Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Chapter 9, Problem 20P
To determine
Complete the balance sheet by supplying the missing amount.
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Assets
Cash
Accounts receivable
Inventory
Year 2
$ 4,000
15,000
35,000
Assuming that net credit sales for Year 2 totaled $270,000, what is the company's most recent accounts receivable turnover?
Multiple Choice
20 times
18 times
7.7 times
22.5 times
Year 1
$2,000
12,000
$
38,000
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K. Brant
D. Eaton
S Klein
C. Sheen
Total
% uncollectible
Account No.
1
2
3
4
5
6
7
$800
Debit
500 300
5
550
At the beginning of the period, ABC had balances in Accounts Receivable of $100,000 and in
Allowance for Doubtful Accounts of $56 (credit). Prepare a journal entry to record the above
estimate using the following Chart of Account.
Chart of Account
200 200
2,050 500
2%
Description
Cash
$600 $200
150
Sales Revenue
Credit
200
600 350 200 400
5% 10% 25% 50%
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
Sales Return and Allowance
Sales Discount
Enter the Account No. and amount for the entry.
400
Amount
269
Question 5:
One of your team members is struggling with preparation of balance sheet and he needs your
assistance in completing it. He has come up with following missing information. You are required to
complete this Balance sheet.
Assets
Liabilities & Equity
$ 100,000 Current Liabilities
Cash
Receivables
Long Tem Debt
Inventory
Total Debt
Plant
Common Equity
$ 600,000
Total Assets
Total Claims
Additional Information:
Current Ratio is 2.5 ; Average Collection Period is 54 days; Total Debt to Total Assets 40 percent; Total Asset
Tumoveris 2; Inventory Tumover 5.
Chapter 9 Solutions
Survey Of Accounting
Ch. 9 - 1. Why are ratios and trends used in financial...Ch. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - 4. What is the significance of inventory turnover,...Ch. 9 - 5. What is the difference between the current...Ch. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - 9. What are some limitations of the earnings per...Ch. 9 - Prob. 10Q
Ch. 9 - Prob. 11QCh. 9 - Prob. 12QCh. 9 - Prob. 13QCh. 9 - Prob. 14QCh. 9 - Exercise 9-1 Horizontal analysis Winthrop...Ch. 9 - Prob. 2ECh. 9 - Prob. 3ECh. 9 - Prob. 4ECh. 9 - Prob. 5ECh. 9 - Prob. 6ECh. 9 - Prob. 7ECh. 9 - Prob. 8ECh. 9 - Comprehensive analysis The December 31, 2019,...Ch. 9 - Prob. 10ECh. 9 - Prob. 11ECh. 9 - Prob. 12ECh. 9 - Ratio analysis Compute the specified ratios using...Ch. 9 - Prob. 14ECh. 9 - LO 13-2, 13-3, 13-4, 13-5 Exercise 13-15A...Ch. 9 - Prob. 16PCh. 9 - Prob. 17PCh. 9 - Prob. 18PCh. 9 - Prob. 19PCh. 9 - Prob. 20PCh. 9 - Problem 9-21 Ratio analysis Selected data for...Ch. 9 - Prob. 22PCh. 9 - Problem 9-23 Ratio analysis The following...Ch. 9 - Prob. 24PCh. 9 - Prob. 1ATCCh. 9 - Prob. 3ATCCh. 9 - ATC 9-5 Ethical Dilemma Making the ratios look...
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- Question 5: One of your team members is struggling with preparation of balance sheet and he needs your assistance in completing it. He has come up with following missing information. You are required to complete this Balance sheet. Assets Liabilities & Equity Cash $ 100,000 Current Liabilities Receivables Long Term Debt Inventory Total Debt Plant Common Equity $ 600,000 Total Assets Total Claims Additional Information: Current Ratio is 2.5 ; Average Collection Period is 54 days ; Total Debt to Total Assets 40 percent ; Total Asset Turnover is 2 ; Inventory Turnover 5.arrow_forwardPartial balance Sheets as of December 11 debit accounts 2022 2021 Cash $42,000 33,750 Accounts receivable 60,000 70,000 Inventory 30,000 24,000 Credit accouts Accoutns payable $60,00 72,000 Additional information for 2022 Net Income was $42 500 The bad debt expense was $5,400. Sales were $528,800. Write off was $4,650. What is the amount of cash received from customers during 2022. 529,500 524,850 534,150 530,250arrow_forwardAssets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accum. depreciation—Equipment (39,625 ) (49,000 ) Total assets $ 531,531 $ 460,940 Liabilities and Equity Accounts payable $ 59,141 $ 123,675 Short-term notes payable 11,800 7,200 Total current liabilities 70,941 130,875 Long-term notes payable 62,000 54,750 Total liabilities 132,941 185,625 Equity Common stock, $5 par value 171,750 156,250 Paid-in capital in excess of par, common stock 46,500 0 Retained earnings 180,340 119,065 Total…arrow_forward
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- Question 24 Muscarella Inc. has the following balance sheet and income statement data: Cash $ 14,000 Accounts payable $ 42,000 Receivables 70,000 Other current liabilities 28,000 Inventories 210,000 Total CL $ 70,000 Total CA $294,000 Long-term debt 70,000 Net fixed assets 126,000 Common equity 280,000 Total assets $420,000 Total liab. and equity $420,000 Sales $280,000 Net income $ 21,000 The new CFO thinks that inventories are excessive and could be lowered sufficiently to cause the current ratio to equal the industry average, 2.70, without affecting either sales or net income. Assuming that inventories are sold off and not replaced to get the current ratio to the target level, and that the funds generated are used to buy back common stock at book value, by how much would the ROE change? a. 4.28% b. 5.21% c. 4.73% d. 4.50% e. 4.96%arrow_forwardParticulars Debit Credit CASH 100,000 INVENTORY 124,500 ACCOUNTS RECEIVABLES 12,000 SHORT TERM INVESTMENT 25,000 FURNITURE 100,000 BUILDING 500,000 UNEARNED REVENUE 27,000 ACCOUNTS PAYABLE 9,000 ACC.DEP.PLANT-FURNITURE 5,000 ACC.DEP.BUILDING 6,000 EQUITY 200,000 CONSULTANCY REVENUE 650,000 REPAIR EXPENSE 2,000 RENT EXPENSE 3,500 INSURANCE EXPSNES 1,000 OTHER GENERAL EXPNSE 1,200 UTILITY EXPENSE 6,000 SALARIES EXPENSE 10,000 INTEREST EXPENSE 800 DEPRECIATION EXPENSE 11,000 SALARIES PAYABLE 2,000 TOTAL 897,000 897000 Required Income Statement Statement of Owner’s Equity Balance Sheetarrow_forwardA/C DR CR Cash 560,000 Accounts Receivbales 3,710,000 Allowance for Bad Debt 290,000 Merchandise Inventory 2,580,000 Store Supplies 1,300,000 Prepaid Insurance 2,775,000 Prepaid Rent 1,000,000 Furniture 2,650,000 Accu Depc'n Furniture 2,080,000 Machinery 1,800,000 Accu Depc'n Machinery 1,328,141 Accounts Payable 630,000 Salary Payable Interest Payable Unearned Sales Revenue 800,000 Note Payable Long Term 2,500,000 Patty Patterson Capital 5,200,000 Patty Person Withdrawals 280,000 Sales Revenue 22,726,859 Sales Count 1,200,000 Sales Returns and Allowances 800,000 Cost of Goods Sold 8,100,000 Salaries Expense 7,270,000 Insurance Expense Utilities Expense 580,000 Rent Expense 950,000 Depc'n Expense - Furniture Depc'n Expense Machinery Store Supplies Expense Gain on Disposal Machinery Bad-Dept Expense Interest Expense 35.555,000…arrow_forward
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