Homework Answers
| PEARL COMPANY | ||
| Balance Sheet | ||
| December 31, 2020 | ||
| Assets | ||
| Current Assets | ||
| Cash | $61,740 | |
| Accounts Receivable | $51,590 | |
| Less: Allowance for Doubtful Accounts | $14,250 | $37,340 |
| Inventory | $69,169 | |
| Total current assets | $168,249 | |
| Long-Term Investments | ||
| Bond Sinking Fund | $14,560 | |
| Property Plant and Equipment | ||
| Equipment | $106,480 | |
| Less: Accumulation Depreciation - Equipment | $26,660 | $79,820 |
| Intangible Assets | ||
| Patents | $13,800 | |
| Total Assets | $276,429 | |
| Liabilities and Shareholder's Equity | ||
| Liabilities | ||
| Accounts Payable | $53,100 | |
| Total Current Liabilities | $53,100 | |
| Notes Payable (due 2019) | $81,120 | |
| Total Liabilities | $134,220 | |
| Shareholder's Equity | ||
| Common Stock | $100,700 | |
| Retained Earnings | $41,509 | |
| Total Shareholder's Equity | $142,209 | |
| Total Liabilities and Shareholder's Equity | $276,429 | |
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Early in January 2021. Pearl Company is preparing for a meeting with its bankers to discuss...
Early in January 2021, Skysong Company is preparing for a meeting with its bankers to discuss...
Early in January 2021, Skysong Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 69,670 34.930 63,488 87,880 13,960 $ 49,860 69,090 90,200 60,778 $ 269,928 $ 269,928 Except for the following items, Skysong has recorded all adjustments in its accounts. 1....
Type or paste question here Early in January 2021, Marin Company is preparing for a meeting...
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Early in January 2021, Marin Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 79,360 37,660 66,246 86,540 13,940 $ 50,850 76,590 99,800 56,506 $283,746 $ 283,746 Except for the following items, Marin has recorded all adjustments...
View Policies Current Attempt in Progress Presented below are selected accounts of Pearl Company at December...
View Policies Current Attempt in Progress Presented below are selected accounts of Pearl Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 59,000 94,300 258,100 42,700 43,400 36,900 45,400 55,600 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,150,000 43,600 156,450 199,390 62,150 12,250 19.190 94,870...
receivable questions
The Accounts Receivable balance at at December 31, 2020 was $360,800 and Allowance for Doubtful Accounts balance for Turning Leaves Furniture Restoration at December 31, 2020 was $8,000 (credit balance). During the year 2021, Turning Leaves completed the following transactions:Sales revenue on account, $365,800Collections by cash, $220,000.Write-offs of uncollectibles, $6,100. The allowance for doubtful balance as at 31 December 2021 is to be set at 0.6% of accounts receivables balance. Requirements (a) Prepare the journal entries for Turning Leaves’s transactions...
Question 10 View Policies Current Attempt in Progress The following are a series of unrelated situations....
Question 10 View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Pronghorn Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7.790 $1,279,500 Pronghorn Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense...
Pearl Corp. uses the direct method to prepare its statement of cash flows. Pearl trial balances...
Pearl Corp. uses the direct method to prepare its statement of cash flows. Pearl trial balances at December 31, 2017 and 2016, are as follows. December 31 Debits 2017 2016 Cash $35,100 $31,800 Accounts receivable 32,900 30,000 Inventory 30,700 47,100 Property, plant, & equipment 100,300 95,300 Unamortized bond discount 4,500 5,000 Cost of goods sold 249,800 383,000 Selling expenses 142,200 171,800 General and administrative expenses 137,400 149,900 Interest expense 4,400 2,600 Income tax expense 20,500 61,600 $757,800 $978,100 Credits Allowance...
On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Credit...
On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Credit Account Accounts receivable Allowance for doubtful accounts Sales ($2,790,000 cash sales) Debit $2,090,000 32,000 $11,160,000 Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 2% of credit sales. b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible....
The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31,...
The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31, 2020. Balance Sheet as of December 31, 2020 $ 75,000 107,200 219,900 Cash $80,000 Current Liabilities Accounts Receivable (net) 53,600 Long-term Liabilities Inventories 57,000 Stockholder's Equity Prepaid Insurance 7,200 Long-Term Investments 76,300 Equipment (net) 96,000 Intangibles 32,000 TOTAL ASSETS (NET) $402,100 TOTAL LIAB & SHE The following additional information is provided: $402,100 1. Cash includes the cash surrender value of a life insurance policy...
Brar Maintenance Company showed the following adjusted trial balance information for its December 31, 2020, year-end....
Brar Maintenance Company showed the following adjusted trial balance information for its December 31, 2020, year-end. Account Accounts payable Accounts receivable Accum. deprec., building Accum. deprec., machinery Allowance for doubtful accounts Building Cash Estimated warranty liabilities Income taxes payable Income tax expense Interest payable Balance1 Account $ 43,500 Interest receivable 37,800 Jake Brar, capital 364,000 Land 137,000 Machinery 2,900 Merchandise inventory 538,000 Notes payable? 20,100 Notes receivable, due 2021 12,100 Operating expenses 8,900 Prepaid rent 120,400 Revenue 710 Unearned revenue...
Presented below are selected accounts of Skysong Company at December 31, 2020. Inventory (finished goods) Unearned...
Presented below are selected accounts of Skysong Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 60,500 Cost of Goods Sold 92,200 Notes Receivable 261,300 Accounts Receivable 34,200 Inventory (raw materials) 40,700 Supplies Expense 39,700 Allowance for Doubtful Accounts 38,100 Licenses 53,200 Additional Paid-in Capital Treasury Stock $2,120,400 40,400 152,420 193,420 55,100 11,520 17,680 85,150 22,270 The following additional information is...
Early in January 2021, Skysong Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 69,670 34.930 63,488 87,880 13,960 $ 49,860 69,090 90,200 60,778 $ 269,928 $ 269,928 Except for the following items, Skysong has recorded all adjustments in its accounts. 1....
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Early in January 2021, Marin Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2020. Credit Cash Accounts Receivable (net) Inventory Equipment (net) Patents Accounts Payable Notes Payable (due 2022) Common Stock Retained Earnings Debit $ 79,360 37,660 66,246 86,540 13,940 $ 50,850 76,590 99,800 56,506 $283,746 $ 283,746 Except for the following items, Marin has recorded all adjustments...
View Policies Current Attempt in Progress Presented below are selected accounts of Pearl Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 59,000 94,300 258,100 42,700 43,400 36,900 45,400 55,600 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,150,000 43,600 156,450 199,390 62,150 12,250 19.190 94,870...
Question 10 View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Pronghorn Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7.790 $1,279,500 Pronghorn Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense...
On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Credit Account Accounts receivable Allowance for doubtful accounts Sales ($2,790,000 cash sales) Debit $2,090,000 32,000 $11,160,000 Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 2% of credit sales. b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible....
The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31, 2020. Balance Sheet as of December 31, 2020 $ 75,000 107,200 219,900 Cash $80,000 Current Liabilities Accounts Receivable (net) 53,600 Long-term Liabilities Inventories 57,000 Stockholder's Equity Prepaid Insurance 7,200 Long-Term Investments 76,300 Equipment (net) 96,000 Intangibles 32,000 TOTAL ASSETS (NET) $402,100 TOTAL LIAB & SHE The following additional information is provided: $402,100 1. Cash includes the cash surrender value of a life insurance policy...
Brar Maintenance Company showed the following adjusted trial balance information for its December 31, 2020, year-end. Account Accounts payable Accounts receivable Accum. deprec., building Accum. deprec., machinery Allowance for doubtful accounts Building Cash Estimated warranty liabilities Income taxes payable Income tax expense Interest payable Balance1 Account $ 43,500 Interest receivable 37,800 Jake Brar, capital 364,000 Land 137,000 Machinery 2,900 Merchandise inventory 538,000 Notes payable? 20,100 Notes receivable, due 2021 12,100 Operating expenses 8,900 Prepaid rent 120,400 Revenue 710 Unearned revenue...
Presented below are selected accounts of Skysong Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 60,500 Cost of Goods Sold 92,200 Notes Receivable 261,300 Accounts Receivable 34,200 Inventory (raw materials) 40,700 Supplies Expense 39,700 Allowance for Doubtful Accounts 38,100 Licenses 53,200 Additional Paid-in Capital Treasury Stock $2,120,400 40,400 152,420 193,420 55,100 11,520 17,680 85,150 22,270 The following additional information is...
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