Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts receivable Supplies Equipment Land Building $6,900 30,200 1,510 10,000 8,000 26,500 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings $8,800 3,340 47,500 1,500 6,320 15,870 a. Rebuilt and delivered five pianos in January to customers who paid $18,700 in cash. b. Received a $550 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop: received $870 for rent in January. d. Received $7,800 from customers as payment on their accounts. e. Received an electric and gas utility bill for $500 to be paid in February. f. Ordered $910 in supplies. g. Paid $1,640 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $930 tool (equipment) to use in the business in exchange for 130 shares of $1 par value stock. i. Paid $14,600 in wages to employees who worked in January. j. Declared and paid a $2,200 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). L. Paid $340 in interest expense on the long-term note payable. Required: 1 and 2. Enter the following transactions for January of the second year into the T-accounts, using the letter of each transaction. as the reference: 3. Using the data from the T-accounts, amounts for the following at the end of January of the second year, were:

Renue Spa had the following balances at December 31, Year 2: Cash of $12,000, Accounts Receivable of $81,000, Allowance for Doubtful Accounts of $2,000, and Retained Earnings of $91,000. During Year 3, the following events occurred: 1. $1,900 of accounts receivable were written off as uncollectible. 2. The company unexpectedly collected $130 of receivables that had been written off in a previous accounting period. 3. Services provided on account during Year 3 were $222,000. 4. Cash collections from receivables were $224,037. 5. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required: 1. Organize the transaction data in accounts under an accounting equation. 2. Based on the preceding information, compute (after year-end adjustment): (1) Balance of Allowance for Doubtful Accounts at December 31, Year 3. (2) Balance of Accounts Receivable at December 31, Year 3 (3) Net realizable value of Accounts Receivable at December 31, Year 3. 3.…

Valero’s energy’s balance sheet showed total current assets of $3000 all of which were required in operations. It’s current liabilities consists of $905 of accounts payable $600 of 6% short term notes payable to the bank and $250 of acute wages and taxes. What was its net operating working capital?

ook ht rint rences In its first year of operations, Cloudbox has credit sales of $230,000. Its year-end balance in accounts receivable is $13,000, and the company estimates that $3,000 of its accounts receivable is uncollectible. a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $29,500, Cash is $21,500, and Prepaid Rent is $3,750. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the year-end adjusting entry to estimate bad debts expense. View transaction list Journal entry worksheet 1 Record the year-end adjusting entry to estimate bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Bad debts expense 8 Allowance for doubtful accounts Debit Credit

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American Laser, Inc., reported the following account balances on January 1.     Debit Credit Accounts Receivable $ 5,000         Accumulated Depreciation       $ 30,000   Additional Paid-in Capital         90,000   Allowance for Doubtful Accounts         2,000   Bonds Payable         0   Buildings   247,000         Cash   10,000         Common Stock, 10,000 shares of $1 par         10,000   Notes Payable (long-term)         10,000   Retained Earnings         120,000   Treasury Stock   0         TOTALS $ 262,000   $ 262,000       The company entered into the following transactions during the year.   Jan.   15   Issued 5,000 shares of $1 par common stock for $50,000 cash. Jan.   31   Collected $3,000 from customers on account. Feb.   15   Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Mar.   15   Reissued 2,000 shares of treasury stock for $24,000 cash. Aug.   15   Reissued 600 shares of treasury stock for $4,600…

The Miller Company recognized $129,000 of service revenue earned on account during Year 2. There was no beginning balance in the accounts receivable and allowance accounts. During Year 2, Miller collected $85,000 of cash from accounts receivable. The company estimates that it will be unable to collect 3% of its sales on account. The net realizable value of Miller's receivables at the end of Year 2 was: Multiple Choice $47,870. $44.000, $40,130. $41,450.

Angel Valdez is an owner and manager of Angel V's Inc., which began operations a few years prior. On December 31, AV's shows the following selected accounts and amounts for the fiscal year ended December 31.   Account Debit Credit   Account Debit Credit Cash $ 25,394     Common stock   $ 79,500 Accounts receivable 24,010     Paid-in capital in excess of par-C.S.   485,475 Allowance for doubtful accounts   807   Retained earnings   229,941 Interest receivable 100     Cash Dividends 10,004   Inventory 48,004     Sales   2,297,999 Supplies 10,410     Sales discounts 13,276   Prepaid insurance 3,272     Sales returns & allowances 62,900   Prepaid rent 5,398     Interest revenue   2,203 Notes receivable 39,004     Gain on sale of plant asset   4,226 Investment in stock 25,994     Cost of goods sold 1,266,441   Land 144,994     Depreciation expense 44,720   Buildings 1,394,986     Amortization expense 4,175   Equipment 215,400     Salaries expense 569,992…

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At the beginning of Year 3 Omega Company had a $75,000 balance in its accounts receivable account and a $10,400 balance in allowance for doubtful accounts. During Year 3 Omega experienced the following events. (1) Earned $256,000 of revenue on account. (2) Collected $248,000 cash from accounts receivable. (3) Wrote off $8,500 of accounts receivable as uncollectible. Omega estimates uncollectible accounts to be 4% of receivables. The December 31, Year 3 ending balance in the allowance for doubtful accounts account (balance after expense recognition) is: Multiple Choice $2,980. $8,500. $2,660. $3,300.