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- Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDITUsing the stylized balance sheet below, please 1) finish the balance sheet, and 2) use that information to answer the following question, entering your answer in the place provided. Avg. Avg. Amount Amount Interest Interest Demand Vault Cash $1,573 $1,123 Deposits US Treas. Savings 3.43% 2,212 3.02% 8,497 Securities Deposits Consumer/Bus. 8.23% 15,315 CD's 3.54% ???? Loans Mortgage 6.82% 8,719 Borrowings 3.10% 2,747 Loans Property 2,032 Equity 3,423 Equipment Total Liab.& Total Assets ???? ???? Equity What is the net interest income the this bank? (Please enter the answer to the nearest penny!) ed 39,211.64 ver 1,091.41 margin of error +/- 1Find the present balances in the table below Previous Deposits Balance $42.30 220.72 37.09 849.83 19.84 1 2 3 4 5 $502.00 304.50 806.51 795.14 1,136.22 Withdrawals $80.60 398.63 329.77 900.62 1,108.00 Service Charge $6.75 2.80 2.85 0.00 48.06 Interest $0.00 1.00 1.98 2.19 0.00 Present Balance
- Based on this financial data, calculate the Savings Ratio. $7470 Net Worth Liquid Assets $ 4610 Monthly Credit Payments $720 Monthly Savings $ 640 Gross Income Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 1.02, 0.09, etc. Do not include a comma or"$" sign in your response. Liabilities Current Liabilities Take-home Pay $ 77300 $2000 $ 3150 $ 4890The bank statement for Unique Fashion had an ending cash balance of $2,200 on April 30, 2022. On this date the cash balance in their general ledger was $3,678. After comparing the bank statement with the company records, the following information was determined. The bank returned an NSF cheque in the amount of $350 that Unique Fashion deposited on April 20. The NSF service fee was $9. A direct deposit received from a customer on April 29 in payment of their accounts totaling $3,780. This has not yet been recorded by the company. On April 29, the bank deposited $16 for interest earned. The bank withdrew $35 for bank service charges. Deposits in transit on April 30 totalled $4,880. Required Reconcile the ledger and bank statement and create the required journal entries. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Select the proper order for the headings of the Bank Reconciliation. Cash balance per bank statement Add Outstanding deposit Adjusted bank…Saved e Quiz: Accounting for Current Liabi... A Required information Knowledge Check 01 The records of Pippins, Incorporated, included the following information: Net sales 475,000 Gross margin Interest expense Income tax expense Net income 000'0 000'0 Compute the times interest earned ratio, rounded to the nearest decimal. O 4.8 O 6.4 O7.4 O 20.0 *********** II F3 F5 F6 F8 F4 #3
- At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $42,500 and the allowance for uncollectible accounts is estimated at 16% of gross receivables? Select one: a. $42,500 b. $35,700 c. $28,900 d. $6,800question General ledger Debit Credit Balance 01.11.20 50,000 31.12.20 Rental Revenue 6000 56,000 31.12.20 Rental Revenue 1800 57,800 01.01.21 Rental Revenue 6,000 51,800 Kindly show me the T Accounts for the above general ledger.The accompanying table, Data table Date Deposit (Withdrawal) Date Deposit (Withdrawal) 1/1/20 $8,000 1/1/22 $3,272 1/1/21 $(6,540) 1/1/23 $5,255 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) , shows a series of transactions in a savings account. The account pays 5% simple interest, and the account owner withdraws interest as soon as it is paid. Calculate the following: a. The account balance at the end of each year. (Assume that the account balance at December 31, 2019, is zero.) b. The interest earned each year. c. The true rate of interest that the investor earns in this account. Question content area bottom Part 1 a. The account balance at the end of 2020 is $8,0008,000. (Round to the nearest dollar.) Part 2 The account balance at the end of 2021 is $1,9531,953. (Round to the nearest dollar.)
- TB Problem 7-170 (Algo) Cordova, Incorporated, reported the following... Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $50,000 in allowance for uncollectible accounts Interest receivable Notes receivable Additional information: 1. The notes receivable account consists of two notes, a $100,000 note and a $280,000 note. The $100,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $280,000 note is dated March 31, 2023, with principal and 8% interest payable on March 31, 2024. 2. During 2024, sales revenue totaled $2,100,000, $1,960,000 cash was collected from customers, and $39,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 8% of year-end gross accounts receivable. Required: 1. In addition to sales revenue,…At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $100,000 and the allowance for uncollectible accounts is estimated at 6% of gross receivables? a. $94,000 b. $60,000 c. $106,000 d. $100,000Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. Inc. Balance Sheet March 31 Assets Cash $ 83,000 Accounts receivable Inventory 126,000 69, 750 220,000 Plant and equipment, net of depreciation Total assets $ 498,750 Liabilities and Stockholders' Equity Accounts payable Common stock $ 81,000 348,000 69, 750 Retained earnings Total liabilities and stockholders' equity $ 498,750 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 30% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its…
