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Additional Problem 11 Swifty Financial Services has agreed to purchase $560,000 of Blue Spruce Corporation's outstanding...
The controller for Sarasota Corporation has reached an agreement with Bridgeport Financing Ltd. to sell a...
The controller for Sarasota Corporation has reached an agreement with Bridgeport Financing Ltd. to sell a large portion of Sarasota's past-due accounts receivable. Sarasota agrees to sell $1,960,000 of accounts receivable to Bridgeport with recourse. Sarasota's controller estimates that the fair value of Sarasota's liability to pay Bridgeport for uncollectible accounts is $178,000. Bridgeport will charge Sarasota 8% of the total receivables balance as a financing fee, and will withhold an initial amount of 9%. Calculate the net proceeds and...
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment....
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment. Debit Credit Accounts Receivable $180,300 Allowance for Doubtful Accounts $ 1.460 Sales Revenue 855,400 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $9.260 of accounts receivable will be uncollectible. (b) Repeat part(a), assuming that instead of a credit balance there is a $1.460 debit balance in Allowance for Doubtful Accounts. (d)...
Question 1 Selected transactions for Blue Spruce Company during its first month in business are presented...
Question 1 Selected transactions for Blue Spruce Company during its first month in business are presented below. Sept. 1 5 25 30 Invested $10,000 cash in the business. Purchased equipment for $11,000 paying $4,100 in cash and the balance on account. Paid $2,800 cash on balance owed for equipment. Withdrew $700 cash for personal use. Spruce's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 301 Owner's Capital, and No. 306 Owner's Drawings. Journalize...
Question 11 --/1 View Policies Current Attempt in Progress Blue Spruce Company purchases a patent for $312,000 on Janua...
Question 11 --/1 View Policies Current Attempt in Progress Blue Spruce Company purchases a patent for $312,000 on January 2, 2020. Its estimated useful life is 13 years. Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and...
Blue Spruce Corporation, a clothing retailer, had income from operations (before tax) of $307,500, and recorded...
Blue Spruce Corporation, a clothing retailer, had income from operations (before tax) of $307,500, and recorded the following before-tax gains/(losses) for the year ended December 31, 2020: Gain on disposal of equipment Unrealized (loss)/gain on FV-NI investments (Loss)/gain on disposal of building Gain on disposal of FV-Nl investments 22,140 (44,280) (55,760) 27,060 Blue Spruce also had the following account balances as at January 1, 2020: Retained earnings Accumulated other comprehensive income (this was due to a revaluation surplus on land)...
Problem 5-05A a, b1-b3, c-e (Video) The trial balance of Blue Spruce Corp. contained the following...
Problem 5-05A a, b1-b3, c-e (Video) The trial balance of Blue Spruce Corp. contained the following accounts at November 30, the end Blue Spruce Corp. Trial Balance November 30, 2020 Credit Cash Debit $ 8,500 28,600 42,500 6,100 131,000 $ 27,000 50,500 39,400 50,000 40,000 10,500 Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense...
Please help solve this! Exercise 10-08 a-b (Video) Terry Wade, the new controller of Blue Spruce...
Please help solve this!
Exercise 10-08 a-b (Video) Terry Wade, the new controller of Blue Spruce Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Type of Asset Building Warehouse Date Acquired 1/1/14 1/1/15 Cost $808,000 114,000 Accumulated Depreciation 1/1/20 $115,800 21,860 Useful life in Years Old Proposed 40 5 0 25 20 Salvage Value Old Proposed $36,000 $36,600 4,700 24,640 All assets are depreciated...
Blue Spruce Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before...
Blue Spruce Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $237,600 debit; Allowance for Doubtful Accounts $2,600 debit. Assume Blue has examined the aging of the accounts receivable and has determined the Allowance for Doubtful Accounts should have a balance of $28,800, prepare the December 31, 2020 journal entry to record the adjustment to Allowance for Doubtful Accounts. (Credit account titles are...
Multiple Choice Question 113 Blue Spruce Corp. uses the percentage-of-receivables method for recording bad debt expense....
Multiple Choice Question 113 Blue Spruce Corp. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $400000 and credit sales are $1600000. Management estimates that 6 % of accounts receivable will be uncollectible. What adjusting entry will Blue Spruce Corp. make if the Allowance for Doubtful Accounts has a credit balance of $4000 before adjustment? Bad Debt Expense 16000 Accounts Receivable 16000 Bad Debt Expense 20000 Allowance for Doubtful Accounts 20000 Bad Debt Expense 8000...
Problem 5-05A a, b1-b3, c-e (Video) The trial balance of Blue Spruce Corp. contained the following...
Problem 5-05A a, b1-b3, c-e (Video) The trial balance of Blue Spruce Corp. contained the following accounts at November 30, the end of the company's fiscal year. Blue Spruce Corp. Trial Balance November 30, 2020 Credit Debit $ 8,500 28,500 42,500 6,100 131,000 $ 27,000 50,500 39,400 50,000 40,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages...
The controller for Sarasota Corporation has reached an agreement with Bridgeport Financing Ltd. to sell a large portion of Sarasota's past-due accounts receivable. Sarasota agrees to sell $1,960,000 of accounts receivable to Bridgeport with recourse. Sarasota's controller estimates that the fair value of Sarasota's liability to pay Bridgeport for uncollectible accounts is $178,000. Bridgeport will charge Sarasota 8% of the total receivables balance as a financing fee, and will withhold an initial amount of 9%. Calculate the net proceeds and...
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment. Debit Credit Accounts Receivable $180,300 Allowance for Doubtful Accounts $ 1.460 Sales Revenue 855,400 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $9.260 of accounts receivable will be uncollectible. (b) Repeat part(a), assuming that instead of a credit balance there is a $1.460 debit balance in Allowance for Doubtful Accounts. (d)...
Question 1 Selected transactions for Blue Spruce Company during its first month in business are presented below. Sept. 1 5 25 30 Invested $10,000 cash in the business. Purchased equipment for $11,000 paying $4,100 in cash and the balance on account. Paid $2,800 cash on balance owed for equipment. Withdrew $700 cash for personal use. Spruce's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 301 Owner's Capital, and No. 306 Owner's Drawings. Journalize...
Question 11 --/1 View Policies Current Attempt in Progress Blue Spruce Company purchases a patent for $312,000 on January 2, 2020. Its estimated useful life is 13 years. Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and...
Blue Spruce Corporation, a clothing retailer, had income from operations (before tax) of $307,500, and recorded the following before-tax gains/(losses) for the year ended December 31, 2020: Gain on disposal of equipment Unrealized (loss)/gain on FV-NI investments (Loss)/gain on disposal of building Gain on disposal of FV-Nl investments 22,140 (44,280) (55,760) 27,060 Blue Spruce also had the following account balances as at January 1, 2020: Retained earnings Accumulated other comprehensive income (this was due to a revaluation surplus on land)...
Problem 5-05A a, b1-b3, c-e (Video) The trial balance of Blue Spruce Corp. contained the following accounts at November 30, the end Blue Spruce Corp. Trial Balance November 30, 2020 Credit Cash Debit $ 8,500 28,600 42,500 6,100 131,000 $ 27,000 50,500 39,400 50,000 40,000 10,500 Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense...
Please help solve this!
Exercise 10-08 a-b (Video) Terry Wade, the new controller of Blue Spruce Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Type of Asset Building Warehouse Date Acquired 1/1/14 1/1/15 Cost $808,000 114,000 Accumulated Depreciation 1/1/20 $115,800 21,860 Useful life in Years Old Proposed 40 5 0 25 20 Salvage Value Old Proposed $36,000 $36,600 4,700 24,640 All assets are depreciated...
Blue Spruce Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $237,600 debit; Allowance for Doubtful Accounts $2,600 debit. Assume Blue has examined the aging of the accounts receivable and has determined the Allowance for Doubtful Accounts should have a balance of $28,800, prepare the December 31, 2020 journal entry to record the adjustment to Allowance for Doubtful Accounts. (Credit account titles are...
Multiple Choice Question 113 Blue Spruce Corp. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $400000 and credit sales are $1600000. Management estimates that 6 % of accounts receivable will be uncollectible. What adjusting entry will Blue Spruce Corp. make if the Allowance for Doubtful Accounts has a credit balance of $4000 before adjustment? Bad Debt Expense 16000 Accounts Receivable 16000 Bad Debt Expense 20000 Allowance for Doubtful Accounts 20000 Bad Debt Expense 8000...
Problem 5-05A a, b1-b3, c-e (Video) The trial balance of Blue Spruce Corp. contained the following accounts at November 30, the end of the company's fiscal year. Blue Spruce Corp. Trial Balance November 30, 2020 Credit Debit $ 8,500 28,500 42,500 6,100 131,000 $ 27,000 50,500 39,400 50,000 40,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages...
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