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During the first year of operation, 2018, McGinnis Appliance recognized $275,000 of service revenue on account....
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...
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...
During 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account...
During 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account that cost $12,800 for $19,100. Cash payments on accounts payable were $10,600. There was $17,000 cash collected from accounts receivable. Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity,...
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000...
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000 cash from the issue of common stock 2. Performed services on account for $80,000 3. Paid a $5,800 cash dividend to the stockholders. 4. Collected $64,000 of the accounts receivable 5. Paid $58.000 cash for other operating expenses 6. Performed services for $17.000 cash 7. Recognized $2,800 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
Cordell Inc. experienced the following events in 2018, its first year of operation: 1. Received $56,000...
Cordell Inc. experienced the following events in 2018, its first year of operation: 1. Received $56,000 cash from the issue of common stock. 2. Performed services on account for $78,000. 3. Paid a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56,000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
Milo Clothing experienced the following events during 2018, its first year of operation: Acquired $18,500 cash...
Milo Clothing experienced the following events during 2018, its
first year of operation:
Acquired $18,500 cash from the issue of common stock.
Purchased inventory for $6,500 cash.
Sold inventory costing $3,900 for $6,630 cash.
Paid $950 for advertising expense.
Required
Record the events in a horizontal statement model. In the Cash
Flow column, use OA to designate operating activity, IA for
investment activity, FA for financing activity, or NC for net
change in cash. If the element is not affected...
Cordell Inc. experienced the following events in 2018, its first year of operation: Received $46,000 cash...
Cordell Inc. experienced the following events in 2018, its first
year of operation:
Received $46,000 cash from the issue of common stock.
Performed services on account for $74,000.
Paid a $4,600 cash dividend to the stockholders.
Collected $52,000 of the accounts receivable.
Paid $46,000 cash for other operating expenses.
Performed services for $15,000 cash.
Recognized $1,600 of accrued utilities expense at the end of the
year.
Required
a. & c. Identify the events that result in
revenue or expense recognition...
During 2018, the uncollected accounts will be bad debts. s first year of operations, Pave Construction...
During 2018, the uncollected accounts will be bad debts. s first year of operations, Pave Construction provides services on account of $136,000. By the end of 2018, cash collections on these accounts total $98,000. Pave estimates that 30 % of Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit...
Grover Inc. uses the allowance method to account for uncollectible accounts expense. Grover Inc. experienced the...
Grover Inc. uses the allowance method to account for
uncollectible accounts expense. Grover Inc. experienced the
following four accounting events in Year 1:
Recognized $92,000 of revenue on account.
Collected $78,000 cash from accounts receivable.
Wrote off uncollectible accounts of $720.
Recognized uncollectible accounts expense. Grover estimated
that uncollectible accounts expense will be 1 percent of sales on
account.
Required
a. Show the effect of each event on the elements
of the financial statements, using a horizontal statements model
like...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account Hardy sold inventory on account that cost $18,800 for $28.100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable Hardy also paid $4,500 cash for operating expenses. Assume that Hardy started the accounting period with $20,500 in both cash and common stock Required a. Record the events in a horizontal statement model. In the Cash Flow column, use...
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...
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 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account that cost $12,800 for $19,100. Cash payments on accounts payable were $10,600. There was $17,000 cash collected from accounts receivable. Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity,...
Cordell Inc experienced the following events in 2018, its first year of operation 1. Received $58.000 cash from the issue of common stock 2. Performed services on account for $80,000 3. Paid a $5,800 cash dividend to the stockholders. 4. Collected $64,000 of the accounts receivable 5. Paid $58.000 cash for other operating expenses 6. Performed services for $17.000 cash 7. Recognized $2,800 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
Cordell Inc. experienced the following events in 2018, its first year of operation: 1. Received $56,000 cash from the issue of common stock. 2. Performed services on account for $78,000. 3. Paid a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56,000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the events...
Milo Clothing experienced the following events during 2018, its
first year of operation:
Acquired $18,500 cash from the issue of common stock.
Purchased inventory for $6,500 cash.
Sold inventory costing $3,900 for $6,630 cash.
Paid $950 for advertising expense.
Required
Record the events in a horizontal statement model. In the Cash
Flow column, use OA to designate operating activity, IA for
investment activity, FA for financing activity, or NC for net
change in cash. If the element is not affected...
Cordell Inc. experienced the following events in 2018, its first
year of operation:
Received $46,000 cash from the issue of common stock.
Performed services on account for $74,000.
Paid a $4,600 cash dividend to the stockholders.
Collected $52,000 of the accounts receivable.
Paid $46,000 cash for other operating expenses.
Performed services for $15,000 cash.
Recognized $1,600 of accrued utilities expense at the end of the
year.
Required
a. & c. Identify the events that result in
revenue or expense recognition...
During 2018, the uncollected accounts will be bad debts. s first year of operations, Pave Construction provides services on account of $136,000. By the end of 2018, cash collections on these accounts total $98,000. Pave estimates that 30 % of Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit...
Grover Inc. uses the allowance method to account for
uncollectible accounts expense. Grover Inc. experienced the
following four accounting events in Year 1:
Recognized $92,000 of revenue on account.
Collected $78,000 cash from accounts receivable.
Wrote off uncollectible accounts of $720.
Recognized uncollectible accounts expense. Grover estimated
that uncollectible accounts expense will be 1 percent of sales on
account.
Required
a. Show the effect of each event on the elements
of the financial statements, using a horizontal statements model
like...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account Hardy sold inventory on account that cost $18,800 for $28.100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable Hardy also paid $4,500 cash for operating expenses. Assume that Hardy started the accounting period with $20,500 in both cash and common stock Required a. Record the events in a horizontal statement model. In the Cash Flow column, use...
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