Please answer these questions and give an explanation as to the answer: Question 1 Information related...
Please answer these questions and give an explanation as to the answer:
Question 1
Information related to the sale of a building for cash is
below:
| Original cost |
$200,000 |
| Accumulated Depreciation at the time of the sale |
$150,000 |
| Sale price |
$70,000 |
How would the sale of the building be reported in the Statement of
Cash Flows using the indirect method?
Question 2
At the end of the year,
Littleton reports the following receivables:
In addition, the balance of Allowance for Uncollectible Accounts (before any adjustment) is $500 credit. Calculate the ending balance of the Allowance account after any necessary adjustment. |
||||||||||||||||
Question 3
Gaston Co. reports the
following amounts:
Calculate the amount of cash paid for interest in 2012? |
|||||||||
Question 4
Hayes Corporation issues 100 shares of its $1 par value common stock for $15 per share. The entry to record the issuance will include:
Homework Answers
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Please answer these questions and give an explanation as to the
answer:
Question 1
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Please answer these questions and give an explanation as to the answer: Question 1 Mayston Co....
Please answer these questions and give an explanation as to the answer: Question 1 Mayston Co. issued $10,000 shares of $0.01 par value stock for $20 per share. To record this transaction, Mayston will: Question 2 Suppose a company issues a $200,000, 9% bond, due in 10 years, with interest payable semi-annually. If the market rate for this bond is 10%, for what amount would the company credit Bonds Payable at the time of issuance? Question 3 On January 1,...
company lends $100,000 to one of its main suppliers and accepts a 12-month, 6% ptance of...
company lends $100,000 to one of its main suppliers and accepts a 12-month, 6% ptance of the note on May 1, 2012, the adjustment on December 31, 2012, and 1. On May 1, 2012, a company lends $100,000 note. Record the acceptance of the note on Ma the cash collection on May 1, 2013. the year, a company has the following accounts receivable and estimates of 2. At the end of the year, a company has the fo uncollectible accounts:...
Calculator Printem Wig Creations Company supplies wigs and hair care products to benuty salons throughout Texas...
Calculator Printem Wig Creations Company supplies wigs and hair care products to benuty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2011: Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 01-120 over 120 Subtotals 891,600 494,800 214,000 98,100 33,000 29,400 22,300 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date...
Revise your worksheet to reflect these updated assumptions then answer the questions that follow. You have...
Revise your worksheet to reflect these updated assumptions then answer the questions that follow. You have been provided with the following Aging Report to use to adjust the Allowance for Uncollectible Accounts for a company at year end. Age Group Not yet due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Accounts Receivable $ 80,000 35,000 18,000 12,000 13,000 $ 158,000 Estimated Percent Uncollectible 5% 10% 20% Allowance for Uncollectible Accounts...
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Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $881,000 and sales for the year total $9,980,000 a. The allowance account before adjustment has a credit balance of $11.900. Bad debt expense is estimated at 3/4 of 15 of sales b. The allowance account before adjustment has a credit balance of $11.900. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $38,100 C. The...
Aging of Receivables, Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair...
Aging of Receivables, Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable derk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2011: Not Days Past Due Past Customer Balance Due 31-60 61-90 91-120 Over 120 ABC Beauty 15.000 15,000 Angel Wigs 8,000 8,000 Zodiac Beauty 3,000 Subtotals 875,000 415,000 210,000 112,000...
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5. On May 1, 2019, a company lends $100,000 to one of its main suppliers and accepts a 12- month, 6% note. Record the acceptance of the note on May 1, 2019, the adjustment on December 31, 2019, and the cash collection on May 1, 2020. (10) 6. At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: (10) 1. Accounts not yet due = $70,000; estimated uncollectible = 4%. 2. Accounts...
company lends $100,000 to one of its main suppliers and accepts a 12-month, 6% ptance of the note on May 1, 2012, the adjustment on December 31, 2012, and 1. On May 1, 2012, a company lends $100,000 note. Record the acceptance of the note on Ma the cash collection on May 1, 2013. the year, a company has the following accounts receivable and estimates of 2. At the end of the year, a company has the fo uncollectible accounts:...
Calculator Printem Wig Creations Company supplies wigs and hair care products to benuty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2011: Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 01-120 over 120 Subtotals 891,600 494,800 214,000 98,100 33,000 29,400 22,300 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date...
Revise your worksheet to reflect these updated assumptions then answer the questions that follow. You have been provided with the following Aging Report to use to adjust the Allowance for Uncollectible Accounts for a company at year end. Age Group Not yet due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Accounts Receivable $ 80,000 35,000 18,000 12,000 13,000 $ 158,000 Estimated Percent Uncollectible 5% 10% 20% Allowance for Uncollectible Accounts...
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Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $881,000 and sales for the year total $9,980,000 a. The allowance account before adjustment has a credit balance of $11.900. Bad debt expense is estimated at 3/4 of 15 of sales b. The allowance account before adjustment has a credit balance of $11.900. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $38,100 C. The...
Aging of Receivables, Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable derk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2011: Not Days Past Due Past Customer Balance Due 31-60 61-90 91-120 Over 120 ABC Beauty 15.000 15,000 Angel Wigs 8,000 8,000 Zodiac Beauty 3,000 Subtotals 875,000 415,000 210,000 112,000...
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