Blue Spruce Corp. had the following items to report on its balance sheet:Employee advancesAmounts owed by customers for the sale of services (due in 30days)Refundable income taxesInterest receivableAccepted a formal instrument of credit for services (due in 18months)A loan to company presidentDishonored a note for principal and interest which will eventuallybe collected$17870$15650$20920$1520$142703190130010502380Based on this information, what amount should appear in the "Other Receivables" category?104001380

Assets are resources (property) presented in the balance sheet because for it an organization's…

Answered: Based on this information, what amount…

Based on this information, what amount should appear in the "Other Receivables" category? O$17870 $15650 $20920 O $14270

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
Use the following information from financial statements of Hamilton Inc. Information from Balance Sheet Accounts: 12/31/2020 12/31/2021 Accounts receivable, gross Allowance for uncollectible accounts 5,000 70,000 90,000 Advances from customers 1,600 600 Information from Income Statement Accounts: Revenue (gross) carned during 2021 277,000 Bad debt expense in 2021 5,200 Other Information: Accounts receivable of 3,900 were written off during the year 2021.
Culver Company shows a balance of $237,880 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021 $23,900 Installment accounts due after 2021 38,300 Overpayments to vendors 3,540 Due from regular customers, of which $39,570 represents accounts pledged as security for a bank loan 87,500 Advances to employees 1,740 Advance to subsidiary company (due in 2021) 82,900 Illustrate how the information above should be shown on the balance sheet of Culver Company on December 31, 2020. Assume that installment accounts collectible due after December 31, 2018 (Customers) are collectible within the operating cycle of the business. The company’s operating cycle is such that all installment receivables are classified as current. CULVER COMPANYBalance Sheet (Partial)
Dorman Company had the following items to report on its balance sheet: Employee advances $ 1,580 Amounts owed by customers for the sale of services (due in 30 days) 3,050 Refundable income taxes 1,120 Interest receivable 950 Accepted a formal instrument of credit for services (due in 18 months) 2,220 A loan to company president 10,000 Based on this information, what amount should appear in the "Other Receivables" category?
Information from the records of Stormfall Co. is shown below: Accounts receivable net of 8,000 credit 100,00 0 balance in customers' accounts Notes receivable (trade) 15,000 Notes receivable (non-trade), $15,000 30,00 0 2,000 2,000 collectible within one year Dividends receivable Subscriptions receivable Advances to officers and employees (due in 10 months) Accounts payable net of $10,000 debit balance in suppliers' accounts 23. How much are the following? Total trade receivables A. 132,000 B. 123,000 C. 143,000 D. 123,000 4,000 3,000 Total current receivables 154,000 154,000 162,000 145,000
Presented below are the receivables of One Time Big Time Corporation as of December 31, 2018. Mr. A - Accounts receivable (180 days past due) 70,000 Mr. B - Accounts receivable assigned to the accounts payable to a supplier. 30,000 Mr. C - Accounts receivable factored to a financing company without recourse. 60,000 Mr. D - Note receivable discounted at a bank. 20,000 Mr. E - Note receivable from customer, dishonored. 15,000 Mr. F - President of the Company, advances for personal use. 12,000 Mr. G - Proven worthless accounts. 8,000 Mr. H - Customer with credit balance. (5,000) Other Trade Accounts Receivables (P30,000 of which are pledged against a loan from X Bank.) 200,000 Additional information: The allowance for doubtful account has a credit balance of P10,000 at the beginning of the year. Based on aging of receivables, the required allowance for doubtful account will be P20,000. The accounts receivable from Mr.…
) Jim Carrie Company shows a balance of $221,140 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021 $23,000 Installment accounts due after 2021 34,000 Overpayments to vendors 2,640 Due from regular customers, of which $40,000 represents accounts pledged as security for a bank loan 79,000 Advances to employees 1,500 Advance to subsidiary company (due in 2021) 81,000 Instructions Illustrate how the information above should be shown on the balance sheet of Jim Carrie Company on December 31, 2020. The company’s operating cycle is such that all installment receivables are classified as current.
RM Company disclosed the following information on December 31, 2021: Accrued rent expense Share dividends payable Accounts receivable, after deducting credit balances of customers accounts amounting to P42, 500 Estimated premium liability Cash in bank, net of bank overdraft of P22,650 54,000 750,000 179,300 65,800 481,900 215,500 Deferred tax liability Accounts payable, net of debit balances in suppliers' accounts amounting to P8,310 Unearned interest income 95,420 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 Cash dividends payable SSS payable Serial bonds payable in 5 yearly installment of P250,000 payable every October 31 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation Income tax payable Notes payable 1,500,000 1,000,000 520,000 57,100 1,250,000 75,000 138,500 460,000…
The following are excerpts from the financial statements of 2018 and 2019 of Mandela Corporation. 2019 2018 Sales $187,600 $195,000 Accounts Receivable (net): Beginning of Year 68,100 66,500 End of Year 60,200 68,100 A newly hired manager has started implementing new credit policies. Required: a. As a consultant, you are contracted to analyze Accounts Receivable Turnover and Number of Days’ Sales in Receivable and provide opinion as to whether Mandela’s credit policy changes are working b. What conclusions does your analysis suggest. Are the new credit policies working?
A company collects an honored note with a maturity date of 24 months from establishment, a 10%interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of thehonored note at maturity date?A. Interest Revenue, Interest Expense, CashB. Interest Receivable, Cash, Notes ReceivableC. Interest Revenue, Interest Receivable, Cash, Notes ReceivableD. Notes Receivable, Interest Revenue, Cash, Interest Expense
Tyeso Company has the following accounts in its liabilities section of the Balance Sheet as of December 31, 2020: Credit Balance in customers' accounts P120,000 Accounts Payable, net of debit balance from a supplier's account of P64,000 211,000 Stock dividends Payable 23,000 Note Payable, due 12/31/21 400,000 Note Payable, due 5/30/22 200,000 How much of the above amounts shall be reported as current liabilities as of December 31, 2020? a. P795,000 b. P667,000 c. P731,000 d. P818,000