he adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Accounts Debit Credit Cash $20,000 162,000 9,000 28,000 370,000 Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable (due in two years) $125,000 16,000 3,800 1,700 30,000 190,000 99,300 Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense 26,000 500,000 Rent expense Depreciation expense Interest expense Utilities expense 182,000 79,000 11,000 38,000 2,800 38,000 $ 965,800 Totals $965,800 Prepare a classified balance sheet for China Tea Company as of December 31, 2021. (Amounts to be deducte with a minus sign.)

Joseph Co. reported the following financial information for 2020: Accounts receivable, January 1, 2020 P1,200 Accounts Receivable, December 31, 2020 250 Cash collection from customer on account 1,300 Joseph Co.’s service revenue rendered on account to clients amounted to

The trial balance of Novak Ltd. at December 31, 2020, follows:     Debits   Credits Cash   $295,000         Sales revenue         $10,299,000   FV-NI investments (at fair value)   323,000         Cost of goods sold   6,400,000         Bond investment at amortized cost   429,000         FV—OCI investments (fair value $445,000)   378,000         Notes payable (due in six months)         99,000   Accounts payable         805,000   Selling expenses   2,460,000         Investment income or loss*         11,000   Land   320,000         Buildings   2,940,000         Dividends payable         56,000   Income tax payable         106,000   Accounts receivable   705,000         Accumulated depreciation—buildings         232,000   Allowance for doubtful accounts         37,000   Administrative expenses   930,000         Interest expense   251,000         Inventory   767,000         Gain on disposal of land…

Required information Skip to question   [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:  Accounts Debit   Credit Cash $ 27,300           Accounts Receivable   15,300           Allowance for Uncollectible Accounts         $ 4,200   Supplies   4,200           Notes Receivable (6%, due in 2 years)   21,000           Land   80,600           Accounts Payable           9,100   Common Stock           101,000   Retained Earnings           34,100   Totals $ 148,400     $ 148,400     During January 2021, the following transactions occur: January   2   Provide services to customers for cash, $52,100. January   6   Provide services to customers on account, $89,400. January   15   Write off accounts receivable as uncollectible, $3,900. January   20   Pay cash for salaries, $33,100. January   22   Receive cash on accounts receivable,…

Please Do not Give image format

Calculating the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the Accounts Receivable Turnover in Days Last year, Dogwood Company had net sales of $8,987,000 and cost of goods sold of $4,812,000. Dogwood had the following balances:   January 1 December 31 Accounts receivable $725,000 $775,000 Inventory 450,000 425,000 Required: Note: Round answers to one decimal place. Assume 365 days per year. 1.  Calculate the average accounts receivable.$fill in the blank 1 2.  Calculate the accounts receivable turnover ratio.fill in the blank 2 times 3.  Calculate the accounts receivable turnover in days.fill in the blank 3 day

On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances:   Accounts Debit Credit Cash $24,300   Accounts Receivable 42,500   Allowance for Uncollectible Accounts   $2,700 Inventory 42,000   Land 79,600   Accounts Payable   29,200 Notes Payable (8%, due in 3 years)   42,000 Common Stock   68,000 Retained Earnings   46,500 Totals $188,400 $188,400   The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions:   January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1,150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defects. January 19 Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO…

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.

On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances:   Accounts Debit Credit Cash $24,300   Accounts Receivable 42,500   Allowance for Uncollectible Accounts   $2,700 Inventory 42,000   Land 79,600   Accounts Payable   29,200 Notes Payable (8%, due in 3 years)   42,000 Common Stock   68,000 Retained Earnings   46,500 Totals $188,400 $188,400   The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions:   January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1,150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defects. January 19 Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO…

On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances:   Accounts Debit Credit Cash $24,300   Accounts Receivable 42,500   Allowance for Uncollectible Accounts   $2,700 Inventory 42,000   Land 79,600   Accounts Payable   29,200 Notes Payable (8%, due in 3 years)   42,000 Common Stock   68,000 Retained Earnings   46,500 Totals $188,400 $188,400   The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions:   January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1,150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defects. January 19 Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO…