Myah Co earns $26,684 of revenue on account and in $6,874 cash revenue transactions in Year...
Myah Co earns $26,684 of revenue on account and in $6,874 cash revenue transactions in Year 1. Cash collections of receivables amount to $8,453 in Year 1 with the remainder being collected in Year 2. Based on this info alone the company’s financial statements would show
Accounts Receivable at the end of Year 1 $_
Homework Answers
Based on this info alone the company’s financial statements would show Accounts Receivable at the end of Year 1 $18,231
(accounts receivable $26,684 - $8,453 collection)
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Myah Co earns $26,684 of revenue on account and in $6,874 cash
revenue transactions in Year...
Little Grey Company earns $5,221 of revenue on account in Year 1. Cash collections of receivables...
Little Grey Company earns $5,221 of revenue on account in Year 1. Cash collections of receivables amount to $3,300 in Year 1 with the remainder being collected in Year 2. Based on this information alone the company’s financial statements would show revenues in year 2 of $________
On May 1 of Year 1 M&M Enterprises paid $1,920 cash for an insurance policy that...
On May 1 of Year 1 M&M Enterprises paid $1,920 cash for an insurance policy that would provide protection for a one year term. The company’s fiscal closing date is December 31. Based on this information, the amount of prepaid insurance appearing on the Year 1 Balance Sheet would be $___________ RSPACE Co earns $13,249 of revenue on account and in $6,167 cash revenue transactions in Year 1. Cash collections of receivables amount to $5,849 in Year 1 with the remainder...
Question 1 During 2018, the following events occurred for Clouseau Consultants Clouseau provided $35,744 of consulting...
Question 1 During 2018, the following events occurred for Clouseau Consultants Clouseau provided $35,744 of consulting services to its clients but no cash has been collected. Clouseau collected $21,274 cash from customers in partial settlement of its accounts receivable. Clouseau paid the instructor $11,567 cash for teaching training courses (salary expense). Clouseau paid $3,650 for supplies. Half of the supplies were used in 2018. Clouseau paid $4,484 in dividends. After recording all these transactions, Clouseau’s total change in stockholders' equity...
Explanations help Alexa Company was started in Year 1. At the end of Year 1 the...
Explanations help
Alexa Company was started in Year 1. At the end of Year 1 the Company's had the following accounting equation. Assets Liabilities + Stockholders' Equity Cash + Land Notes Payable + Common Stock + Retained Earnings 700 + 2,100 = 1,000 + 1,200 + 600 During Year 2, the company experienced the following accounting events. • Paid off $520 of its note payable. • Earned $2,110 of cash revenue. • Paid $1,595 of cash expenses. • Paid a...
During the first year of operation, 2018, Direct Service Co. recognized $350,000 of service revenue on...
During the first year of operation, 2018, Direct Service Co. recognized $350,000 of service revenue on account. At the end of 2018, the accounts receivable balance was $63,000. For this first year in business, the owner believes uncollectible accounts expense will be about 3 percent of sales on account. Required a. What amount of cash did Direct Service collect from accounts receivable during 2018? b. Assuming Direct Service uses the allowance method to account for uncollectible accounts, what amount should...
Question 16 O out of 1.5 points As of December 31, 2018, Hux Company had total...
Question 16 O out of 1.5 points As of December 31, 2018, Hux Company had total cash of $197,700, notes payable of $62,300, and common stock of $15,680 and retained earnings of ?. During 2019, Hux eamed $168.990 of cash revenue, paid $80,900 for cash expenses, and paid a $5,400 cash dividend to the stockholders. What is Hux's total retained earnings at the end of 2019? Question 17 O out of 1.5 points Hart, Attorney at Law, experienced the following...
During the first year of operation, 2018, Direct Service Co. recognized $320,000 of service revenue on account. At the...
During the first year of operation, 2018, Direct Service Co. recognized $320,000 of service revenue on account. At the end of 2018, the accounts receivable balance was $60,000. For this first year in business the owner believes uncollectible accounts expense will be about 3 percent of sales on account Required a. What amount of cash did Direct Service collect from accounts receivable during 2018? b. Assuming Direct Service uses the allowance method to account for uncollectible accounts, what amount should...
Recording receivables transactions On January 1, 2017, Brown Company showed the following account balances: Account...
Recording receivables transactions On January 1, 2017, Brown Company showed the following account balances: Account Debit Credit Accounts receivable $634,000 Allowance for doubtful accounts $28,000 During the next fiscal year, the following events occurred: Repair revenues for the year were $5,850,000. 75% were on account, 25% were cash sales. Collections for the year were $4,705,000. $35,000 was added to the total accounts receivable due to interest on overdue accounts. Write offs of uncollectible accounts totaled $27,000. One of the accounts...
During the first year of operation, 2018, McGinnis Appliance recognized $275,000 of service revenue on account....
During the first year of operation, 2018, McGinnis Appliance recognized $275,000 of service revenue on account. At the end of 2018. the accounts recevable balance was $55,300. Even though this is his first year in business, the owner believes he will collect all but about 3 percent of the ending balance. Required a. What amount of cash was collected by McGinnis during 2018? b. Assuming the use of an allowance system to account for uncollectible accounts, what amount should McGinnis...
Holloway Company earned $7,600 of service revenue on account during Year 1. The company collected $6,460...
Holloway Company earned $7,600 of service revenue on account
during Year 1. The company collected $6,460 cash from accounts
receivable during Year 1.
Required
Based on this information alone, determine the following for
Holloway Company. (Hint: Record the events in general ledger
accounts under an accounting equation before satisfying the
requirements.) (Enter any decreases to account balances
with a minus sign.)
a. The balance of the accounts receivable that
would be reported on the December 31, Year 1, balance sheet....
Explanations help
Alexa Company was started in Year 1. At the end of Year 1 the Company's had the following accounting equation. Assets Liabilities + Stockholders' Equity Cash + Land Notes Payable + Common Stock + Retained Earnings 700 + 2,100 = 1,000 + 1,200 + 600 During Year 2, the company experienced the following accounting events. • Paid off $520 of its note payable. • Earned $2,110 of cash revenue. • Paid $1,595 of cash expenses. • Paid a...
During the first year of operation, 2018, Direct Service Co. recognized $350,000 of service revenue on account. At the end of 2018, the accounts receivable balance was $63,000. For this first year in business, the owner believes uncollectible accounts expense will be about 3 percent of sales on account. Required a. What amount of cash did Direct Service collect from accounts receivable during 2018? b. Assuming Direct Service uses the allowance method to account for uncollectible accounts, what amount should...
Question 16 O out of 1.5 points As of December 31, 2018, Hux Company had total cash of $197,700, notes payable of $62,300, and common stock of $15,680 and retained earnings of ?. During 2019, Hux eamed $168.990 of cash revenue, paid $80,900 for cash expenses, and paid a $5,400 cash dividend to the stockholders. What is Hux's total retained earnings at the end of 2019? Question 17 O out of 1.5 points Hart, Attorney at Law, experienced the following...
During the first year of operation, 2018, Direct Service Co. recognized $320,000 of service revenue on account. At the end of 2018, the accounts receivable balance was $60,000. For this first year in business the owner believes uncollectible accounts expense will be about 3 percent of sales on account Required a. What amount of cash did Direct Service collect from accounts receivable during 2018? b. Assuming Direct Service uses the allowance method to account for uncollectible accounts, what amount should...
During the first year of operation, 2018, McGinnis Appliance recognized $275,000 of service revenue on account. At the end of 2018. the accounts recevable balance was $55,300. Even though this is his first year in business, the owner believes he will collect all but about 3 percent of the ending balance. Required a. What amount of cash was collected by McGinnis during 2018? b. Assuming the use of an allowance system to account for uncollectible accounts, what amount should McGinnis...
Holloway Company earned $7,600 of service revenue on account
during Year 1. The company collected $6,460 cash from accounts
receivable during Year 1.
Required
Based on this information alone, determine the following for
Holloway Company. (Hint: Record the events in general ledger
accounts under an accounting equation before satisfying the
requirements.) (Enter any decreases to account balances
with a minus sign.)
a. The balance of the accounts receivable that
would be reported on the December 31, Year 1, balance sheet....
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