Homework Answers
| A | B | C = A-B | D | C x D | |
| Customer | Sales | Cash Received | Accounts receivable | Percentage Uncollectibles | Allowance for doubtful accounts |
| 1 | 190,000 | 64,000 | 126,000 | 18% | 22,680 |
| 2 | 110,000 | 44,000 | 66,000 | 5% | 3300 |
| 3 | 66,000 | 15,000 | 51,000 | 2% | 1,020 |
| 243,000 | 27,000 |
Net balance of accounts receivable = Accounts receivable - Allowance for doubtful accounts
= 243,000 - 27000
= $216000
Add Answer to:
21 Question 301 point Panky Dzuky Ltd. began operations on July 1, 2020 and had the...
Question 7 Concord Corporation had record sales in 2020. It began 2020 with an Accounts Receivable...
Question 7 Concord Corporation had record sales in 2020. It began 2020 with an Accounts Receivable balance of $490,000 and an Allowance for Doubtful Accounts of $36,000. Concord recognized credit sales during the year of $6,665,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize bad debt expense. Also during the year, the company wrote off $36,500 of accounts that were deemed to be uncollectible, although one customer whose $4,300 account had been written...
Cheyenne Corp. had record sales in 2020. It began 2020 with an Accounts Receivable balance of...
Cheyenne Corp. had record sales in 2020. It began 2020 with an
Accounts Receivable balance of $455,000 and an Allowance for
Doubtful Accounts of $32,000. Cheyenne recognized credit sales
during the year of $6,650,000 and made monthly adjusting entries
equal to 0.5% of each month’s credit sales to recognize bad debt
expense. Also during the year, the company wrote off $36,900 of
accounts that were deemed to be uncollectible, although one
customer whose $5,400 account had been written off surprised...
Weez Ltd began operations on 1 July 2020, with monthly accounting periods. When it purchased supplies...
Weez Ltd began operations on 1 July 2020, with monthly accounting periods. When it purchased supplies during July, Weez Ltd debited Supplies Expense, yet at the end of July, a material amount of supplies remained on hand, and their dollar amount was estimated. You, the newly hired accountant, have been assigned to prepare the suggested adjusting journal entry. Required: Prepare a residual analysis justifying the necessary adjusting journal entry, including the accounts to be debited and credited. Format your answer...
Problem 7-03 (Part Level Submission) Monty Corp. had record sales in 2020. It began 2020 with an Accounts Receivable ba...
Problem 7-03 (Part Level Submission) Monty Corp. had record sales in 2020. It began 2020 with an Accounts Receivable balance of $460,000 and an Allowance for Doubtful Accounts of $32,000. Monty recognized credit sales during the year of $6,695,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize bad debt expense. Also during the year, the company wrote off $36,100 of accounts that were deemed to be uncollectible, although one customer whose $3,600 account...
On 1 July 2015, Fluffy Ltd acquired all the issued shares of Glider Ltd. Fluffy Ltd...
On 1 July 2015, Fluffy Ltd acquired all the issued shares of
Glider Ltd. Fluffy Ltd paid $30 000 in cash and 20 000 shares in
Fluffy Ltd valued at $3 per share. At this date, the equity of
Glider Ltd consisted of $66 000 share capital and $6000 retained
earnings.
At 1 July 2015, all the identifiable assets and liabilities of
Glider Ltd were recorded at amounts equal to their fair values
except for:
Additional information
(a) Fluffy Ltd...
Lus Dental began operations in January 2020 seling dental appliances to dentists. The following transactions occurred...
Lus Dental began operations in January 2020 seling dental appliances to dentists. The following transactions occurred during the first six months of operations Click the icon to view the transactions.) Required х Requirement 1. Complete the agedisting of customer accounts as of June 30, 2020. (If a box is not used in the table, leave the box amply, do not enter a zero) Age of Accounts Receivable 1-30 31-60 61-90 Over 90 Total Transactions Customer Days Days Days Days Receivables...
On January 1, 2020, Wildhorse Ltd. had 522,000 common shares outstanding. During 2020, it had the...
On January 1, 2020, Wildhorse Ltd. had 522,000 common shares outstanding. During 2020, it had the following transactions that affected the common share account: Feb. 1 Issued 154,000 shares. Mar. 1 Issued a 20% stock dividend. May 1 Acquired 174,000 common shares and retired them. June 1 Issued a 2-for-1 stock split. Oct. 1 Issued 43,000 shares. The company’s year end is December 31. Part 1 Incorrect answer iconYour answer is incorrect. Determine the weighted average number of shares outstanding...
Company Name: Ply wood ltd The company began operations as a retailer on 1 July 2017....
Company Name: Ply wood ltd The company began operations as a retailer on 1 July 2017. It buys and sells one inventory item, herrings. The company is registered for GST which it pays quarterly. Assume GST was last paid on 30 June. It uses the Weighted Average cost allocation method and the perpetual inventory recording method. The company uses the straight line depreciation method for office furniture and computers and the reducing balance method for motor vehicles. The company employs...
Use the income statement of Best Consulting Ltd, plus these additional data during fiscal year 2020:...
Use the income statement of Best Consulting Ltd, plus these additional data during fiscal year 2020: (Click the icon to view the Income Statement.) (Click the icon to view the additional data.) Required 1. Prepare Best Consulting Lid's cash flow statement for the year ended September 30, 2020, using the indirect method. 2. Evaluate Best Consulting Lid's cash flows for the year. In your evaluation, mention all three categories of cash flows, and give the reason for your evaluation Requirement...
On July 1, 2020, Concord Ltd., a publicly listed company, acquired assets from Riverbed Ltd. On...
On July 1, 2020, Concord Ltd., a publicly listed company, acquired assets from Riverbed Ltd. On the transaction date, a reliable, independent valuator assessed the fair values of these assets as follows: Manufacturing plant (building #1) Storage warehouse (building #2) Machinery (in building #1) Machinery (in building #2) $399,680 209,880 74,700 45,000 The buildings are owned by the company, and the land that the buildings are situated on is owned by the local municipality and is provided free of charge...
Question 7 Concord Corporation had record sales in 2020. It began 2020 with an Accounts Receivable balance of $490,000 and an Allowance for Doubtful Accounts of $36,000. Concord recognized credit sales during the year of $6,665,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize bad debt expense. Also during the year, the company wrote off $36,500 of accounts that were deemed to be uncollectible, although one customer whose $4,300 account had been written...
Cheyenne Corp. had record sales in 2020. It began 2020 with an
Accounts Receivable balance of $455,000 and an Allowance for
Doubtful Accounts of $32,000. Cheyenne recognized credit sales
during the year of $6,650,000 and made monthly adjusting entries
equal to 0.5% of each month’s credit sales to recognize bad debt
expense. Also during the year, the company wrote off $36,900 of
accounts that were deemed to be uncollectible, although one
customer whose $5,400 account had been written off surprised...
Weez Ltd began operations on 1 July 2020, with monthly accounting periods. When it purchased supplies during July, Weez Ltd debited Supplies Expense, yet at the end of July, a material amount of supplies remained on hand, and their dollar amount was estimated. You, the newly hired accountant, have been assigned to prepare the suggested adjusting journal entry. Required: Prepare a residual analysis justifying the necessary adjusting journal entry, including the accounts to be debited and credited. Format your answer...
Problem 7-03 (Part Level Submission) Monty Corp. had record sales in 2020. It began 2020 with an Accounts Receivable balance of $460,000 and an Allowance for Doubtful Accounts of $32,000. Monty recognized credit sales during the year of $6,695,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize bad debt expense. Also during the year, the company wrote off $36,100 of accounts that were deemed to be uncollectible, although one customer whose $3,600 account...
On 1 July 2015, Fluffy Ltd acquired all the issued shares of
Glider Ltd. Fluffy Ltd paid $30 000 in cash and 20 000 shares in
Fluffy Ltd valued at $3 per share. At this date, the equity of
Glider Ltd consisted of $66 000 share capital and $6000 retained
earnings.
At 1 July 2015, all the identifiable assets and liabilities of
Glider Ltd were recorded at amounts equal to their fair values
except for:
Additional information
(a) Fluffy Ltd...
Lus Dental began operations in January 2020 seling dental appliances to dentists. The following transactions occurred during the first six months of operations Click the icon to view the transactions.) Required х Requirement 1. Complete the agedisting of customer accounts as of June 30, 2020. (If a box is not used in the table, leave the box amply, do not enter a zero) Age of Accounts Receivable 1-30 31-60 61-90 Over 90 Total Transactions Customer Days Days Days Days Receivables...
Use the income statement of Best Consulting Ltd, plus these additional data during fiscal year 2020: (Click the icon to view the Income Statement.) (Click the icon to view the additional data.) Required 1. Prepare Best Consulting Lid's cash flow statement for the year ended September 30, 2020, using the indirect method. 2. Evaluate Best Consulting Lid's cash flows for the year. In your evaluation, mention all three categories of cash flows, and give the reason for your evaluation Requirement...
On July 1, 2020, Concord Ltd., a publicly listed company, acquired assets from Riverbed Ltd. On the transaction date, a reliable, independent valuator assessed the fair values of these assets as follows: Manufacturing plant (building #1) Storage warehouse (building #2) Machinery (in building #1) Machinery (in building #2) $399,680 209,880 74,700 45,000 The buildings are owned by the company, and the land that the buildings are situated on is owned by the local municipality and is provided free of charge...
Most questions answered within 3 hours.
-
Use the following set of observed frequencies to test the
independence of the two variables. Variable...
asked 12 minutes ago -
Two kg of ice at -15 °C are placed in a 2 kg bath of water...
asked 12 minutes ago -
Describe the following with suitable
examples.
1- Security Policy Heterogeneity
2-Security Model Heterogeneity
3-Security Mechanism Heterogeneity...
asked 12 minutes ago -
Please Identify the Term "Determinism" in Psychology
asked 11 minutes ago -
The table below represents the number of republicans, democrats
and independent voting on a specific issue....
asked 16 minutes ago -
List and compare different forms of passive transport and active
transport.
asked 24 minutes ago -
In Netherland Dwarf rabbits, dwarf size is determined by allele
N, and normal-size by allele n....
asked 31 minutes ago -
During Heaton Company’s first two years of operations, it
reported absorption costing net operating income as...
asked 45 minutes ago -
Consider testing the
hypotheses:
H0: p = 0.56
H1: p > 0.56
where p is
the...
asked 48 minutes ago -
In a two-factor analysis of variance a main effect is defined as
____.
a. the unique...
asked 56 minutes ago -
A bank's loan officer rates applicants for credit. The ratings
are normally distributed with a mean...
asked 56 minutes ago -
Fill in the following information for Adipic Acid: molecular
weight, g or ml, mole, melting point,...
asked 1 hour ago