A1 The list below shows select accounts for Reading Readiness Company as of B D E F 1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. 2 (Accounts are in alphabetical order.) 3. Accounts Payable 2$ 4 8,088 Accounts Receivable 6,960 6 Cash 13,445 7 Equipment Insurance Expense 4,800 8 1,350 Operating Expense Other Expenses 11,800 10 3,482 11 Other Revenues 6,050 Rent Expense 4,800 6,882 Salaries Expense Short-term Notes Payable 17,200 Test Prep Revenue 15,400 Tutoring Revenue 9,100 Unearned Revenue 1,046 Required: 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references to select account titles and amounts to be included on the income statement. Note: List revenues and expenses in order of largest to smallest dollar amounts. 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or Sheet1 DY 曲 100%

A1 The list below shows select accounts for Reading Readiness Company as of B D E F 1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. 2 (Accounts are in alphabetical order.) 3. Accounts Payable 2$ 4 8,088 Accounts Receivable 6,960 6 Cash 13,445 7 Equipment Insurance Expense 4,800 8 1,350 Operating Expense Other Expenses 11,800 10 3,482 11 Other Revenues 6,050 Rent Expense 4,800 6,882 Salaries Expense Short-term Notes Payable 17,200 Test Prep Revenue 15,400 Tutoring Revenue 9,100 Unearned Revenue 1,046 Required: 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references to select account titles and amounts to be included on the income statement. Note: List revenues and expenses in order of largest to smallest dollar amounts. 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or Sheet1 DY 曲 100%

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Description: YOu skipped this question In the previous attempt.A1The list below shows select accounts for Reading Readiness Company as ofBDEG.1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1.(Accounts are in alphabetica

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Reproduced below from Farthington Supply’s accounting records is the accounts receivable subledger along with selected general ledger accounts. General Ledger Accounts Receivable Dec. 31/19 Balance 161,000 7,050 Jan. 4/20 Credit sales in 2020 ???? ???? Collections in 2020 14,500 July 15/20 Dec. 31/20 Balance ???? Allowance for Doubtful Accounts July 15/20 14,250 250 Dec. 31/19 Balance ???? Dec. 31/20 ???? Dec. 31/20 Balance Accounts Receivable Subledger JenStar Company Dec. 31/19 Balance 49,000 Nov. 15/20 ???? 49,000 Jan. 20/20 Dec. 31/20 Balance 106,500 Indigo Developments Dec. 31/19 Balance -0- Mar. 1/20 17,500 17,500 Mar. 20/20 Nov. 28/20 40,500 Dec. 2/20 4,250 Dec. 31/20 Balance 44,750 Lomas Industries Dec. 31/19 Balance ???? 7,050 Jan. 4/20 ???? Jan. 7/20 Apr. 21/20 53,500 53,500 May 5/20 Dec. 7/20 23,500 Dec. 31/20 Balance 23,500…
Reproduced below from Farthington Supply’s accounting records is the accounts receivable subledger along with selected general ledger accounts. General Ledger Accounts Receivable Dec. 31/19 Balance 161,000 7,050 Jan. 4/20 Credit sales in 2020 ???? ???? Collections in 2020 14,500 July 15/20 Dec. 31/20 Balance ???? Allowance for Doubtful Accounts July 15/20 14,250 250 Dec. 31/19 Balance ???? Dec. 31/20 ???? Dec. 31/20 Balance Accounts Receivable Subledger JenStar Company Dec. 31/19 Balance 49,000 Nov. 15/20 ???? 49,000 Jan. 20/20 Dec. 31/20 Balance 106,500 Indigo Developments Dec. 31/19 Balance -0- Mar. 1/20 17,500 17,500 Mar. 20/20 Nov. 28/20 40,500 Dec. 2/20 4,250 Dec. 31/20 Balance 44,750 Lomas Industries Dec. 31/19 Balance ???? 7,050 Jan. 4/20 ???? Jan. 7/20 Apr. 21/20 53,500 53,500 May 5/20 Dec. 7/20 23,500 Dec. 31/20 Balance 23,500…
Reproduced below from Farthington Supply’s accounting records is the accounts receivable subledger along with selected general ledger accounts. General Ledger Accounts Receivable Dec. 31/19 Balance 161,000 7,050 Jan. 4/20 Credit sales in 2020 ???? ???? Collections in 2020 14,500 July 15/20 Dec. 31/20 Balance ???? Allowance for Doubtful Accounts July 15/20 14,250 250 Dec. 31/19 Balance ???? Dec. 31/20 ???? Dec. 31/20 Balance Accounts Receivable Subledger JenStar Company Dec. 31/19 Balance 49,000 Nov. 15/20 ???? 49,000 Jan. 20/20 Dec. 31/20 Balance 106,500 Indigo Developments Dec. 31/19 Balance -0- Mar. 1/20 17,500 17,500 Mar. 20/20 Nov. 28/20 40,500 Dec. 2/20 4,250 Dec. 31/20 Balance 44,750 Lomas Industries Dec. 31/19 Balance ???? 7,050 Jan. 4/20 ???? Jan. 7/20 Apr. 21/20 53,500 53,500 May 5/20 Dec. 7/20 23,500 Dec. 31/20 Balance 23,500…
Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT
YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon
. From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022. Account payable 210 Credit 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 800 9/18 GJ6 L VON CO. CREDIT 100 9/5 GJ4 XON CO. CREDIT 300 9/15 GJ6 J. BEE CO. CREDIT 800 9/18 GJ6 ZERO CO. CREDIT 200 9/7 GJ5
45. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsoce
Saved e Quiz: Accounting for Current Liabi... A Required information Knowledge Check 01 The records of Pippins, Incorporated, included the following information: Net sales 475,000 Gross margin Interest expense Income tax expense Net income 000'0 000'0 Compute the times interest earned ratio, rounded to the nearest decimal. O 4.8 O 6.4 O7.4 O 20.0 *********** II F3 F5 F6 F8 F4 #3
be Preview File Edit View V Go mgt120h-a17.pdf Page 3 of 10 DOLAY Tools Window Help risinin D .. .. .. ... ... O V C. For an amount that the company estimates it will not collect. d. Several times during the accounting period. ܐ. . .. . . Search (Cª 5. Under the allowance method for uncollectible accounts, Bad Debts Expense is recorded a. When an individual account is written off. b. When the loss amount is known. Sat Apr 15 3:04 PM 6. A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2016. The accumulated depreciation account had a balance of $60.000 after the current year'e Cost-Volume-Profit Analysis The Effect Of Prepaid Taxes On Assets Debenture Valuation And Liabili... 90 77
Current Attempt in Progress At December 1, 2022, Tamarisk, Inc. Accounts Receivable balance was $17470. During December, Tamarisk had credit sales of $46800 and collected accounts receivable of $37440. At December 31, 2022, the Accounts Receivable balance is O $64270 debit O $17470 debit O $26830 credit O $26830 debit Save for Later Attempts: 0 of 1 used Submit Answer
On Januory 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23,300 Accounts Receivable Allowance far Uncollectible Accounts 48,e0e $ 4, s8e Inventory Land Accounts Payable Notes Payable (6x, due in 3 ycars) 37,e00 72,100 28,980 37,eee 63,0ee 39,0ee Comnon Stock Retained Earnings Totals $172,488 $172,480 The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During January 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,68e units for $168, 800 on account ($105 each). January 8 Purchase 1,78e units for S187,800 on account ($110 cach). January 12 Purchase 1,80e units for $207,000 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $788,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753, eee from…