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The Saturn Company records all collections from customers (including 5% sales tax) in the Sales Revenue...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for services yet to be provided totaled $95,000. • A $20,000 loss from the sale of property and equipment occurred. • Interest income was $9,300. • Interest expense was $19,500. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...
all the same question 1. Prepare a sales budget, including a schedule of expected cash collections...
all the same question
1. Prepare a sales budget, including a schedule of expected cash collections 2. Prepare a direct materials budget, including a schedule of expected cash disbursements for purchases of materials 3. Prepare a cash budget 1 S & P Enterprises needs a cash budget for March. The following information is available. January February March 3 Data 4 Actual January and February and expected March sales: 5 Cash sales 6 Sales on account 7 Total Sales $ 1,600...
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019....
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Account Title: Balance: Balance: 1,660 Interest Expense Interest Payable Accounts Payable Accounts Receivable 560 2,580 80 Accum. Amort. - Copyright 420 Interest Receivable 10 Accum. Amort. - Patent Accum. Depl. - Gold Mine Accum. Depr. - Bldngs. Accum. Depr. - Equip. Adjustment to Market (debit balance) Administrative Expenses Interest...
Presented in the left graph are trends in sales revenue and cash received from customers over...
Presented in the left graph are trends in sales revenue and cash received from customers over a six-year period. In the right graph are trends in cost of goods sold and cash paid for inventory over a six-year period. All inventory is purchased with cash. Sales Revenue vs. Cash Received from Customers Cost of Goods Sold vs. Cash Paid for Inventory $120,000 $450,000 $400,000 $100,000 $350,000 $80,000 $300,000 $60,000 $250,000 $200,000 $150,000 $40,000 $100,000 $20,000 $50,000 So $0 Year 1...
The accountant for Flagger Corporation prepared the following list of account balances from the company's records...
The accountant for Flagger Corporation prepared the following list of account balances from the company's records for the year ended December 31: US $ US $ Sales Revenue 165,000 Cash 30,000 Accounts Receivable 14,000 Selling Expenses 44,000 Equipment 42,000 Common Stock 17,000 Accounts Payable 12,000 Interest Income 3,000 Salaries Expense 40,000 Cost of Sales 51,000 Inventories 22,000 Prepaid Expenses 2,000 Income Taxes Payable 5,000 Income Tax Expenses 18,000 Notes Payable 20,000 Retained Earnings ??????? Required: Prepare the following Financial Statements:...
Gregory Company had the following information in 2018: EE (Click the icon to view the information.)...
Gregory Company had the following information in 2018: EE (Click the icon to view the information.) Uncollectible account expense for 2018 is $1,115. What is the adjusted balance in the Allowance account at year-end for 2018? OA. $1,440 B. $1,115 O C. $1,000 D. $2,115 G Data Table Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment).. . Credit service revenue during 2018.. . . . . . . . .. . . . . . . . Cash service revenue during...
Thank you. thumbs up! Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts...
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Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (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 o for the amounts.) Account Titles and Explanation Debit Credit (To dose accounts with...
The following information is from Tejas WindowTint’s financial records. Month Sales Purchases April $ 77,000 $...
The following information is from Tejas WindowTint’s financial records. Month Sales Purchases April $ 77,000 $ 61,000 May 75,000 42,000 June 73,000 30,000 July 82,000 48,000 Collections from customers are normally 70 percent in the month of sale, 18 percent in the month following the sale, and 11 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 5 percent discount allowed on purchases...
1. The general ledger of Stickler Company included the following accounts and balances as of 12/31/18....
1. The general ledger of Stickler Company included the following accounts and balances as of 12/31/18. Everything has already been adjusted for (including for cash collections for accounts receivable during the year) except for bad debt expense for 2018 (20 points). 12/31/18 Allowance for Doubtful Accounts 12/31/18 Gross Accounts Receivable $1,000 $200,000 Sales revenue during 2018 amounted to $800.000. of which 75% was on credit, and it was estimated that 2 % of these credit sales made in 2018 would...
Question3 3.5 pts The following selected account balances were taken from ABC Company's a ccounting records...
Question3 3.5 pts The following selected account balances were taken from ABC Company's a ccounting records during 2018: January 1, 2018 December 31, 2018 Inventory Accounts payable Long-term notes payable Income tax payable Investments Accounts receivable Land Common stock Retained earnings 69,000 47,000 165,000 11,000 89,000 77,000 60,000 100,000 26,000 35,000 41,000 130,000 7,000 68,000 84,000 89,000 175,000 41,000 The following information was taken from ABC Company's 2018 income stat ement: Sales revenue Cost of goods sold Gain on sale...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for services yet to be provided totaled $95,000. • A $20,000 loss from the sale of property and equipment occurred. • Interest income was $9,300. • Interest expense was $19,500. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...
all the same question
1. Prepare a sales budget, including a schedule of expected cash collections 2. Prepare a direct materials budget, including a schedule of expected cash disbursements for purchases of materials 3. Prepare a cash budget 1 S & P Enterprises needs a cash budget for March. The following information is available. January February March 3 Data 4 Actual January and February and expected March sales: 5 Cash sales 6 Sales on account 7 Total Sales $ 1,600...
FINANCIAL STATEMENT PROJECT #5 Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Account Title: Balance: Balance: 1,660 Interest Expense Interest Payable Accounts Payable Accounts Receivable 560 2,580 80 Accum. Amort. - Copyright 420 Interest Receivable 10 Accum. Amort. - Patent Accum. Depl. - Gold Mine Accum. Depr. - Bldngs. Accum. Depr. - Equip. Adjustment to Market (debit balance) Administrative Expenses Interest...
Presented in the left graph are trends in sales revenue and cash received from customers over a six-year period. In the right graph are trends in cost of goods sold and cash paid for inventory over a six-year period. All inventory is purchased with cash. Sales Revenue vs. Cash Received from Customers Cost of Goods Sold vs. Cash Paid for Inventory $120,000 $450,000 $400,000 $100,000 $350,000 $80,000 $300,000 $60,000 $250,000 $200,000 $150,000 $40,000 $100,000 $20,000 $50,000 So $0 Year 1...
Gregory Company had the following information in 2018: EE (Click the icon to view the information.) Uncollectible account expense for 2018 is $1,115. What is the adjusted balance in the Allowance account at year-end for 2018? OA. $1,440 B. $1,115 O C. $1,000 D. $2,115 G Data Table Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment).. . Credit service revenue during 2018.. . . . . . . . .. . . . . . . . Cash service revenue during...
Thank you. thumbs up!
Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (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 o for the amounts.) Account Titles and Explanation Debit Credit (To dose accounts with...
1. The general ledger of Stickler Company included the following accounts and balances as of 12/31/18. Everything has already been adjusted for (including for cash collections for accounts receivable during the year) except for bad debt expense for 2018 (20 points). 12/31/18 Allowance for Doubtful Accounts 12/31/18 Gross Accounts Receivable $1,000 $200,000 Sales revenue during 2018 amounted to $800.000. of which 75% was on credit, and it was estimated that 2 % of these credit sales made in 2018 would...
Question3 3.5 pts The following selected account balances were taken from ABC Company's a ccounting records during 2018: January 1, 2018 December 31, 2018 Inventory Accounts payable Long-term notes payable Income tax payable Investments Accounts receivable Land Common stock Retained earnings 69,000 47,000 165,000 11,000 89,000 77,000 60,000 100,000 26,000 35,000 41,000 130,000 7,000 68,000 84,000 89,000 175,000 41,000 The following information was taken from ABC Company's 2018 income stat ement: Sales revenue Cost of goods sold Gain on sale...
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