The following accounts were included on Nigel’s adjusted trial balance at December 31, 2020: Accounts payable 11,200 Accounts receivable 8,000 Cash 29,000 Share capital-ordinary 50,000 Retained earnings 25,000 Dividends 9,000 Interest expense 3,500 Note payable, due 30/06/23 45,000 Supplies 2,800 Sales revenue 39,000 Building 15,000 (a) What are total current assets? (b) What are total non-current liabilities?
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The following accounts were included on Nigel’s adjusted
Accounts payable 11,200
Accounts receivable 8,000
Cash 29,000
Share capital-ordinary 50,000
Dividends 9,000
Interest expense 3,500
Note payable, due 30/06/23 45,000
Supplies 2,800
Sales revenue 39,000
Building 15,000
(a) What are total current assets?
(b) What are total non-current liabilities?
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- Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…Alex Corporation has the following account balances on December 31, 2020: Accounts receivable ₱ 400,000 Allowance for uncollectible accounts 8,400 Alex completed the following transactions in 2019: Net credit sales, ₱ 4,000,000. Collections on accounts, ₱ 3,870,000. Write-off of uncollectible accounts, ₱ 10,000. Recovery of accounts previously written-off, ₱ 2,000. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: 1. Journalize the foregoing transactions. 2. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Alex report on its December 31, 2020 balance sheet? 3. Assume that Alex uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to be uncollectible. Compute the uncollectible accounts expense and the…
- (MODIFIED) Spring Corporation has the following account balances on December 31, 2020: Accounts receivable Php 400,000 Allowance for uncollectible accounts8,400 Spring completed the following transactions in 2019: А. Net credit sales, Php 4,000,000. В. Collections on accounts, Php 3,870,000. С. Write-off of uncollectible accounts, Php 10,000. D. Recovery of accounts previously written-off, Php 2,000. Е. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: A. Journalize the foregoing transactions. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Spring report on its December 31, 2020 balance sheet? Assume that Spring uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to be uncollectible. Compute for the uncollectible accounts…The following selected accounts were taken from the trial balance of Romen Company as December 31, 2020: Accounts receivable 750,000 I nstallment receivable – 2018 150,000 Installment receivable - 2019 450,000 Installment receivable – 2020 2,700,000 Beginning inventory 525,000 Purchases 3,900,000 Freight-in 30,000 Repossessed merchandise @ NRV 150,000 Repossession loss 240,000 Cash sales 900,000 Credit sales 1,800,000 Installment sales 4,460,000 Deferred gross profit – 2018 222,000 Deferred gross profit – 2019 393,600 Operating expenses 150,000 Cost of installment sales 2,787,500 Additional information: Gross profit rate for 2018 and 2019 installment sales were 30% and 32%, respectively. The entry for repossessed goods was: Repossessed Merchandise 150,000 Repossession loss 240,000 Installment Receivable – 2018 180,000 Installment Received - 2019 210,000 Merchandise on hand at the end of 2020 (new and repossessed) was 282,000. Required: Compute for the following : Total realized…ABC Company received a ten-month, $18,000, 4% note from XYZ Corporation on April 1, 2020 to replace an accounts receivable. Assuming all necessary adjusting entries were made at year end, December 31, 2020, the entry ABC makes on the maturity date would include a: credit to interest receivable for $540. credit to note receivable for $18,600 credit to interest revenue for $600 A. В. С. D. debit to interest revenue for $60 Е. credit to interest revenue for $720
- GIVEN: THE ESTIMATED PERCENTAGE OF UNCOLLECTIBLE ACCOUNTS RECEIVABLE FOR THE YEAR 2020 IS 5% THE GROSS RECEIVABLE IS 844,000 AND THE ALLOWANCE FOR BAD DEBTS IS 238,000 1. record the adjusting entries for the provision of the estimated uncollectible accounts receivable on dec 31,2020 if the 5% is applied to the gross receivable. 1. DR. =? 2.=? 3. CR. =? 4. =? 2. record the adjusting entries for the provision og the estimated uncollectible accounts receivable on dec 31, 2020 if the 7% is applied to gross receivable/ 5. DR. =? 6. =? 7. CR. =? 8. =? Choose from the following accounts for the correct account of adjusting entries: A. ACCUMULATED DEPRECIATION - EQUIPMENT B. ALLOWANCE FOR DOUBTFUL ACCOUNTS C. ACCOUNTS RECEIVABLE D. BAD DEBTS EXPENSE E. DEPRECIATION EXPENSE F. EQUIPMENTThe allowance for doubtful accounts of Beta Care Limited had a credit balance of $1,500 at December 31, 2019, before the current year provision for uncollectible accounts. Based on historical data, the Accountant prepared the following schedule: Period $ % Estimated CollectibleCurrent 200,000.00 99%1-30 days 50,000.00 97%31-60 days 20,000.00 94%61-90 days 10,000.00 90%Over 90 days 5,000.00 80%Total Accounts Receivable 285,000.00 Required:3. Assume that the Allowance for doubtful account had a $1,500 debit balance. Prepare the journal entry for the current year provision.The allowance for doubtful accounts of Beta Care Limited had a credit balance of $1,500 at December 31, 2019, before the current year provision for uncollectible accounts. Based on historical data, the Accountant prepared the following schedule: Period $ % Estimated CollectibleCurrent 200,000.00 99%1-30 days 50,000.00 97%31-60 days 20,000.00 94%61-90 days 10,000.00 90%Over 90 days 5,000.00 80%Total Accounts Receivable 285,000.00 Required:1. Determine the total uncollectible Accounts Receivable as at December 31, 2019.2. Journalize the entry on December 31, 2019 to recognize bad debt expense. 3. Assume that the Allowance for doubtful account had a $1,500 debit balance. Prepare the journal entry for the current year provision. 4. Assume that on December 31, 2019, a previously written off account of $900, was subsequently collected. Prepare the journal entry required to record the collection.
- The allowance for doubtful accounts of Beta Care Limited had a credit balance of $1,500 at December 31, 2019, before the current year provision for uncollectible accounts. Based on historical data, the Accountant prepared the following schedule: Period $ % Estimated CollectibleCurrent 200,000.00 99%1-30 days 50,000.00 97%31-60 days 20,000.00 94%61-90 days 10,000.00 90%Over 90 days 5,000.00 80%Total Accounts Receivable 285,000.00 Required:4. Assume that on December 31, 2019, a previously written off account of $900, was subsequently collected. Prepare the journal entry required to record the collection.Cheyenne Corp. had the following balances in receivable accounts at October 31, 2020 (in thousands): Allowance for Doubtful Accounts $57, Accounts Receivable $2,800, Other Receivables $183, and Notes Receivable $1,354.On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…