FAJARDO Company paid P24,900 in insurance premiums during 2014. FAJARDO showed P3,600 in prepaid insurance on its December 31, 2014 balance sheet and P4,500 on December 31, 2013. The insurance expense account on its income statement for 2014 was _________
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FAJARDO Company paid P24,900 in insurance premiums during 2014. FAJARDO showed P3,600 in prepaid insurance on its December 31, 2014 balance sheet and P4,500 on December 31, 2013. The insurance expense account on its income statement for 2014 was _________
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- Bold Company’s 2016 income statement reported total credit revenue of $250,000. Bold’s accounts receivable balance on January 1, 2016 was $30,000, and its December 31, 2016 accounts receivable balance was $10,000. Bold’s accounts payable balance on January 1, 2016 was $25,000, and its December 31, 2016 accounts payable balance was $35,000. How much did Bold collect from customers during 2016?Miller Company reported the following information in its 2017 financial statements ($ in millions) 2017 2016 $2,347.8 $1,675.0 $18,477.6 Balance sheet: Accounts receivable, net Income statement sales revenue A note disclosed that the allowance for uncollectible accounts had a balance of $30.4 million and $30.1 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $20,4 million Required: Determine the amount of cash collected from customers during 2017. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Cash cofections S 18.004.5At the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $143,000, and the balance in Allowance for Doubtful Accounts was $2,450. EZ Tech's sales in 2017 were $1,070,000, 80% of which were on credit. Collections on account during the year were $690,000. The company wrote off $4,000 of uncollectible accounts during the year. Required: 1. Identify and analyze the sales during 2017. Activity Operating Accounts Cash Increase, Accounts Receivable Increase, Sales Revenue Increase Statement(s) Balance Sheet and Income Statement How does this entry affect the accounting equation?If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Net Assets = Liabilities + Equity Revenues – Expenses = Income…
- General Mills reported the following information in its 2017 financial statements ($ in millions): 2017 2016Balance Sheet:Accounts receivable, net $ 1,430.1 $ 1,360.8Income statement:Sales revenue $ 15,619.8 A note disclosed that the allowance for uncollectible accounts had a balance of $24.3 million and $29.6 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $16.6 million.Required:Determine the amount of cash collected from customers during 2017.The following information is taken from the 2014 annual report to shareholders of Hewlett-Packard Year Ended 2014 2013 Accouts receivable, net $ 18,481 $ 16,537 Accounts receivable, gross $ 19,066 $ 17,166 Bad debt expense $ 156 $ 345 What is the Balance in HP's allownace for doubtful accounts at the end of the fiscal year? What was the amount of receivables written off during 2014? Compute the allowance as a percentage of gross receivables for: 2014, 2013Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days’ sales in receivables ratio for 2018 (round all answers to two decimal places)?
- The 2016 financial statements of Leggett & Platt, Inc. include the following information in a footnote. What are the company’s current gross accounts and other receivables at the end of 2016? (in millions) 2016 2015 Allowance for doubtful accounts $7.2 $9.3 Total accounts and other receivables, net $486.6 $520.2 Group of answer choices $493.8 million $452 million $479.4 million $486.6 millionAt the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $241,000, and the balance in Allowance for Doubtful Accounts was $4,100. EZ Tech's sales in 2017 were $1,810,000, 70% of which were on credit. Collections on account during the year were $1,160,000. The company wrote off $7,000 of uncollectible accounts during the year. I have to determine the cash and accounts receivable / stockholders' equity. I have worked the solutions and still unable to get the correct answer.The following information is taken from the 2014 annual report to shareholders of Hewlett-Packard Year Ended 2014 2013 Accouts receivable, net $ 18,481 $ 16,537 Accounts receivable, gross $ 19,066 $ 17,166 Bad debt expense $ 156 $ 345 What is the Balance in HP's allownace for doubtful accounts at the end of the fiscal year? 2013? 2014?
- You are given the following information about Sheridan Plumbing Company. Revenues in 2017 totaled $ 908, depreciation expenses $ 77, costs of goods sold $ 374, and interest expenses $ 71. At the end of the year, current assets were $ 136 and current liabilities were $ 117. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement. (Round answers to 2 decimal places, e.g. 15.25) Sheridan Plumbing CompanyIncome StatementAt the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $143,000, and the balance in Allowance for Doubtful Accounts was $2,450. EZ Tech's sales in 2017 were $1,070,000, 80% of which were on credit. Collections on account during the year were $690,000. The company wrote off $4,000 of uncollectible accounts during the year. Identify and analyze the transactions related to the collections of cash during 2017. Activity Operating Accounts Cash Increase, Accounts Receivable Decrease Statement(s) Balance Sheet only How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Net Assets = Liabilities + Equity Revenues – Expenses = Income…Merck & Company reported the following from its 2016 financial statements. $ millions 2013 2014 2015 2016 Accounts receivable, net $7,682 $7,121 $6,981 $7,511 Allowance for doubtful accounts 154 163 175 213 a. Compute accounts receivable gross for each year. $ millions 2014 Accounts receivable, gross $ 2013 $ $ 2015 $ 2016
