Please dont provide solution image based solution thnx E 7-6LO3Aging of Accounts ReceivableWaffle Company's accounts receivable reveal the following balances:Age of AccountsCurrent...1-30 days past due31-60 days past due61-90 days past due91-120 days past dueReceivable Balance$720,000395,000Current.1-30 days past due31-60 days past due61-90 days past due91-120 days past due105,00052,00013,000The credit balance in Loss Allowance is now $42,000. After a thorough analysis of its collectionhistory, the company estimates that the following percentages of receivables will eventually proveuncollectible:0.5%3.016.052.592.0Prepare an aging schedule for the accounts receivable, and give the journal entry for recording thenecessary change in the loss allowance account.

The allowance for doubtful accounts or loss allowance account represent the amount that is expected…

Aging of Accounts Receivable Waffle Company's accounts receivable reveal the following balances: Age of Accounts Current.... 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Receivable Balance $720,000 395,000 105,000 52,000 13,000 The credit balance in Loss Allowance is now $42,000. After a thorough analysis of its collection history, the company estimates that the following percentages of receivables will eventually prove uncollectible: Current.. 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due 0.5% 3.0 16.0 52.5 92.0 Prepare an aging schedule for the accounts receivable, and give the journal entry for recording the necessary change in the loss allowance account.

Aging of Accounts Receivable Waffle Company's accounts receivable reveal the following balances: Age of Accounts Current.... 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Receivable Balance $720,000 395,000 105,000 52,000 13,000 The credit balance in Loss Allowance is now $42,000. After a thorough analysis of its collection history, the company estimates that the following percentages of receivables will eventually prove uncollectible: Current.. 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due 0.5% 3.0 16.0 52.5 92.0 Prepare an aging schedule for the accounts receivable, and give the journal entry for recording the necessary change in the loss allowance account.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9E

See similar textbooks

Similar questions

SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12B, prepare a schedule of accounts receivable for Paul Jackson as of April 30, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.
Schedule of Accounts Receivable From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Pheng Co. as of August 31, 20--. ACCOUNTS RECEIVABLE LEDGER B & G Distributors NAME 2628 Burlington Avenue, Chicago, IL 60604- ADDRESS 1329 DATE BALANCE ITEM POST. REF. DEBIT CREDIT 20-- Aug. J1 1,300.00 1,300.00 8 J1 110.00 1,190.00 M. Chang NAME ADDRESS 1422 SW Pacific, Chicago, IL 60603-8596 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 5 J1 2,180.00 2,180.00 11 J2 2,180.00 0.00 B. J. Hinschliff & Co. NAME 133 College Blvd., Des Plaines, IL 60611- ADDRESS 4431 DATE POST. REF. ITEM DEBIT CREDIT BALANCE 20-- Aug. 15 J2 1,050.00 1,050.00 21 J3 392.00 1,442.00 NAME Sally M. Pitts ADDRESS 213 East 29th Place, Chicago, IL 60601-6287 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 21 J3 807.00 807.00 NAME Trendsetters, Inc. ADDRESS 29 Industrial Way, Chicago, IL 60600-5918 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 28 J4 1,039.00 1,039.00
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT
On May 2, 20X1, HPF Vacations received its April bank statement from First City Bank and Trust. Enclosed with the bank statement, which appears below, was a debit memorandum for $160 that covered an NSF check issued by Doris Fisher, a credit customer. The firm's checkbook contained the following information about deposits made and checks issued during April. The balance of the Cash account and the checkbook on April 30, 20X1, was $3,972. DATE TRANSACTIONS April 1 Balance 1 Check 1207 3 Check 1208 5 Deposit 5 Check 1209 $6,089 100 300 350 275 10 Check 1210 17 Check 1211 19 Deposit 2,000 50 150 22 Check 1212 23 Deposit 150 26 Check 1213 200 28 Check 1214 18 30 Check 1215 15 30 Deposit 200
Determine the missing information for the following line of credit for the month of March. Date Transaction Deposit Withdrawal Balance Feb 28 Balance -564.90 Cheque 264 Cheque 265 Mar 2 700 -1,264.90 Mar 3 400 -1,664.90 Mar 10 Deposit 2,300 635.10 Mar 15 Cheque 266 207 428.10 Cheque 267 Cheque 268 Cheque 269 Mar 20 700 -271.90 Mar 23 66.20 -338.10 Mar 28 142 -480.10 Mar 31 Daily interest of 1.75% p.a. is earned on all positive balances. Daily interest of 6.25% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 19.5% p.a. is charged on daily amounts exceeding $1,000. Service charge of $9.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. (a positive value) 2.) Determine the amount of interest charged on the line of credit. (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive value)…
Determine the missing information for the following line of credit for the month of March. Date Transaction Deposit Withdrawal Balance Feb 28 Balance -649.45 Mar 2 Cheque 264 Cheque 265 500 -1,149.45 Mar 7 300 -1,449.45 Mar 12 Deposit 2,400 950.55 Mar 18 Cheque 266 222 728.55 Mar 20 Cheque 267 1,200 -471.45 Mar 24 Cheque 268 Cheque 269 96.42 -567.87 Mar 25 140 -707.87 Mar 31 Daily interest of 1.5% p.a. is earned on all positive balances. Daily interest of 8.75% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 19.25% p.a. is charged on daily amounts exceeding $1,000. Service charge of $6.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. (a positive value) 2.) Determine the amount of interest charged on the line of credit. (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive…
7-8: Complete the table. Do the register and statement balances agree? Check Interest Register Balance 7 $147.60 8 505.85 $0.00 0.00 Service Charge $4.70 9.80 New Balance Statement Outstanding Balance Checks $388.29 507.21 $345.39 132.90 Outstanding Deposits $100.00 121.74 Adjusted Balance
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
termediate Accounting 1.docx Open with Google Docs For Nos. 20-21 Nabangst Corporation reported the following recelvables on December 31, 2018: Accounts recelvable, net of P520,000 allowance for doubtful accounts Interest receivable P3,840,000 190,000 4,000,000 Notes receivable Additional Information: The notes recelvable comprised of the following: P3,000,000 note dated March 31, 2018, with principal and 8% interest payable on March 31, 2019. P1,000,000 note dated October 31, 2018, with principal and interest payable on October 31, 2019. During 2019, sales revenue totaled P21,200,000, cash collected from customers amounted to P19,800,000, and P410,000 in accounts receivable were written off. All sales are made on credit basis. Doubtful accounts expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. 20. What amount should be reported as interest income for 2019? P240,000 d. P110,000 a. P80,000 C. b. P60,000 21. What…
Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…