On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable...
On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable ending balance was 50,000. For the year 2015 - Beginning inventory was 120,000. Purchases of inventory totaled $350,000. Sales totaled $400,000. For year-ending 2015: It was determined that replacement cost of inventory was 185,000. Beginning A4DA had a credit balance of $1,000 And the net realizable value of Accounts receivable was 45,000. Prepare BDE JE and 2015 income statement for the limited facts given. Tax rate is 40%.
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On December 31, 2015 it was determined that ending inventory on
hand was $200,000. Accounts Receivable...
1. On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts...
1. On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable ending balance was 50,000. For the year 2015 - Beginning inventory was 120,000. Purchases of inventory totaled $350,000. Sales totaled $400,000. For year-ending 2015: It was determined that replacement cost of inventory was 185,000. Beginning A4DA had a credit balance of $1,000 And the net realizable value of Accounts receivable was 45,000. Prepare BDE JE and 2015 income statement for the limited facts...
On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable...
On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable ending balance was 50,000. For the year 2015 - Beginning inventory was 100,000. Purchases of inventory totaled $300,000. Sales totaled $400,000. For year-ending 2015: It was determined that replacement cost of inventory was 190,000. And the net realizable value of Accounts receivable was 45,000. Prepare 2015 income statement for the limited facts given. Tax rate is 40%.
Question 31 At December 31, 2015, Wynne Company reported Accounts Receivable of $45,000 and allowance for Doubtful Acco...
Question 31 At December 31, 2015, Wynne Company reported Accounts Receivable of $45,000 and allowance for Doubtful Accounts of $3,500. On January 7, 2016, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realizable value of Accounts Receivable at December 31, 2015? Cash realizable value & What entry would Wynne make to write off the Brown account? (Credit account titles are automatically indented when the amount is...
Ace Co. prepared an aging of its accounts receivable at December 31, 2018 and determined that...
Ace Co. prepared an aging of its accounts receivable at December 31, 2018 and determined that the net realizable value of the receivables was $600,000. Additional information is available as follows: Allowance for doubtful accounts at 1/1/18—credit balance $ 68,000 Accounts written off as uncollectible during 2018 46,000 Accounts receivable at 12/31/18 650,000 For the year ended December 31, 2018, Ace's bad debt expense would be a. $50,000. b. $46,000. c. $32,000. d. $18,000. e. None of the above
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation Account Title Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net of amortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits 45,000 96,000 121,000 30,000 84,000 160,000 400,000 120,000 115,000 45,000 32,000 52,000 85,000 40,000 350,000 7,000 400,000...
The beginning balance in cash was $100,000. The beginning balance in accounts receivable was $50,000 and...
The beginning balance in cash was $100,000. The beginning balance in accounts receivable was $50,000 and the ending balance was $45,000. The beginning balance in wages payable was $40,000 and the ending balance in wages payable was $41,000. During the year the company had credit sales of $120,000 and wage expense of $48,000. What was the ending cash balance
Calculate the accounts receivable turnover, average collection period (days), inventory turnover, fixed asset turnover, and total...
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were...
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory? Inventory, December 31 _______ In its first month of operations, Bethke Company made...
December 31, 2016 December 31, 2015 Accounts Payable $6,000 $9,000 Cash 27,000 19,000 Accounts Receivable 42,000...
December 31, 2016 December 31, 2015 Accounts Payable $6,000 $9,000 Cash 27,000 19,000 Accounts Receivable 42,000 33,000 Land 40,000 40,000 Building, net 250,000 260,000 Equipment, net 43,000 45,000 Mortgage Payable 110,000 120,000 Supplies 20,000 18,000 Common Stock 220,000 220,000 Dividends 10,000 0 Retained Earnings ? ?
XYZ Co. prepared an aging of its accounts receivable at December 31, 2017 and determined that...
XYZ Co. prepared an aging of its accounts receivable at December 31, 2017 and determined that the net realizable value of the receivables was $900,000. Additional information is available as follows: Allowance for uncollectible accounts at 1/1/17—credit balance $102,000 Accounts written off as uncollectible during 2017 $69,000 Accounts receivable at 12/31/17 $975,000 Uncollectible accounts recovered during 2017 $15,000 For the year ended December 31, 2017, XYZ's bad debt expense would be $75,000. $69,000. $48,000. $27,000.
1. On December 31, 2015 it was determined that ending inventory on hand was $200,000. Accounts Receivable ending balance was 50,000. For the year 2015 - Beginning inventory was 120,000. Purchases of inventory totaled $350,000. Sales totaled $400,000. For year-ending 2015: It was determined that replacement cost of inventory was 185,000. Beginning A4DA had a credit balance of $1,000 And the net realizable value of Accounts receivable was 45,000. Prepare BDE JE and 2015 income statement for the limited facts...
Question 31 At December 31, 2015, Wynne Company reported Accounts Receivable of $45,000 and allowance for Doubtful Accounts of $3,500. On January 7, 2016, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realizable value of Accounts Receivable at December 31, 2015? Cash realizable value & What entry would Wynne make to write off the Brown account? (Credit account titles are automatically indented when the amount is...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation Account Title Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net of amortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits 45,000 96,000 121,000 30,000 84,000 160,000 400,000 120,000 115,000 45,000 32,000 52,000 85,000 40,000 350,000 7,000 400,000...
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
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