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 perpetual inventory system. January 22 Receive $529,000 from customers on accounts receivable. January 24 Pay $359,000 to inventory suppliers on accounts payable. January 27 Write off accounts receivable as uncollectible, $2,100. January 31 Pay cash for salaries during January, $110,000.   The following information is available on January 31, 2024.   At the end of January, the company estimates that the remaining units of inventory purchased on January 12 are expected to sell in February for only $100 each. [Hint: Determine the number of units remaining from January 12 after subtracting the units returned on January 15 and the units assumed sold (FIFO) on January 19.] The company records an adjusting entry for $5,070 for estimated future uncollectible accounts. The company accrues interest on notes payable for January. Interest is expected to be paid each December 31. The company accrues income taxes at the end of January of $13,500.

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…

Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S

On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals Debit $27,300 15,300 4, 200 21,000 80,600 a-1. The receivables turnover ratio is a-2. The company collecting cash from customers b-1. Allowance for Uncollectible Accounts ratio b-2. The company expects an $148,400 Credit $1,600 During January 2024, the following transactions occur: January 2 January 6 Provide services to customers for cash, $52,100. Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. (Assume the company uses the allowance method) Pay cash for salaries, $33,100. January 20 January 22 Receive cash on accounts receivable, $87,000. January 25 Pay cash on accounts payable, $7,200. January 30 Pay cash for utilities during January,…

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 ACME Fireworks includes the following account balances:   Accounts Debit Credit Cash $25,700   Accounts Receivable 47,400   Allowance for Uncollectible Accounts   $4,800 Inventory 20,600   Land 52,000   Equipment 18,000   Accumulated Depreciation   2,100 Accounts Payable   29,100 Notes Payable (6%, due April 1, 2025)   56,000 Common Stock   41,000 Retained Earnings   30,700 Totals $163,700 $163,700   During January 2024, the following transactions occur:   January 2 Sold gift cards totaling $9,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $153,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $141,000. All of these sales are on account. The cost of the units sold is $76,800. January 23 Receive $126,000 from customers on accounts receivable. January 25…

On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts                                                Debit                  CreditCash                                                     $ 21,900Accounts Receivable                               36,500Allowance for Uncollectible Accounts                              $ 3,100Inventory                                                30,000Land                                                       61,600Accounts Payable                                                              32,400Notes Payable (8%, due in 3 years)                                   30,000Common Stock                                                                 56,000Retained Earnings                                                             28,500Totals                                                  $150,000             $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…

Consider the following financial data for Larry’s Computer Stores: Statement of Financial Position as of December 31, 2012 Cash & equivalents $ 94,500   Accounts payable $ 122,500 Receivables   202,500   Short-term bank note   162,500 Inventories   364,000   Accrued wages and taxes   110,500   Total current assets $ 661,000     Total short-term liab. $ 395,500         Long-term debt   418,000 Net fixed assets   468,500   Common equity   316,000 Total assets $ 1,129,500   Total liabilities & equity $ 1,129,500               Statement of Earnings for the Year Ended December 31, 2012 Sales revenue $ 450,000 Cost of merchandise sold   250,000 Gross profit $ 200,000 Operating expenses   97,500   Earnings before interest and taxes (EBIT) $ 102,500 Interest expense   46,500   Earnings before taxes (EBT) $ 56,000 Federal and state income taxes (45 percent)   25,200 Net earnings $ 30,800…

Balance Sheet as of December 31, 2021 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2021 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends 552 Addition to retained earnings 2$ 828