3D Family fireworks | |||||
Income Statements | |||||
For the month ended January 31-2021 | |||||
$ | |||||
Revenue: | |||||
Service Income | 1,29,500 | ||||
Interest revenue | 75 | ||||
Total Revenue (A) | 1,29,575 | ||||
Expenses: | |||||
Supplies expense | 2,800 | ||||
Salary expenses | 34,600 | ||||
Utilities | 14,800 | ||||
Bad debts | 1,830 | ||||
Total Expenses (B) | 54,030 | ||||
Net Income (A)-(B) | 75,545 | ||||
3D Family fireworks | |||||
Balance sheet | |||||
January 31-2021 |
|||||
Assets | $ | Liabilities | $ | ||
Current Assets | Current Liabilities | ||||
Cash | 99,300 | Allowable for uncollectible accounts | 1,330 | ||
Accounts receivable | 14,600 | Acccounts payable | 1,300 | ||
Notes receivable | 15,000 | Salaries payable | 34,600 | ||
Interest receivable | 75 | ||||
Supplies(Inventory) | 800 | ||||
Total Current Liabilities | 37,230 | ||||
Total Current Assets | 1,29,775 | ||||
Common stock | 95,000 | ||||
Non Current Assets | retained earnings | 77,545 | |||
Land | 80,000 | 80,000 | Net Income | ||
Total Liabilities | |||||
Stockholders equity | 1,72,545 | ||||
Total Stockholders equity | |||||
Total Assets | 2,09,775 | Total Liabilities & Stakeholders equity | 2,09,775 | ||
Notes 1 | |||||
Accounts receivable Account | |||||
Opening balance | 14,700 | Allowance for uncollectible accounts | 2,500 | ||
Service Income | 83,400 | Cash | 81,000 | ||
Closing balance | 14,600 | ||||
98,100 | 98,100 | ||||
Notes 2 | |||||
Allowance for uncollectible accounts | |||||
Accounts receivable | 2,500 | Opening balance | 3,000 | ||
Closing b/d | 1,330 | Bad debts | 830 | ||
3,830 | 3,830 | ||||
Accounts Receivable turnover | 11.27413127 | ||||
The company is collecting more efficiently(true/false) | TRUE | ||||
Ratio of allowance for uncollectible accounts to accounts receivable | 9.109589041 | ||||
Should the company expects improving or worsening conditions | The company can expect improving conditions |
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26,100 14,700 $ 3,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,600 15,000 80,000 7,900 95,000 33,500 $139,400 $139,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account, $83,400....
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26, 100 14,700 $ 3,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,600 15,000 80,000 7,900 95,000 33,500 $139,400 $139,400 During January 2021, the following transactions occur. January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account,...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit $ 25, 900 14, 600 $ 2, 800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,500 30,000 78,000 9,800 106,000 33, 400 $152,000 $152,000 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $45, 100. January 6 Provide services to...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit 27,900 15,600 Accounts Receivable Allowance for Uncollectible Accounts 4,800 Supplies Notes Receivable (6%, due in 2 years) 4,500 24,000 80,900 Land Accounts Payable 9,700 Common Stock 104,000 Retained Earnings 34,400 $152,900 $152,900 Totals During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $55,100 January January 15 Write off accounts receivable as uncollectible, $4,500. January...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit $ 25,900 Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (5%, due in 2 years) 14,600 2,800 3,500 30,000 78,000 Land Accounts Payable 9,800 106,000 33,400 Common Stock Retained Earnings $152,000 $152,000 Totals During January 2021, the following transactions occur: 2 Provide services to customers for cash, $45,100. 6 Provide services to customers on account, $82,400. January January January...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26,900 15,109 $ 3,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 4,000 19,000 80,400 8,700 99,000 33,900 $145,400 $145,400 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $50, 100. January 6 Provide services to customers on account,...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Question: Record the closing entry for expenses. On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 25,500 14,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts 2,400 Supplies Notes Receivable (6%, due in 2 years) 3,300 28,000 77,800 Land Accounts Payable Common Stock 9,400 104,000 33,200 Retained Earnings $149,000 $149,000 Totals During January 2021,...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit Accounts Cash $27,500 15,400 Accounts Receivable Allowance for Uncollectible Accounts S 4,400 Supplies Notes Receivable (6%, due in 2 years) 4,300 22,000 Land 80,700 Accounts Payable Common Stock 9,300 102,000 Retained Earnings 34,200 $149,900 $149,900 Totals During January 2021, the following transactions occur 2 Provide services to customers for cash, $53,100 January 6 Provide services to customers on account, $90,400. 15 Write...
On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,900 Accounts Receivable 15,600 Allowance for Uncollectible Accounts $ 4,800 Supplies 4,500 Notes Receivable (6%, due in 2 years) 24,000 Land 80,900 Accounts Payable 9,700 Common Stock 104,000 Retained Earnings 34,400 Totals 152900 152900 During January 2018, the following transactions occur: January 2 Provide services to customers for cash, $55,100. January 6 Provide services to customers on account, $92,400....
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 26,900 Accounts Receivable 15,100 Allowance for Uncollectible Accounts $ 3,800 Supplies 4,000 Notes Receivable (6%, due in 2 years) 19,000 Land 80,400 Accounts Payable 8,700 Common Stock 99,000 Retained Earnings 33,900 Totals $ 145,400 $ 145,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $50,100. January 6 Provide services to customers on...