Question 24Based on the following post-dasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year.P 10,000s0,000Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,00040,0002,000Notes PayableCashP 25,000 Accrued Insurance Expense50,000 Office EquipmentUnused SuppliesAccounts ReceivableAllow. for Bad Debts1,500 Furniture12,000 Accum Depreciation - Furniture2,000If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit?P 109,000P 101,000P 102.000P 121,000

The question is related to calculation of Net Profit for the period.

Question 24 Based on the following post-diasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year. P 25,000 Accrued Insurance Expense 50,000 Office Equipment P 10,000 s0,000 Notes Payable Cash Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,000 Unused Supplies Accounts Receivable 1,500 Furniture 12,000 Accum Depreciation - Furniture 2,000 40,000 2,000 Allow. for Bad Debts If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit? O a P 109,000 P 101,000 OO P 102.000 P 121,000

Question 24 Based on the following post-diasing trial balance of Rigodon Corporation on June 30, the end of its fiscal year. P 25,000 Accrued Insurance Expense 50,000 Office Equipment P 10,000 s0,000 Notes Payable Cash Uneamed Rental Income 5,000 Accum. Depreciation - Office Eapat 8,000 Unused Supplies Accounts Receivable 1,500 Furniture 12,000 Accum Depreciation - Furniture 2,000 40,000 2,000 Allow. for Bad Debts If the owner's drawing is P 100,000 and the beginning owner's equity is P 185,000, How much is the net profit? O a P 109,000 P 101,000 OO P 102.000 P 121,000

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.1DC: Reading 3M Companys Balance Sheet: Accounts Receivable The following current asset appears on the...

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Week 7 Discussion question Accounting for Assets: Receivables Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible…
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Hide or show questions Progress:11/32 items On May 18, Rodriguez Co. issued an $84,000, 6%, 120-day note payable on an overdue account payable to Wilson Company. Assume that the fiscal year of Rodriguez ends on June 30. Which of the following relationships is true? a.Wilson is the creditor and debits Accounts Receivable b.Rodriguez is the borrower and debits Accounts Payable c.Rodriguez is the creditor and credits Accounts Receivable d.Wilson is the borrower and credits Accounts Payable
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A e Y Vo) LTE ll 48% A 06:48 Question 1/10 1 point At what point are companies required to recognize Bad Debt Expense for financial reporting purposes? As a period-end adjusting entry One hour before an IRS audit At the same time each individual sale is recorded After an account is more than 90 days past due At the point the account is written-off NEXT O
Problem 6-3: The Kissagram Corporation The Kissagram Corporation produced the following summary of its Accounts Receivable on October 31, 2021: Customer Total $ Notes Aniston 9000 25% over 30-60 days; Remainder 90. Leblanc 9000 100% > 90 days outstanding. Required 1. Prepare an aged schedule of Accounts Receivable. Use the following categories: 90 days (delinquent). 2. Compute the balance for the Allowance for Doubtful accounts (rounded to the nearest $). Assume bad debt percentages for each category of 0.7%, 7%, 12% and 22%. Upon completion, enter the following data here: Allowance for Doubtful Accounts submit
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
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