The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Account Title Credits Cash Debits $ 105,000 200,000 305,000 Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation. Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals. 188,000 360,000 180,000 1,338,000 $ 130,000 80,000 40,000 100,000 50,000 300,000 36,000 420,000 182,000 $ 1,338,000 Additional information: 1. Prepaid expenses include $160,000 paid on December 31, 2024, for two year of rent on the building that houses both the administrative offices and the manufacturing facilibr

Consider the following financial data for Smith Corp.:     Balance Sheet as of December 31, 2019               Cash $ 195,000   Accounts payable $ 94,000 Receivables   185,500   Short-term bank note   119,500 Inventories   214,500   Accruals   71,000   Total current assets $ 595,000     Total current liabilities $ 284,500         Long-term debt   462,500 Net plant & equip.   621,500   Common equity   469,500 Total assets $ 1,216,500   Total liab. & equity $ 1,216,500               Profit & Loss Statement for 2019   Industry Average Ratios               Net sales $ 1,265,000   Current ratio 1.9× Cost of sales   986,500   Quick ratio 1.2× Gross profit $ 278,500   Days sales outstanding 64 days Operating expenses   166,500   Inventory turnover 3.3×   EBIT $ 112,000   Total asset turnover 0.7× Interest expense   32,000   Net profit margin 9.1%   Pre-tax income $ 80,000…

The current assets and current liabilities sections of the balance sheet of Sunland Co. appear as follows. Sunland Co.Balance Sheet (Partial)As of December 31, 2017 Cash       $ 17,900   Accounts payable   $ 29,500 Accounts receivable   $ 39,600       Notes payable   15,400     Less: Allowance for doubtful accounts   3,200   36,400   Unearned revenue   3,800 Inventory       61,100   Total current liabilities   $ 48,700 Prepaid expenses       7,400         Total current assets       $ 122,800         The following errors in the corporation’s accounting have been discovered: 1.   Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company’s controller recorded the amount as revenue. 2.   The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on…

The following data concern Tech Corporation for the 2022 financial year. Credit sales during the year $2 400 000 Accounts receivable 30 June 2022 410 000 Allowance for bad debts 30 June 2022 55 000 Bad debt expense for the year 70 000 What amount will Tech Corporation show on its year-end balance sheet for the net realisable value of its accounts receivable? a. 410 000 b. $285 000 c. $340 000 d. $ 355 000

On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances:   Accounts Debit Credit Cash $24,300   Accounts Receivable 42,500   Allowance for Uncollectible Accounts   $2,700 Inventory 42,000   Land 79,600   Accounts Payable   29,200 Notes Payable (8%, due in 3 years)   42,000 Common Stock   68,000 Retained Earnings   46,500 Totals $188,400 $188,400   The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions:   January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1,150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defects. January 19 Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO…

Accounts Payable$ 46,000 Accounts Receivable23, 800Cash (balance on January 1, 2021)90, 400Cash ( balance on December 31, 2021)78,000Common Stock152, 500 Dividends0Equipment137, 700Income Tax Expense10, 200Interest Expense 29, 600Inventory 17, 300Notes Payable25,000Office Expense 14, 400Prepaid Rent7, 100 Retained Earnings (beginning)6, 800Salaries and Wages Expense35, 800Service Revenue139,800 Utilities Expense25, 200Salaries and Wages Payable9, 000 Other cash flow information: Cash from issuing common stock$ 22,000Cash paid to reacquire common stock24, 500Cash paid for income taxes11, 100Cash paid to purchase long-term assets53, 400Cash paid to suppliers and employees84, 400Cash received from customers139,000 Prepare a statement of retained earnings for 2021.

Sagar

The balance sheet and income statement for J. P. RObard Manufatcuring Company are as follows: Item Cash J.P. Robard Manufacturing Company Balance Sheet as at 31 December 2021 ($ in thousands) 500 Account receivable Inventory Total current assets Net fixed assets Total assets Accounts payable Accrued expenses Short-term notes payable Total curernt liabilities Long-term debt Total common equity Total liabilities and equity 2,000 1,000 3,500 4,500 8,000 1,100 600 300 2,000 2,000 4.000 8,000

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.

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