. By the end of the year, Mills had received payments of $654,000 from its…
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…
Presented below are a number of balance sheet items for Montoya, Inc., for 2019. Unsecured notes payable (long term) 16,00,000 Accumulated depreciation-Equipment $ 292,000 Payroll taxes payable 177,591 Inventory 239,800 Bonds payable 300,000 Rent payable (short-term) 45,000 Discount on bonds payable 15,000 Income tax payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock$1 par value 200,000 Notes receivable 445,700 Preferred stock $10 par value 150,000 Notes payable (to banks) 265,000 Prepaid expenses 87,920 Accounts payable 490,000 Equipment 14,70,000 Retained earnings 713,897 Equity Investment (trading-cost) 111,000 Income tax receivable 97,630 Accumulated depreciation-Building 270,200 Goodwill 125,000 Building 16,40,000 Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Fair value of equity investments (trading) is…
Adobe Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended November 30, 2018. Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation $ 1,350 1,330 650 1,400 Allowance for Doubtful Accounts 15 Cash and Cash Equivalents 1,640 Common Stock 450 Deferred Revenue 2,915 Equipment 13,060 Income Taxes Payable 35 Notes Payable (long-term) 5,105 Notes Receivable (long-term) 185 Prepaid Rent 310 Retained Earnings 8,915 Service Revenue 485 Short-Term Investments 1,590 2,720 Software Required: Prepare a classified balance sheet. The Allowance for Doubtful Accounts relates entirely to Accounts Receivable. (One of the accounts does not belong on the balance sheet.) (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Answer is not complete. ADOBE INCORPORATED Balance Sheet As of November 30, 2018 (in millions of dollars) Assets Current Assets Cash and Cash Equivalents Accounts…
Skysong, Inc. had the following transactions involving current assets and current liabilities during February 2019. Feb. 3 Collected accounts receivable of $18,900. 7 Purchased equipment for $36,800 cash. 11 Paid $3,500 for a 1-year insurance policy. 14 Paid accounts payable of $12,400. 18 Declared cash dividends, $8,500. Additional information:As of February 1, 2019, current assets were $135,000 and current liabilities were $35,400.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of February 1, 2019 enter current ratio :1 Feb. 3 enter the current ratio as of February 3 :1 Feb. 7 enter the current ratio as of February 7 :1 Feb. 11 enter the current ratio as of February 11 :1 Feb. 14 enter the current ratio as of February 14 :1 Feb. 18 enter the current ratio as of February 18 :1
Banksia Company completed the following transactions during 2018-2019. The annual accounting period ends 30 June 2019. a) b) Purchased inventory on credit at cost of AUD 16,800; perpetual inventory system is used. Received a customer deposit of AUD 18,000 from ABC Ltd for services to be rendered in the future. c) Borrowed AUD 900,000 from the bank on 1 March 2019 by giving the bank a six-month, 9% interest bearing note payable. Performed AUD 8,000 of the services paid for by ABC Ltd; the rest will be rendered in August d) 2019. e) f) Received the electricity bill for AUD 24,200, which will be paid in early July. On 1 June 2019 received rent in advance of AUD 21,600 from XYZ Ltd for a 3 month lease of premises from 1 June until 31 August 2019. Wages accrued in the last weekly payroll amounted to AUD 23,000 and will be paid on 5 July 8) 2019. Required: 1) Prepare the journal entries for each of these transactions. 2) Prepare all adjusting entries required on 30 June 2019
Current Assets Listed here are certain accounts of Jenkins Company at the end of 2019; Debit (Credit) $12,000 1,530 1,200 4,300 5,400 (1,100) 3,380 (8,700) 15,500 970 27,200 19,000 Account Land Prepaid Insurance Cash on Hand Notes Receivable (due 2021) Cash in Bank Allowance for Doubtful Accounts Marketable Securities (Short-Term) Accumulated Depreciation Accounts Receivable Office Supplies Buildings Inventory
Banksia Company completed the following transactions during 2018-2019. The annual accounting period ends 30 June 2019. a) Purchased inventory on credit at cost of AUD 16,800; perpetual inventory system is used. Received a customer deposit of AUD 18,000 from ABC Ltd for services to be rendered in the b) future. c) Borrowed AUD 900,000 from the bank on 1 March 2019 by giving the bank a six-month, 9% interest bearing note payable. Performed AUD 8,000 of the services paid for by ABC Ltd; the rest will be rendered in August d) 2019. Received the electricity bill for AUD 24,200, which will be paid in early July. On 1 June 2019 received rent in advance of AUD 21,600 from XYZ Ltd for a 3 month lease of premises from 1 June until 31 August 2019. Wages accrued in the last weekly payroll amounted to AUD 23,000 and will be paid on 5 July f) 2019. Required: 1) Prepare the journal entries for each of these transactions. 2) Prepare all adjusting entries required on 30 June 2019.
Shown below are selected accounts and their balances for the KTS Company as of December 31, 2021: Accounts payable-P980,000; Accounts receivable-P2,160,000; Allowance for bad debts-P250,000; Cash-P224,000; Wages payable-P108,000; Trademarks-P450,000; Long-term advances to officers-P1,500,000; Inventory-P830,000; Income taxes payable-P720,000; Notes receivable(short-term)-P970,000; Bond redemption fund-P1,800,000; Bonds payable-P5,000,000; Premium on bonds payable-P400,000; Treasury shares-P576,000. How much were the total current assets at December 31, 2021? A P5,434,000 B) P4,510,000 C) P3,934,000 D) P3,943,000
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of $141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of $4,350 and $9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of $1,530,000, collected receivables in the amount of $1,445,700, and recorded bad debt expense of $83,750. Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year. Accounts Receiyable written off Accounts Receivable at 1/1/2019
At December 31, 2021, Robbins Products has cash of $19,000, receivables of $19,000, and inventory of $75,000. The company's equipment totals $188,000. Robbins owes accounts payable of $20,000 and long-term notes payable of $166,000. Common stock is $33,500. Read the requirement. Start with the heading and then complete the assets section of the statement. Finally complete the liabilities and stockholders' equity section of the statement. (Classify the balance sheet by selecting the proper title on all applicable subtotal lines. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Requirement Prepare Robbins's balance sheet at December 2021, complete with its proper heading. Use the accounting equation to compute retained earnings. Print Done - X swer