Homework Answers
1.
Bad debt expene = estimated uncollectible - balance in allownce account
= 5300- 2500
= $2,800
2.
Cost of goods sold = Beginning inventory + purchases - ending inventory
= 4000 + 11500 - 6000
= $9,500
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A Rece of $67.900 and Allowance for Doubtful Accou word...
Please help ...it’s urgent Question 1 (21 score) Recording and Reporting Allowance for Doubtful Accounts Using...
Please help ...it’s urgent
Question 1 (21 score) Recording and Reporting Allowance for Doubtful Accounts Using the Percentage of Credi Sales and Aging of Accounts Receivable Methods Innovative Tech Inc. (ITT) uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During November, IIT sold services on account for $100,000 and estimated that % of one percent of those sales would be uncollectible. At its December 31 year end,...
thank you for all the help! i will thumbs up right away! 25. Which of the...
thank you for all the help! i will thumbs up right away!
25. Which of the following is not true regarding intangible assets: a) They have physical substance b) They do not have physical substance c) They represent rights such as patents or copyrights d) Amortization is the term used when depreciating an intangible asset 26. Which of the following occurs when a company deems it necessary to write-off an accounts receivable accounts? a) Both accounts receivable and allowance for...
need help making transactions. terms for assets: cash, short term investments, A/R, allowance for doubtful Acc,...
need help making transactions.
terms for assets: cash, short term investments, A/R, allowance for
doubtful Acc, interest receivable, merchandise inventory, office
supplies, prepaid insurance, land, building, Accumulated building,
intangible asset.
terms for liabilities: A/P, salaries payable, income tax payable,
interest payable, unearned revenue, dividends payable, notes
payable
terms for equity: common stock, additional paid in capital,
retained earnings
terms for revenues: sales revenue, sales discount, sales allowance,
service revenue, interest income
terms for expenses: COGS, salaries expense, advertising expense,
office...
Question 4 Garmin Ltd. uses the periodic inventory system and had the following inventory information available:...
Question 4 Garmin Ltd. uses the periodic inventory system and had the following inventory information available: Units Unit Cost Total Cost Jan 1 Beginning inventory 100 $4 $ 400 20 Purchase 500 $5 2,500 Jul 25 Purchase 100 $6 600 Nov 20 Purchase 300 $7 2,100 1,000 $5,600 A physical count of inventory on December 31 showed that there were 350 units on hand. Instructions Answer the following independent questions and show calculations supporting...
Noswetta Company (Homework) The accounts listed below comprise the general ledger of Noswetta Company at December...
Noswetta Company (Homework) The accounts listed below comprise the general ledger of Noswetta Company at December 31, 2018. Account balances are before the end-of-period adjusting entries. Accounts having a zero balance are activated during the adjustment process. 172,000 180,000 1,000 100,000 4,000 12,000 500,000 95,000 70,000 Cash...... ....................................... Accounts receivable. Allowance for doubtful accounts Inventory Office supplies....... Unexpired insurance.......... Machinery.. Accumulated depreciation Machinery.... Patents .......... Accounts payable (suppliers......... Note payable........ Salaries payable...... Rent payable................ Interest payable... Common stock, $10 par...
I need help with the T accounts and post closing trial. Sorry if the pictures are...
I need help with the T accounts and post closing trial. Sorry
if the pictures are out of order.
Balance Sheet December 31, 2018 Liabilities and Stockholders' Equity: Current Liabilities 7 Assets: 8 Current Assets 7.600 Accounts Payable 10.200 Cash 2.000 Interest Payable 12.480 10 Accounts Receivable 200 (6.250) Salary and Wages Payable Less Allowance for Doubtful AcCounts 11 $ 9.800 Total Current Liabilities 12 Inventory 13 Prepaid Insurance 14 Supplies 12,620 2.000 Long Term Liabilities 410 $50.000 *** Bonds...
what are the correct answers? sorry for the long post, just need some help :) Please...
what are the correct answers?
sorry for the long post, just need some help :)
Please use the following information to answer Questions 7-9: At the end of January, the unadjusted trial balance of Windsor, Inc. included the following accounts: Debit Credit $500.000 Sales (80%o represent credit sales) Accounts Receivable Allowance for Doubtful Accounts $340,000 $800 7. Windsor uses the balance sheet approach in estimating uncollectible accounts expense, and aging the accounts receivable indicates the estimated uncollectible portion to be...
Unadjusted Adjusted Account Title Trial Balance Adjustments Trial Balance DR CR DR CR DR CR Cash...
Unadjusted
Adjusted
Account Title
Trial Balance
Adjustments
Trial Balance
DR
CR
DR
CR
DR
CR
Cash
67,000
-
Accounts Receivable
530,000
-
Allowance for Doubtful Accounts
8,800
Interest Receivable
-
Merchandise Inventory
242,500
-
Prepaid Insurance
9,000
-
Prepaid Rent
-
Store Supplies
-
-
Office Supplies
4,780
-
Note Receivable
2,500
Store Equipment
110,000
-
Accumulated Depreciation - Store Equipment
-
36,000
Office Equipment
56,000
-
Accumulated Depreciation - Office Equipment
-
-
Accounts Payable
-
48,000
Salaries Payable...
ID: A Name: 4. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The...
ID: A Name: 4. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise...
Make journal entries for the following and assume transactions up to November 30 have been correctly...
Make journal entries for the following and assume transactions up to November 30 have been correctly recorded!!! On February 3, 2017, FCM signed an agreement with Deion Sanders to provide media consulting for his football camp. On December 1, FCM completed some of the work for Sanders, and issued an invoice for $15,000. Full payment was received on January 15, 2018. Note: the project did not involve video production. On December 1, to prepare for expansion, FCM issued 1,000 shares...
Please help ...it’s urgent
Question 1 (21 score) Recording and Reporting Allowance for Doubtful Accounts Using the Percentage of Credi Sales and Aging of Accounts Receivable Methods Innovative Tech Inc. (ITT) uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During November, IIT sold services on account for $100,000 and estimated that % of one percent of those sales would be uncollectible. At its December 31 year end,...
thank you for all the help! i will thumbs up right away!
25. Which of the following is not true regarding intangible assets: a) They have physical substance b) They do not have physical substance c) They represent rights such as patents or copyrights d) Amortization is the term used when depreciating an intangible asset 26. Which of the following occurs when a company deems it necessary to write-off an accounts receivable accounts? a) Both accounts receivable and allowance for...
need help making transactions.
terms for assets: cash, short term investments, A/R, allowance for
doubtful Acc, interest receivable, merchandise inventory, office
supplies, prepaid insurance, land, building, Accumulated building,
intangible asset.
terms for liabilities: A/P, salaries payable, income tax payable,
interest payable, unearned revenue, dividends payable, notes
payable
terms for equity: common stock, additional paid in capital,
retained earnings
terms for revenues: sales revenue, sales discount, sales allowance,
service revenue, interest income
terms for expenses: COGS, salaries expense, advertising expense,
office...
Noswetta Company (Homework) The accounts listed below comprise the general ledger of Noswetta Company at December 31, 2018. Account balances are before the end-of-period adjusting entries. Accounts having a zero balance are activated during the adjustment process. 172,000 180,000 1,000 100,000 4,000 12,000 500,000 95,000 70,000 Cash...... ....................................... Accounts receivable. Allowance for doubtful accounts Inventory Office supplies....... Unexpired insurance.......... Machinery.. Accumulated depreciation Machinery.... Patents .......... Accounts payable (suppliers......... Note payable........ Salaries payable...... Rent payable................ Interest payable... Common stock, $10 par...
I need help with the T accounts and post closing trial. Sorry
if the pictures are out of order.
Balance Sheet December 31, 2018 Liabilities and Stockholders' Equity: Current Liabilities 7 Assets: 8 Current Assets 7.600 Accounts Payable 10.200 Cash 2.000 Interest Payable 12.480 10 Accounts Receivable 200 (6.250) Salary and Wages Payable Less Allowance for Doubtful AcCounts 11 $ 9.800 Total Current Liabilities 12 Inventory 13 Prepaid Insurance 14 Supplies 12,620 2.000 Long Term Liabilities 410 $50.000 *** Bonds...
what are the correct answers?
sorry for the long post, just need some help :)
Please use the following information to answer Questions 7-9: At the end of January, the unadjusted trial balance of Windsor, Inc. included the following accounts: Debit Credit $500.000 Sales (80%o represent credit sales) Accounts Receivable Allowance for Doubtful Accounts $340,000 $800 7. Windsor uses the balance sheet approach in estimating uncollectible accounts expense, and aging the accounts receivable indicates the estimated uncollectible portion to be...
Unadjusted
Adjusted
Account Title
Trial Balance
Adjustments
Trial Balance
DR
CR
DR
CR
DR
CR
Cash
67,000
-
Accounts Receivable
530,000
-
Allowance for Doubtful Accounts
8,800
Interest Receivable
-
Merchandise Inventory
242,500
-
Prepaid Insurance
9,000
-
Prepaid Rent
-
Store Supplies
-
-
Office Supplies
4,780
-
Note Receivable
2,500
Store Equipment
110,000
-
Accumulated Depreciation - Store Equipment
-
36,000
Office Equipment
56,000
-
Accumulated Depreciation - Office Equipment
-
-
Accounts Payable
-
48,000
Salaries Payable...
ID: A Name: 4. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise...
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