Before an adjusting entry on December 31, 2020, the fair value adjustment account contained a credit balance of $470. Pina Corp. reported net income of $76.300 for 2020.

Skysong Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $978,900. At December 31, 2020, Skysong’s internal reports indicated that the FIFO inventory balance was $2,711,600 and for external reporting purposes the LIFO inventory balance was $1,634,100. What is the amount of the LIFO reserve and the LIFO effect related to 2020? LIFO reserve at December 31, 2020     LIFO effect for 2020

Sheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020, Sheridan received full payment for the June 1 sale.   Prepare the required journal entries for Sheridan Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.

answer in text form please (without image)

On December 31, 2021, Vaden Corporation had the following account balances related to credit sales and receivables prior to recording adjusting entries:   Accounts receivable                           $350,000 Allowance for doubtful accounts                400 (credit balance) Sales revenue (all credit sales)           1,050,000               Required:   Prepare the necessary year-end adjusting entry to estimate bad debt expense for each of the following independent assumptions:   Accounts Receivable is aged into three categories – Current $210,000, 30 – 60 days past due - $80,000 and >60 days past due - $60,000. Additionally, the amount uncollectible for each category is 5% for current, 10% for 30-60 days and 25% for > 60 days. It is estimated that 2% of credit sales for the year will prove to be uncollectible.

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company’s fiscal year-end. The 2020 balance sheet disclosed the following:      Current assets:     Receivables, net of allowance for uncollectible accounts of $35,000 $ 457,000     During 2021, credit sales were $1,775,000, cash collections from customers $1,855,000, and $40,000 in accounts receivable were written off. In addition, $3,500 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following:     Percentage of Year-End Percent Age Group Receivables in Group Uncollectible 0−60 days 65 % 4 % 61−90 days 15   10   91−120 days 15   30   Over 120 days 5   50     Required:1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off.2. Prepare the…

Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (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.) Date Account Titles and Explanation Debit Credit December 31, 2020

Requlred Information [The following information apples to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). $ 257,000 52,000 1,100 Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 (debit) Requlred: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-recelvables method. Suzukl estimates 12% of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021

A company reports the following amounts at the end of 2024 (before adjustment). Credit Sales for 2024 Accounts Receivable, December 31, 2024 Allowance for Uncollectible Accounts, December 31, 2024 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates 11% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 1% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 2024 for each method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates 11% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the…

Bluebird, Inc. had net sales (all on account) in 2020 of$600,000. At December 31,2020 , before adjusting entries, the balances in selected accounts were: accounts receivable$75,000debit and allowance for doubtful accounts$1,500debit. Bluebird estimates that3%of its net sales will prove to be uncollectible. What is the net realizable value of the receivables reported on the financial statements at December 31,2020 ?