accounting
Roth Service Co. experienced the following transactions for Year 1, its first year of operations:
Provided $82,000 of services on account.
Collected $52,200 cash from accounts receivable.
Paid $28,000 of salaries expense for the year.
Roth adjusted the accounts using the following information from an accounts receivable aging schedule:
| Number of Days Past Due | Amount | Percent Likely to Be Uncollectible | Allowance Balance | |||
| Current | $ | 16,300 | 0.01 | |||
| 0-30 | 5,100 | 0.05 | ||||
| 31-60 | 3,400 | 0.10 | ||||
| 61-90 | 1,700 | 0.30 | ||||
| Over 90 days | 3,300 | 0.50 | ||||
Required
Organize the transaction data in accounts under an accounting equation.
Prepare an income statement for Roth Service Co. for Year 1.
What is the net realizable value of the accounts receivable at December 31, Year 1?
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Roth Service Co. experienced the following transactions for 2018, its first year of operations: Provided $68,000...
Roth Service Co. experienced the following transactions for
2018, its first year of operations:
Provided $68,000 of services on account.
Collected $38,500 cash from accounts receivable.
Paid $28,000 of salaries expense for the year.
Roth adjusted the accounts using the following information from
an accounts receivable aging schedule:
Number of Days Past Due
Amount
Percent Likely to Be Uncollectible
Allowance Balance
Current
$
15,400
0.01
0-30
5,400
0.05
31-60
3,900
0.10
61-90
1,100
0.30
Over 90 days
3,700
0.50
Required...
Roth Service Co. experienced the following transactions for 2018, its first year of operations: Provided $72,000...
Roth Service Co. experienced the following transactions for 2018, its first year of operations: Provided $72,000 of services on account. Collected $41,200 cash from accounts receivable. Paid $28,000 of salaries expense for the year. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $ 16,700 0.01 0-30 5,500 0.05 31-60 3,000 0.10 61-90 1,800 0.30 Over 90 days 3,800 0.50 Required...
Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 1....
Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $110,000 of services on account. 2. Collected $89,000 cash from accounts receivable. 3. Paid $41,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $9,500 4,000 2,500 2,000 3,000 Percent Likely to Be Uncollectible 0.01 0.05...
Roth Service Co. experienced the following transactions for 2018, its first year of operations 1. Provided...
Roth Service Co. experienced the following transactions for 2018, its first year of operations 1. Provided $74,000 of services on account 2 Collected $43,700 cash from accounts receivable. 3. Paid $26,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $15,600 5,300 3,500 2,000 3,900 Percent Likely to Be Uncollectible 0.01 8.05 0.10...
Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations 1....
Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations 1. Provided $82,000 of services on account. 2. Collected $49,200 cash from accounts receivable. 3. Paid $28,000 of salaries expense for the year 4. Adjusted the accounts using the following information from an accounts receivable aging schedule Number of Days Past Due Percent Likely to Be Uncollectible .01 05 .10 .30 .50 Allowance Balance Current 0-30 31-60 61-90 Over 90 days Amount $24,272 1, 640...
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Exercise 7-8A Accounting for uncollectible accounts: percent of receivables allowance method LO 7-2, 7-3 Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: Provided $74,000 of services on account. Collected $44,400 cash from accounts receivable. Paid $30,000 of salaries expense for the year. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $ 21,904 .01 0-30...
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Sage Inc. experienced the following transactions for Year 1, its first year of operations: Issued common stock for $110,000 cash. Purchased $205,000 of merchandise on account. Sold merchandise that cost $162,000 for $322,000 on account. Collected $290,000 cash from accounts receivable. Paid $185,000 on accounts payable. Paid $64,000 of salaries expense for the year. Paid other operating expenses of $80,000. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount...
Sage Inc. experienced the following transactions for Year 1, its first year of operations: Issued common...
Sage Inc. experienced the following transactions for Year 1, its first year of operations: Issued common stock for $120,000 cash. Purchased $200,000 of merchandise on account. Sold merchandise that cost $160,000 for $318,000 on account. Collected $282,000 cash from accounts receivable. Paid $180,000 on accounts payable. Paid $62,000 of salaries expense for the year. Paid other operating expenses of $78,000. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount...
Roth Inc. experienced the following transactions for Year 1, its first year of operations: Issued common...
Roth Inc. experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $230,000 of merchandise on account. Sold merchandise that cost $152,000 for $302,000 on account. Collected $248,000 cash from accounts receivable. Paid $215,000 on accounts payable. Paid $58,000 of salaries expense for the year. Paid other operating expenses of $47,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount...
P6-7 Presented below is an aging schedule for Bryan Company. Customer Total $262,000 Not Yet Number...
P6-7 Presented below is an aging schedule for Bryan Company. Customer Total $262,000 Not Yet Number of Days Past Due Due | 1-30 31-60 | 61-90 | Over 90 $107,000 $49,000 $28,000 $40,000 $38,000 Accounts receivable Estimated percentage uncollectible 3% 7% 12% 24% | 60% Total estimated bad debts $ 42,400 $ 3,210 $ 3,430 $ 3,360 $ 9,600 $22,800 At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is $8,000. Instructions (a) Indicate the amount of...
Roth Service Co. experienced the following transactions for
2018, its first year of operations:
Provided $68,000 of services on account.
Collected $38,500 cash from accounts receivable.
Paid $28,000 of salaries expense for the year.
Roth adjusted the accounts using the following information from
an accounts receivable aging schedule:
Number of Days Past Due
Amount
Percent Likely to Be Uncollectible
Allowance Balance
Current
$
15,400
0.01
0-30
5,400
0.05
31-60
3,900
0.10
61-90
1,100
0.30
Over 90 days
3,700
0.50
Required...
Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $110,000 of services on account. 2. Collected $89,000 cash from accounts receivable. 3. Paid $41,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $9,500 4,000 2,500 2,000 3,000 Percent Likely to Be Uncollectible 0.01 0.05...
Roth Service Co. experienced the following transactions for 2018, its first year of operations 1. Provided $74,000 of services on account 2 Collected $43,700 cash from accounts receivable. 3. Paid $26,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $15,600 5,300 3,500 2,000 3,900 Percent Likely to Be Uncollectible 0.01 8.05 0.10...
Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations 1. Provided $82,000 of services on account. 2. Collected $49,200 cash from accounts receivable. 3. Paid $28,000 of salaries expense for the year 4. Adjusted the accounts using the following information from an accounts receivable aging schedule Number of Days Past Due Percent Likely to Be Uncollectible .01 05 .10 .30 .50 Allowance Balance Current 0-30 31-60 61-90 Over 90 days Amount $24,272 1, 640...
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