Show the impact (with amounts) of each of the following items on the horizontal equation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. O ii. Show the impact of $190,000 cash collected during the year. iii. Establish an Allowance for Uncollectible Accounts at year-end.

Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.

Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.)   Yearly sales (credit) $420,000 Inventory turnover 7 times Current liabilities $80,000 Current ratio 2 Average collection period 36 days Current assets:       $ Cash ______ Accounts receivable ______ Inventory ______ Total current assets ______

Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it.  Long Term Liability?

Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Cash Accounts receivable Equipment, net Land Total assets Percent change = Compute the annual dollar changes and percent changes for each of the following items. (Decreases should be entered with a minus sign. Round your percentage answers to one decimal place.) Cash Accounts receivable Equipment, net Land Total assets $ Current Year $ 12,200 63,000 62,000 100,500 $ 237,700 $ Prior Year $ 15,400 28,700 54,400 75,000 $ 173,500 Horizontal Analysis - Calculation of Percent Change Numerator: Current Year Prior Year 12,200 $ 15,400 63,000 28,700 62,000 54,400 100,500 75,000 237,700 $ 173,500 Denominator: Dollar Change Percent Change % % % % %

Required: Use the financial statements of Heifer Sports Incorporated to find the information below for Heifer. Note: Use 365 days a year. Do not round intermediate calculations. Round all answers to 2 decimal places except $ amounts and Round Average collection period to 1 decimal place. Income Statement Sales Cost of goods sold Depreciation Selling and administrative expenses EBIT Interest expense Taxable income Taxes Net income Balance Sheet, Year-End Assets Cash Accounts receivable. Inventory Total current asset Fixed assets Total assets Liabilities and shareholders' equity Accounts payable Short-term debt Total current liabilities Long-term bonds Total liabilities Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 2023 $ 5,700,000 2,994,000 296,500 1,588,000 $ 821,500 160,000 $ 661,500 299,500 $362,000 2023 $ 44,200 610,000 452,900 $ 1,107,100 2,898,000 $ 4,005,100 $ 320,500 494,000 $814,500 1,960,000 $ 2,774,500 $ 311,000 919,600 $…

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1. A note receivable due in 18 months is listed on the balance sheet under the caption A. current assets B. investments C. long-term liabilities D. fixed assets   2. Two methods of accounting for uncollectible accounts are the A. direct write-off method and the accrual method B. direct write-off method and the allowance method C. allowance method and the accrual method D. allowance method and the net realizable method   3. What is the type of account and normal balance of Allowance for Doubtful Accounts? A. contra asset, debit B. asset, credit C. contra asset, credit D. asset, debit

ces Given the following information, complete the balance sheet shown next. Collection period Days' sales in cash Current ratio Inventory turnover Liabilities to assets Payables period Assets Current assets: Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets (All sales are on credit. All calculations assume a 365-day year. The payables period is based on cost of goods sold.) Note: Round your answers to the nearest whole dollar. Liabilities and shareholders' equity Current liabilities: 71 days 33 days 2.2 times Accounts payable Short-term debt Total current liabilities Long-term debt Shareholders' equity Total liabilities and equity 5 65% 35 days $ $ 1,300,000 2,000,000 7,000,000

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