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QUESTION 9 Revenue on account amounted to $6800. Cash collections of accounts receivable amounted to $4400...
QUESTION 1 Nelson Company experienced the following transactions during Year 1, its first year in operation....
QUESTION 1 Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $9400 cash by issuing common stock. 2. Provided $5700 of services on account. 3. Paid $2450 cash for operating expenses. 4. Collected $3600 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $270 cash dividend to stockholders. What is the amount of net income that will be reported on the Year 1 income statement? A. $2100 B....
TB MC Qu. 02-34 The following account balances were drawn... 9 The following account balances were...
TB MC Qu. 02-34 The following account balances were drawn... 9 The following account balances were drawn from the Year 1 financial statements of Grayson Company: $ 1,950 points Cash Accounts receivable Land ( 8 01:30:50 $5,800 Accounts payable $2,900 Common stock $9,400 Retained earnings, Jan. 1 Revenue Expenses $ 4,100 $10,900 $ 7,950 What is the balance of the Common Stock account? Multiple Choice O $12,050 $9,100
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to an asset account and a credit to a liability account O a debit to a revenue account and a credit to an asset account O a debit to a liability account and a credit to a revenue account a debit to an asset account and a credit to a revenue account QUESTION 14 Which of the following properly describes a deferral? O Cash is...
QUESTION 7 On January 1 Year 1, the Accounts Receivable balance was 525,800 and the balance...
QUESTION 7 On January 1 Year 1, the Accounts Receivable balance was 525,800 and the balance in the Allowance for Doubeful Accounts was $2800. On January 15, Year 1 an 5800 uncollectible account was written off. What is the net realizable value of accounts receivable immediately after the wide- 522 200 525 000 $23.800 $23.000 QUESTION 8 Which of the following reflects the effect of the year-end adjust estimated bad debes experse using the allowance method? + Equity Rev. lees...
simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable...
simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable 740,000 inventory 250,000 supplies 120,000 prepaid rent 75,000 office furniture 1,500,000 accumulated depreciation 450,000 account payable 380,000 salary payable 25,000 interest payable 17,000 unearned sales revenue 39,000 note payable long term 209,000 simpleton capital 1,652,500 simpleton withdrawal 105,000 sales revenue 1,200,000 interest revenue 16,000 sales discount 32,000 sales returns and allowances 21,000 cost of goods sold 213,500 salary expense 105,000 rent expense 135,000 depreciation...
simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable...
simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable 740,000 inventory 250,000 supplies 120,000 prepaid rent 75,000 office furniture 1,500,000 accumulated depreciation 450,000 account payable 380,000 salary payable 25,000 interest payable 17,000 unearned sales revenue 39,000 note payable long term 209,000 simpleton capital 1,652,500 simpleton withdrawal 105,000 sales revenue 1,200,000 interest revenue 16,000 sales discount 32,000 sales returns and allowances 21,000 cost of goods sold 213,500 salary expense 105,000 rent expense 135,000 depreciation...
Centurion Co. had the following accounts and balances at December 31: Account Cash Accounts Receivable Prepaid...
Centurion Co. had the following accounts and balances at December 31: Account Cash Accounts Receivable Prepaid Insurance Supplies Accounts Payable T. Happy, Capital Service Revenue Salaries Expense Utilities Expense Totals Debit Credit $11,000 2,200 2,800 1,200 $ 5,500 5,500 8,000 600 1,200 $19,000 $19,000 Using the information in the table, calculate the company's reported net income for the period. Multiple Choice 0 O $1,300 0 $4,300 0 O $4,900 0 O $11.600
QUESTION 4 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for...
QUESTION 4 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Par 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
Question 23 3 pts Hickory Hills Pro Shop had a balance in the Accounts Receivable account...
Question 23 3 pts Hickory Hills Pro Shop had a balance in the Accounts Receivable account of $800,000 at the beginning of the year and a balance of $900,000 at the end of the year. Net credit sales during the year amounted to $8,040,000. The average collection period of the receivables in terms of days was 4 days 36.1 days 37.2 days. 38.4 days
Help Save $ 59,500 26,600 $ 3.009 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes...
Help Save $ 59,500 26,600 $ 3.009 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 37,100 21,600 163.000 15,600 228,000 61,289 $307,880 $307,800 During January 2021, the following transactions occur January 1 Purchase equipment for $20,300. The company estimates a residual value of $2,300 and a five-year service life. January 4 Pay cash on accounts payable, $10,300. January 8 Purchase additional inventory on account, $99,900....
QUESTION 1 Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $9400 cash by issuing common stock. 2. Provided $5700 of services on account. 3. Paid $2450 cash for operating expenses. 4. Collected $3600 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $270 cash dividend to stockholders. What is the amount of net income that will be reported on the Year 1 income statement? A. $2100 B....
TB MC Qu. 02-34 The following account balances were drawn... 9 The following account balances were drawn from the Year 1 financial statements of Grayson Company: $ 1,950 points Cash Accounts receivable Land ( 8 01:30:50 $5,800 Accounts payable $2,900 Common stock $9,400 Retained earnings, Jan. 1 Revenue Expenses $ 4,100 $10,900 $ 7,950 What is the balance of the Common Stock account? Multiple Choice O $12,050 $9,100
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to an asset account and a credit to a liability account O a debit to a revenue account and a credit to an asset account O a debit to a liability account and a credit to a revenue account a debit to an asset account and a credit to a revenue account QUESTION 14 Which of the following properly describes a deferral? O Cash is...
QUESTION 7 On January 1 Year 1, the Accounts Receivable balance was 525,800 and the balance in the Allowance for Doubeful Accounts was $2800. On January 15, Year 1 an 5800 uncollectible account was written off. What is the net realizable value of accounts receivable immediately after the wide- 522 200 525 000 $23.800 $23.000 QUESTION 8 Which of the following reflects the effect of the year-end adjust estimated bad debes experse using the allowance method? + Equity Rev. lees...
Centurion Co. had the following accounts and balances at December 31: Account Cash Accounts Receivable Prepaid Insurance Supplies Accounts Payable T. Happy, Capital Service Revenue Salaries Expense Utilities Expense Totals Debit Credit $11,000 2,200 2,800 1,200 $ 5,500 5,500 8,000 600 1,200 $19,000 $19,000 Using the information in the table, calculate the company's reported net income for the period. Multiple Choice 0 O $1,300 0 $4,300 0 O $4,900 0 O $11.600
QUESTION 4 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for Doubt Accounts 121 Inventory 125 Supplies 130 Prepaid Insurance 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation CHART OF ACCOUNTS 211 Notes Payable 212 Accounts Payable 214 Interest Payable 216 Wages Payable 261 Unearned Revenue 281 Bonds Payable 311 Common Stock 312 In Excess of Par 320 Retained Earnings 332 Dividends 350 Income Summary 401 Service Revenue 491 Interest Revenue 501 Cost of Goods...
Question 23 3 pts Hickory Hills Pro Shop had a balance in the Accounts Receivable account of $800,000 at the beginning of the year and a balance of $900,000 at the end of the year. Net credit sales during the year amounted to $8,040,000. The average collection period of the receivables in terms of days was 4 days 36.1 days 37.2 days. 38.4 days
Help Save $ 59,500 26,600 $ 3.009 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 37,100 21,600 163.000 15,600 228,000 61,289 $307,880 $307,800 During January 2021, the following transactions occur January 1 Purchase equipment for $20,300. The company estimates a residual value of $2,300 and a five-year service life. January 4 Pay cash on accounts payable, $10,300. January 8 Purchase additional inventory on account, $99,900....
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