Homework Answers
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Net income (Loss) = Net loss - bad debt expense = - 84,600 - 46,500 = - 131,100 Comment if you face any issues |
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Application Problem 6-13A Johnstone Inc. had a net loss of $84,600 prior to the following transactions:...
Application Problem 6-13A Johnstone Inc. had a net loss of $92,400 prior to the following transactions:...
Application Problem 6-13A Johnstone Inc. had a net loss of $92,400 prior to the following transactions: • • • The company wrote off accounts of customers owing $33,600. The company recovered $8,800 in receivables from customers whose accounts had previously been written off. The company recorded bad debts expense of $46,400 based on an aging of its receivables. What would Johnstone's net income (or loss) be after these transactions? (Enter loss using either a negative sign preceding the number e.g....
Answer correct please last attempt Application Problem 6-13A Johnstone Inc. had a net loss of $81,600...
Answer correct please last attempt
Application Problem 6-13A Johnstone Inc. had a net loss of $81,600 prior to the following transactions: • • • The company wrote off accounts of customers owing $38,200. The company recovered $9,200 in receivables from customers whose accounts had previously been written off. The company recorded bad debts expense of $51,100 based on an aging of its receivables. What would Johnstone's net income (or loss) be after these transactions? (Enter loss using either a negative...
Please try to show as many steps as possible. Thank you. Johnstone Inc. had a net loss of $89,300 prior to the followin...
Please try to show as many steps as possible. Thank you.
Johnstone Inc. had a net loss of $89,300 prior to the following transactions: • . The company wrote off accounts of customers owing $35,500. The company recovered $8,300 in receivables from customers whose accounts had previously been written off. The company recorded bad debts expense of $49,200 based on an aging of its receivables. What would Johnstone's net income (or loss) be after these transactions? (Enter loss using either...
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $129,000...
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $129,000 balance in its Accounts Receivable and a $4,300 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were 5827,000 and its total cash collections from customers were $798,000. During the year, the company conduded that customers with accounts totalling $7,600 would be unable to pay, and wrote these receivables off. However, one of these...
Step wise last attempt please Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only...
Step wise last attempt please
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $132,000 balance in its Accounts Receivable and a $6,000 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $826,000 and its total cash collections from customers were $782,000. During the year, the company concluded that customers with accounts totalling $8,000 would be unable to pay, and wrote these receivables...
PRINTER VERSION BACK NEXT Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on...
PRINTER VERSION BACK NEXT Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $128,000 balance in its Accounts Receivable and a $4,500 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $821,000 and its total cash collections from customers were $796,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote these receivables off....
Treat the following parts as three independent situations. Part 1 of 3 Lynbrook Automotive, Inc. applies...
Treat the following parts as three independent situations. Part 1 of 3 Lynbrook Automotive, Inc. applies the allowance method to record transactions relating to their accounts receivables. On December 31, 2019, the company had a debit balance of $700,000 in Accounts Receivable and a credit balance of $20,000 in their Allowance for Doubtful Accounts. During 2020, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts. These transactions are summarized as follows: a) Provided...
Question 4 Indicate the immediate effect each of the following transactions has on net income and...
Question 4 Indicate the immediate effect each of the following transactions has on net income and the balance in the allowance for doubtful accounts. Select your answer by clicking in the drop down box to the right of each transaction. Answer choices may be used once, more than once, or not at all. ABC Company recorded bad debt expense for the year. [Choose ] ABC Company wrote off an account receivable as uncollectible. [ Choose ] [ Choose ] ABC...
Answer the following ( LAST ATTEMPT SO KINDLY ANSWER CORRECT PLEASE Answer the ticked boxes Application...
Answer the following ( LAST ATTEMPT SO KINDLY ANSWER CORRECT
PLEASE
Answer the ticked boxes
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $132,000 balance in its Accounts Receivable and a $6,000 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $826,000 and its total cash collections from customers were $782,000. During the year, the company concluded that customers with accounts totalling...
Indicate how each of the following transactions would affect AlarmIT Ltd.’s statement of income, statement of...
Indicate how each of the following transactions would affect
AlarmIT Ltd.’s statement of income, statement of financial
position, and statement of cash flows. If there would be no effect,
then state that. AlarmIT uses the allowance method of accounting
for bad debts.
1. AlarmIT recovered a $26,300 receivable from a customer whose
account had been previously written off.
2. AlarmIT wrote off a receivable from a customer in the amount
of $17,100.
3. AlarmIT recorded bad debts expense for the...
Application Problem 6-13A Johnstone Inc. had a net loss of $92,400 prior to the following transactions: • • • The company wrote off accounts of customers owing $33,600. The company recovered $8,800 in receivables from customers whose accounts had previously been written off. The company recorded bad debts expense of $46,400 based on an aging of its receivables. What would Johnstone's net income (or loss) be after these transactions? (Enter loss using either a negative sign preceding the number e.g....
Answer correct please last attempt
Application Problem 6-13A Johnstone Inc. had a net loss of $81,600 prior to the following transactions: • • • The company wrote off accounts of customers owing $38,200. The company recovered $9,200 in receivables from customers whose accounts had previously been written off. The company recorded bad debts expense of $51,100 based on an aging of its receivables. What would Johnstone's net income (or loss) be after these transactions? (Enter loss using either a negative...
Please try to show as many steps as possible. Thank you.
Johnstone Inc. had a net loss of $89,300 prior to the following transactions: • . The company wrote off accounts of customers owing $35,500. The company recovered $8,300 in receivables from customers whose accounts had previously been written off. The company recorded bad debts expense of $49,200 based on an aging of its receivables. What would Johnstone's net income (or loss) be after these transactions? (Enter loss using either...
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $129,000 balance in its Accounts Receivable and a $4,300 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were 5827,000 and its total cash collections from customers were $798,000. During the year, the company conduded that customers with accounts totalling $7,600 would be unable to pay, and wrote these receivables off. However, one of these...
Step wise last attempt please
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $132,000 balance in its Accounts Receivable and a $6,000 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $826,000 and its total cash collections from customers were $782,000. During the year, the company concluded that customers with accounts totalling $8,000 would be unable to pay, and wrote these receivables...
PRINTER VERSION BACK NEXT Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $128,000 balance in its Accounts Receivable and a $4,500 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $821,000 and its total cash collections from customers were $796,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote these receivables off....
Treat the following parts as three independent situations. Part 1 of 3 Lynbrook Automotive, Inc. applies the allowance method to record transactions relating to their accounts receivables. On December 31, 2019, the company had a debit balance of $700,000 in Accounts Receivable and a credit balance of $20,000 in their Allowance for Doubtful Accounts. During 2020, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts. These transactions are summarized as follows: a) Provided...
Question 4 Indicate the immediate effect each of the following transactions has on net income and the balance in the allowance for doubtful accounts. Select your answer by clicking in the drop down box to the right of each transaction. Answer choices may be used once, more than once, or not at all. ABC Company recorded bad debt expense for the year. [Choose ] ABC Company wrote off an account receivable as uncollectible. [ Choose ] [ Choose ] ABC...
Answer the following ( LAST ATTEMPT SO KINDLY ANSWER CORRECT
PLEASE
Answer the ticked boxes
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $132,000 balance in its Accounts Receivable and a $6,000 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $826,000 and its total cash collections from customers were $782,000. During the year, the company concluded that customers with accounts totalling...
Indicate how each of the following transactions would affect
AlarmIT Ltd.’s statement of income, statement of financial
position, and statement of cash flows. If there would be no effect,
then state that. AlarmIT uses the allowance method of accounting
for bad debts.
1. AlarmIT recovered a $26,300 receivable from a customer whose
account had been previously written off.
2. AlarmIT wrote off a receivable from a customer in the amount
of $17,100.
3. AlarmIT recorded bad debts expense for the...
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