The accounting equation elements and their balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or withdrawals by J. Trendsetter during the year. Accounts payable $12,000 J. Trendsetter, capital (January 1) $10,000 Accounts receivable 14,000 Supplies 1,000 Cash 18,000 Income taxes expense 1,300 Computer equipment 21,000 Utilities expense 8,000 Fees earned 78,000 Wages expense 25,000 Rent expense 10,000 Supplies expense 1,700 Prepare an income statement as of December 31. Awesome Travel Services Income Statement For the Year Ended December 31 Expenses: Total expenses

On December 31, 20X1, the company reported a debit balance of $200,000 in accounts receivable and a credit balance of $5,000 in the allowance for expected credit losses. December 31 is the company’s reporting date. During 20X2, the company had the following transactions:   a. The company made a credit sale of $300,000.   b. The company collected accounts receivable for 350,000.   c. The company wrote off the uncollectible accounts for $12,000.   d. The company collected the receivable of $4,000 that had been written off previously.        Required Note: Show calculation:   (1) Prepare journal entries to record the above four transactions.   (2) Assume that 2% of the company’s accounts receivable cannot be collected, prepare the adjusting journal entry at the end of 20X2.

The accounts of Long Company provided the following 20X5 information at 31 December 20X5 (end of the annual period): Accounts receivable balance, 1 January 20X5 $51,000 Allowance for doubtful accounts balance, 1 January 20X5 3,000 Uncollectible account to be written off during 20X5 (ex-customer Slo) 1,000 Cash collected on accounts receivable during 20X5 170,000 Estimates for bad debt losses: Based on ending balance of accounts receivable, 8%. Based on aging schedule (excludes Slo’s account): Age Accounts Receivable Probability of Noncollection Less than 30 days $28,000 2% 31–90 days 7,000 10 91–120 days 3,000 30 More than 120 days 2,000 60 Required: Give the entry to write off customer Slo’s long-overdue account. Give all entries related to accounts receivable and the allowance account for the following two cases: Case A—Bad debt expense is based on the ending balance of accounts receivable Case B—Bad debt expense is based on aging Show how the results of applying each case above…

1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.

The year-end financial statements of Prize Inc. include the accounts receivable footnote:Total accounts and other receivables at December 31 consisted of the following: (in millions) Year 2 Year 1 Total accounts and other receivables $444.4 $476.6 Allowance for doubtful accounts (6.0) (8.4) Total accounts and other receivables, net $438.4 $468.2 The balance sheet reports total assets of $2,984.1 million at December 31, Year 2.The common-size amount for gross accounts and other receivables are: Select one: a. $444.4 million b. None of these are correct. c. 14.7% d. 14.9% e. $438.4 million

The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash                                                      96, 578 Accounts receivable                             452,800 Inventories                                         376,300                                                       925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts                                                                                                                          357,742 Due from employees – current                                                                                                                   43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty                       16,000 Selling price of merchandise on consignment at 140% of cost and not sold                             50,400 Allowance for doubtful accounts…

In the first year of operations, Ralph's Repair Service recognized $482,000 of service revenue earned on account. The ending accounts receivable balance was $88,900. Ralph estimates that 2% of sales on account will not be collected. During the year, Ralph wrote off a $200 receivable that was determined to be uncollectible. Assume there were no other transactions affecting accounts receivable. Required: a. What amount of cash was collected in Year 1? b. What amount of uncollectible accounts expense was recognized In Year 1? c. What will be Ralph's net realizable value of receivables on the December 31, Year 1 balance sheet? a. Cash collected b. Uncollectible accounts expense c. Net realizable value of receivables

Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years:   Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165   $4,528   Short-term investments, at cost 2,958   8,408   Accounts and notes receivable, net 9,404   8,624   Inventories 1,771   787   Prepaid expenses and other current assets 590   291   Short-term obligations (liabilities) 315   3,342   Accounts payable and other current liabilities 7,453   6,813     a.   Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place.   Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4

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