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[The following information applies to the questions displayed below.]   Roth Incorporated experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $245,000 of merchandise on account. Sold merchandise that cost $152,000 for $302,000 on account. Collected $244,000 cash from accounts receivable. Paid $230,000 on accounts payable. Paid $48,000 of salaries expense for the year. Paid other operating expenses of $37,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule.   Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $34,800 0.01   0 to 30 14,500 0.05   31 to 60 2,900 0.10   61 to 90 2,900 0.20   Over 90 days 2,900 0.50     b. Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Roth Incorporated for Year 1. could you take a look at the following  general journals and let me know if it is correct please

[The following information applies to the questions displayed below.]   Roth Incorporated experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $245,000 of merchandise on account. Sold merchandise that cost $152,000 for $302,000 on account. Collected $244,000 cash from accounts receivable. Paid $230,000 on accounts payable. Paid $48,000 of salaries expense for the year. Paid other operating expenses of $37,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule.   Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $34,800 0.01   0 to 30 14,500 0.05   31 to 60 2,900 0.10   61 to 90 2,900 0.20   Over 90 days 2,900 0.50     b. Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Roth Incorporated for Year 1. could you take a look at the following  general journals and let me know if it is correct please

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 5MC
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[The following information applies to the questions displayed below.]
 

Roth Incorporated experienced the following transactions for Year 1, its first year of operations:

  1. Issued common stock for $80,000 cash.
  2. Purchased $245,000 of merchandise on account.
  3. Sold merchandise that cost $152,000 for $302,000 on account.
  4. Collected $244,000 cash from accounts receivable.
  5. Paid $230,000 on accounts payable.
  6. Paid $48,000 of salaries expense for the year.
  7. Paid other operating expenses of $37,000.
  8. Roth adjusted the accounts using the following information from an accounts receivable aging schedule.

 

Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance
Current $34,800 0.01  
0 to 30 14,500 0.05  
31 to 60 2,900 0.10  
61 to 90 2,900 0.20  
Over 90 days 2,900 0.50  

 

b. Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Roth Incorporated for Year 1.

could you take a look at the following  general journals and let me know if it is correct please 

A B C D E F G H I 1. 2. 3a. 3b. 4. 5. 6. 7. 8. Cash Common stock Merchandise inventory Accounts payable Accounts receivable Sales revenue Cost of goods sold Merchandise inventory Cash Accounts receivable Accounts payable Cash Salaries expense Cash Operating expenses Cash Uncollectible accounts expense Allowance for doubtful accounts 80,000 245,000 302,000 152,000 244,000 230,000 48,000 37,000 3,393 80,000 245,000 302,000 152,000 244,000 230,000 48,000 37,000 3,393
Transcribed Image Text:A B C D E F G H I 1. 2. 3a. 3b. 4. 5. 6. 7. 8. Cash Common stock Merchandise inventory Accounts payable Accounts receivable Sales revenue Cost of goods sold Merchandise inventory Cash Accounts receivable Accounts payable Cash Salaries expense Cash Operating expenses Cash Uncollectible accounts expense Allowance for doubtful accounts 80,000 245,000 302,000 152,000 244,000 230,000 48,000 37,000 3,393 80,000 245,000 302,000 152,000 244,000 230,000 48,000 37,000 3,393
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