Homework Answers
7. D. Outstanding balance of a line of credit due on January 1, 2020.
Working capital includes current assets and current liabilities pertaining to the upcoming period of 12 months only, i.e those pertaining to 2019 only.
8. C. $ 253,000
Amount collected from customers = $ 50,000 + $ 250,000 - $ 47,000 = $ 253,000.
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7. All of the following are components of working capital as of December 31, 2018 except: A. Accounts payable due d...
Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts receivable...........................................$2,500,000 Allowance for uncollectible...
Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts receivable...........................................$2,500,000 Allowance for uncollectible accounts...................$66,600 The following are the transactions to be taken into consideration for 2019: Total credit sales for 2019 were $3,600,000. 2% of sales were estimated to be uncollectible. The company received cash payments on account during 2019 for $1,000,000 Accounts receivable identified to be uncollectible totaled $94,000. December 31, 2019, aging of receivables indicates that $75,000 of the receivables is uncollectible. Requirements: What was...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current assets: Accounts receivable, net of $27,000 in allowance for uncollectible accounts $ 233,000 Interest receivable 10,000 Notes receivable 290,000 Additional Information: The notes receivable account consists of two notes, a $60,000 note and a $230,000 note. The $60,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $230,000 note is dated June 30, 2018, with principal and...
Hogan Co. had the following account balances as of December 31, 2015: Accounts Payable $ 45,000...
Hogan Co. had the following account balances as of December 31, 2015: Accounts Payable $ 45,000 Accounts Receivable 775,000 Accumulated Depreciation – Furniture Equipment 1,005,000 Cash 425,000 Hogan, Drawing 250,000 Depreciation Expense 175,000 Notes Payable - due in 5 years 500,000 Furniture Equipment 2,000,000 Rent Expense 233,000 Service Revenue 1,750,000 Unearned Service Revenue 95,000 Wage Expense 525,000 Utilities Expense 12,000 The balance in Hogan, Capital on January 1, 2015 was $1,000,000. Hogan drew out $250,000...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 233,000 $ 139,000 $ 53,000 $ 11,000 $ 30,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Done The September 30, 2019, records of Perfecto Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the last quarter of 2019, the company completed the following selected transactions:...
2 - Montauk Oil Company reports these account balances at December 31, Year 1 Accounts Payable...
2 - Montauk Oil Company reports these account balances at December 31, Year 1 Accounts Payable $ 116,000 Land 206,000 Notes Payable 266,000 Equipment 166,000 Cash 86,000 Accounts Receivable 106,000 Buildings 246,000 Capital Stock 346,000 Retained Earnings 76,000 On January 2, Year 2, Montauk Oil collected $56,000 of its accounts receivable and paid $26,000 of its accounts payable. In a trial balance prepared at January 3, Year 2, the total of the debit column is: Multiple Choice $1,624,000. $382,000. $784,000....
WELL LUULI TULLUT due. AP6-54 (Accounts receivable and uncollectible accounts-percentage of credit sales method) On December...
WELL LUULI TULLUT due. AP6-54 (Accounts receivable and uncollectible accounts-percentage of credit sales method) On December 31, 2019, Mills Manufacturing Ltd. had a $190,000 balance in its Accounts Receivable and a $9.400 balance in its Allowance for Doubtful Accounts. During 2020, the company made total sales of $940,000, of which $210,000 were cash sales. By the end of the year, Mills had received pay- ments of $652,000 from its customers on account. The company also wrote off as uncollectible $12,800...
Question B2 The trial balance as at 31 December 2018 of Beauty Cosmetics Company (“Beauty Cosmetics”)...
Question B2 The trial balance as at 31 December 2018 of Beauty Cosmetics Company (“Beauty Cosmetics”) included the following accounts: Accounts receivable at 31 December 2018 $90,000 Allowance for impairment $10,700 (Dr) During 2019, total sales amounted to $1,200,000, of which 70% was credit sales. Total receipts from credit customers were $600,000. Besides, $61,000 of accounts receivables was proven to be uncollectible and were written off. At the end of the year, an aging of the accounts receivable indicated the...
Question 3: Del Monte Company's balance sheet as of December 31, 2018 showed Accounts Receivable debit...
Question 3: Del Monte Company's balance sheet as of December 31, 2018 showed Accounts Receivable debit balance of $780,000 and Allowance for Doubtful Accounts credit balance of $16,900. During January 2019, the transactions affecting accounts receivable were as follows: a) Sales on account $ 160,000 b) Sales returns and allowances 23,000 c) Cash collections from customers 142,200 d) Accounts receivable from Ruari Inc. written off 9,100 After an analysis of an aging schedule of all customer's accounts on January 31,...
Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due 31-60 $25,000...
Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due 31-60 $25,000 61-90 $12,000 Over 90 $2,000 Current 1-30 $ 60,000 $ 40,000 The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written off from each category listed above: Current receivables outstanding Receivables 1-30 days past due Receivables 31-60 days past due Receivables 61-90 days past due Receivables over 90 days past due 2 % 16 40 90...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$20 par...
Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018.
Common stock—$20 par value, 100,000 shares authorized,
50,000 shares issued and outstanding
$
1,000,000
Paid-in capital in excess of par value, common stock
60,000
Retained earnings
430,000
Total stockholders' equity
$
1,490,000
During 2019, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 5,500 shares of its own stock at $15 cash per
share.
Jan.
5
Directors declared a $6 per share cash dividend payable...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 233,000 $ 139,000 $ 53,000 $ 11,000 $ 30,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Done The September 30, 2019, records of Perfecto Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the last quarter of 2019, the company completed the following selected transactions:...
WELL LUULI TULLUT due. AP6-54 (Accounts receivable and uncollectible accounts-percentage of credit sales method) On December 31, 2019, Mills Manufacturing Ltd. had a $190,000 balance in its Accounts Receivable and a $9.400 balance in its Allowance for Doubtful Accounts. During 2020, the company made total sales of $940,000, of which $210,000 were cash sales. By the end of the year, Mills had received pay- ments of $652,000 from its customers on account. The company also wrote off as uncollectible $12,800...
Question 3: Del Monte Company's balance sheet as of December 31, 2018 showed Accounts Receivable debit balance of $780,000 and Allowance for Doubtful Accounts credit balance of $16,900. During January 2019, the transactions affecting accounts receivable were as follows: a) Sales on account $ 160,000 b) Sales returns and allowances 23,000 c) Cash collections from customers 142,200 d) Accounts receivable from Ruari Inc. written off 9,100 After an analysis of an aging schedule of all customer's accounts on January 31,...
Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due 31-60 $25,000 61-90 $12,000 Over 90 $2,000 Current 1-30 $ 60,000 $ 40,000 The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written off from each category listed above: Current receivables outstanding Receivables 1-30 days past due Receivables 31-60 days past due Receivables 61-90 days past due Receivables over 90 days past due 2 % 16 40 90...
Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018.
Common stock—$20 par value, 100,000 shares authorized,
50,000 shares issued and outstanding
$
1,000,000
Paid-in capital in excess of par value, common stock
60,000
Retained earnings
430,000
Total stockholders' equity
$
1,490,000
During 2019, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 5,500 shares of its own stock at $15 cash per
share.
Jan.
5
Directors declared a $6 per share cash dividend payable...
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