prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450
Q: [The following information applies to the questions displayed below.] Cane Company manufactures two…
A: Lets understand the basics.Fixed manufacturing overhead do not change with the change in sales…
Q: The stockholders' equity accounts of Sunland Corporation on January 1, 2025, were as follows.…
A: The journal entries are prepared to record the transactions on regular basis, The adjustment entries…
Q: A company has provided the following information: Direct materials Direct labor Variable…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: Konig Enterprises, Limited, owns and operates three restaurants in Vancouver, B.C. The company…
A: The allocated rate depends on the allocation base selection. While selecting an allocation base its…
Q: Analyze a CSR capital investment proposal for Ganon Inc. Ganon Inc. is evaluating a proposal to…
A: Annual utility cost savings :Annual utility cost savings = Kilowatt-hour saved per year x Metered…
Q: Bank Cheque Account Deposits by Customers Cheque Book Stock Retained Earnings Capital Stock Cash…
A: Income statement:An income statement stands for the statement that shows profits and loss of the…
Q: Thornton Industries began construction of a warehouse on July 1, 2024. The project was completed on…
A: Interest capitalization refers to the interest amount that is added to the cost of the long-term…
Q: Tamarisk, Inc. purchased a new machine on October 1, 2022, at a cost of $128,000. The company…
A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…
Q: Problem 12-19 (Algo) Quality Cost Report [LO12-2] In response to intensive foreign competition, the…
A: The expenses incurred in averting, identifying, and resolving quality-related product problems are…
Q: Norr and Caylor established a partnership on January 1, 2019. Norr invested cash of $100,000 and…
A: Partnership:Partnership is an entity where minimum of two individuals agree to carryover the…
Q: Skysong, Inc., organized in 2022, has the following transactions related to intangible assets.…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: A granary allocates the cost of unprocessed wheat to the production of feed, flour, and starch. For…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Required information [The following information applies to the questions displayed below.] In 2024,…
A: The Percentage of completion method is ideal for long-term construction contracts where completion…
Q: Psaki Inc. manufactures and sells a single product called a Shiner. Operating at capacity, the…
A: Units Per unit Total Variable Incremental Costs:Dircect Materials $ 16.00Direct Labor $…
Q: Juniper Design Limited of Manchester, England, is a company specializing in providing design…
A: Residual income is the difference between net operating income and minimum desired ROI (return on…
Q: On January 1, 2024, the Marjlee Company began construction of an office building to be used as its…
A: As per IAS 23 "Borrowing costs", interest expense incurred for the qualifying asset needs to…
Q: Chilton Day School allocates marketing and administrative costs to its three schools on the basis of…
A: Lets understand the basics.Cost allocation refers to assigning the cost. Cost can be assigned using…
Q: REQUIRED Use the information provided by Empire Traders to prepare the following for March and April…
A: The cash budget is prepared after preparing a debtor collection schedule and creditor payment…
Q: The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share…
A: Partnership is a form of business where two or more individuals come together to operate and manage…
Q: In early January 2024, Flounder Corporation applied for a trade name, incurring legal costs of…
A: Depreciation , amortization , depletion all means the fall in value of assets due to one reason or…
Q: Required: Prepare the journal entries through September 30, 2024, to record the issuance of the…
A: Notes Payable :Notes payable refer to a loan from a bank or any other financial institution against…
Q: Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023
A: A balance sheet in which there are shown categories wise each item of assets and liabilities is…
Q: What is the future value on December 31, Year 5, of a deposit of $25,000 made on January 1, Year 2,…
A: The objective of this question is to calculate the future value of a deposit of $25,000 made on…
Q: our boss approaches you in mid-December and requests that you pay certain employees their gross pay…
A: The process of figuring out and paying wages or salaries to employees for their labor within a firm…
Q: During 2022, Sunland Enterprises generated revenues of $101000. The company's expenses were as…
A: The Net income is an total amount of profit or earnings a company has left after subtracting all of…
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a…
A: Continue or discontinuing a line is a decision-making process that helps an entity decide whether a…
Q: Shimmer Incorporated is a calendar-year-end, accrual-method corporation. This year, it sells the…
A: In simple terms, "taxable" means that a part of income or property is liable to government taxes. It…
Q: Solomon Company's income statement information follows: Net sales Income before interest and taxes…
A: The ratio is the technique used by the prospective investor or an individual or strategist to read…
Q: Timmy Tappan is single and had $187,500 in taxable income. Use the rates from Table 2.3. a.…
A: The taxpayer is required to pay taxes if income is taxable. The tax liability depends upon the…
Q: Futura Company purchases the 66.000 starters that it installs in its standard line of farm tractors…
A: The differential analysis is performed to compare the different alternatives available with the…
Q: REQUIRED Calculate the following from the information provided below: 3.1.1 Break-even value using…
A: The break-even sales are calculated as the fixed costs divided by the contribution margin ratio. The…
Q: On July 1, Jones Corporation had the following capital structure: Common Stock, par $1; 8,000,000…
A: Stockholder's equity is the amount of money invested by the shareholders' in the entity. It is…
Q: ProForm acquired 70 percent of ClipRite on June 30, 2023, for $910,000 in cash. Based on ClipRite's…
A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…
Q: Determine the total variable costs and the total fixed costs for the current year. Total variable…
A: Computation of Total Fixed cost and Total Variable costParticularsTotal Cost ($)Variable cost…
Q: common stock. The preferred stock was issued in January 2025, and no dividends were declared in 2025…
A: Cumulative Preferred Stock is one of the type of preference shares in which it is mandatory for…
Q: Zisk Company purchases direct materials on credit. Budgeted purchases are April, $85,000; May,…
A: Cash Budget is prepared to analyze the cash transaction or cash flow of business.Non-cash items do…
Q: Description Accounts Receivable Reserves: Allowance for Doubtful Accounts (2023) Allowance for…
A: Allowance for Doubtful Accounts is a contra asset which is basically the estimated amount of…
Q: REQUIRED Use the information provided below to answer the following questions independently: 3.2.1…
A: The income is calculated as the difference between the revenue and expenses. The contribution margin…
Q: Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost…
A: Revenue and spending variance is the difference between actual results and flexible budget data.…
Q: A company purchased a 3-acre tract of land for a building site for $480,000. The company demolished…
A: Land is considered to be long term asset as we do not expect it to sell off within a year. Also no…
Q: Required information [The following information applies to the questions displayed below.] Year 1…
A: Lets understand the basics.The dividend is the share of profit distributed by the company to the…
Q: ACC298 Timed Practice Problem 1: Delish Company issued $500,000, 10%, 5-year bonds on January 1,…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: The following data were taken from the balance sheet accounts of Tamarisk Corporation on December…
A: Journal entries The entries which are recorded by the company in the accounting books on regular…
Q: Ivanhoe Corporation sells rock-climbing products and also operates an indoor climbing facility for…
A: Notes payable indicates the promissory note issued against the credit transaction made by the…
Q: ost accounting method assumes that the cost of production is driven by the number of units produced?…
A: The basic premise of ABC Costing is that each activity within an organization consumes resources,…
Q: Elvira
A: An employer's contributions made through a SEP plan are held in a regular IRA known as a SEP-IRA.…
Q: WayMart Company is considering a long-term investment in a project called PET. PET will require an…
A: NPV Formula: Calculate annual depreciation and adjust expenses.Determine net annual cash…
Q: Share Issuances for Cash Finlay, Inc. issued 11.000 shares of $50 par value preferred stock at…
A: Journal entry means the book of original entry where the first time transaction is recorded. After…
Q: Alford, Beeson, and Carlton have operated a coffee shop for a number of years as a partnership. At…
A: The ending balance is computed in a statement separately from the income statement or balance sheet.…
Q: Which of the following statements is true? I. The formula for the return on equity is: Return on…
A: Stockholder's equity is the amount of money invested by the shareholders' in the entity. It is…
Step by step
Solved in 3 steps
- More Review Show (MRS) prepares quarterly statements. The bookkeeper presented to you the records and you found out the following account balances before adjustments for the quarter ended March 31, 200B: The notes receivable balance of P180,000 as of March 31, 200B consisted of a 60-day 12% note for P120,000 dated February 14, 200B and a 30-day 6% note for P60,000 dated March 16, 200B Required: Prepare adjusting entryA. More Review Show (MRS) prepares quarterly statements. Thebookkeeper presented to you the records and you found out the following account balancesbefore adjustments for the quarter ended March 31, 200B:1. The notes receivable balance of P180,000 as of March 31, 200B consisted of a 60-day 12% note for P120,000 dated February 14, 200B and a 30-day 6% note for P60,000 dated March 16, 200B2. The balance of the prepaid insurance account of P22,000 represents a one-year policycontracted last November 1, 200A for P10,000 and a two-year policy contracted last July 1, 200A for P12,0003. The balance of the prepaid rent account of P50,000 pertains to advance rent paid lastDecember 1, 200A six months effective on the same date.4. The rate per day for each of the four shop workers is P350. MRS pays the weekly salaries of its workers every Monday of the following week ( a week consisting of five days from Monday to Friday). March 31, 200B falls on Thursday.5. Mortgage notes payable had a credit…At the end of October, the ABC Company needed to make accrual adjustments to the accounts, using the following information: Depreciation for the month is £50 An inventory count on October 31 revealed that 125units were in the company’s warehouse. The cost flow assumption followed for the preparation of statements is FIFO. On September 1, ABC Company issued a 3-month, annual rate 6%, $1,000 Note Payable to Credit Bank. Capital and interest are to be paid at the end of November. Prepare a worksheet showing the October transactions and the October accrual adjustments for the ABC Company. The work sheet is attached below, which is solvevd. But I wonder how to get the lastest amount of inventory, which is 125? Can you please show me the calculation process?
- Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $293,000 1 % 31-60 days 110,000 8 61-90 days 35,000 20 91-120 days 13,000 55 More than 120 days 18,000 80 Total receivables $469,000Prepare journal entries for each of the transactions. 1.Record the purchase of inventory of $24,000 on account. 2. Record the payment for inventory in full. 3. Record the borrowing of $80,000. 4.Record the purchase of inventory of $8,000 on account. 5. Record the payment for inventory in full. 6. Record the collection of eight months' rent in advance amounting to $8,000.A company has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $11,200. Of the $11,200 of receivables, $2,600 are within a 3% discount period, and the company expects buyers to take $78 in future discounts arising from this period's sales. Required: 1. Prepare the December 31 year-end adjusting journal entry for future sales discounts.
- For a business that uses the allowance method of accounting for uncollectible receivables: Journalize the entries to record the following: Use correct journal format. Just use the month for the date. Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $850,000, and the contra asset account before adjustment has a debit balance of $4000. Analysis of the receivables (aging) indicates uncollectible receivables of $17,200. In March of the next year, the $720 owed by Fronk Co. on account is written off as uncollectible. In November of the next year, $400 of the Fronk Co. account 1s reinstated and payment of that amount is received. In December of the next year, $250 is received on the $800 owed by Dodger Co. and the remainder is written off as uncollectible.The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Required: 1. Record the January 1 credit balance of $25,685 in a T-account for Allowance for Doubtful Accounts. 2.A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ¼ of 1% of the net sales of $17,710,000 for the year, determine the following: A. Bad debt expense for the year. B. Balance in the allowance account after the adjustment of…Current Attempt in Progress The ledger of Cullumber Company at the end of the current year shows Accounts Receivable $68,000, Credit Sales $810,000, and Sales Returns and Allowances $38,000. Prepare journal entries for each separate scenario below. If Cullumber Company uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Cullumber Company determines that Matisse's $500 balance is uncollectible. (a) If Allowance for Doubtful Accounts has a credit balance of $900 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (b) If Allowance for Doubtful Accounts has a debit balance of $490 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 7% of accounts receivable. (c) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles…
- For a business that uses the allowance method of accounting for uncollectible receivables:Journalize the entries to record the following: Use correct journal format. Just use the month for the date.(1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $850,000, and the contra asset account before adjustment has a debit balance of $4000. Analysis of the receivables (aging) indicates uncollectible receivables of $17,200.(2)In March of the next year, the $720 owed by Fronk Co. on account is written off as uncollectible.In November of the next year, $400 of the Fronk Co. account is reinstated and payment of that amount is received.In December of the next year, $250 is received on the $800 owed by Dodger Co. and the remainder is written off as uncollectible.You have recently been hired as the assistant controller for Stanton Industries. Your immediate superior is the controller who, in turn, reports to the vice president of finance. The controller has assigned you the task of preparing the year-end adjustments. For receivables, you have prepared an aging of accounts receivable and have applied historical percentages to the balances of each of the age categories. The analysis indicates that an appropriate balance for Allowance for Uncollectible Accounts is $180,000. The existing balance in the allowance account prior to any adjustment is a $20,000 credit balance.After showing your analysis to the controller, he tells you to change the aging category of a large account from over 120 days to current status and to prepare a new invoice to the customer with a revised date that agrees with the new aging category. This will change the required allowance for uncollectible accounts from $180,000 to $135,000. Tactfully, you ask the controller for…Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on theinformation presented and balance off each account.3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for theAccounts Receivable.4. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31