Current Attempt in Progress AI Decenber 31,2021, vanhoe Company made an accrued expense adjusting entry of $1.560 for salaries. On Jarary 4.2022, it paid salaries of $2.700: $1560 for December salaries and $1.140 for Jauary salaries
Q: 2. Diluted earnings per share. On April 1, 2021, River Company issued P2,000,000 12% bonds at face…
A: Earnings per share are of two types 1. Basic Earnings per Share is calculated by dividing net…
Q: Exercise 15-13 (Algo) Lessee; operating lease; effect on financial statements [LO 15-4] At January 1…
A: The value of the lease payable and interest expenses is determined on the basis of present value of…
Q: The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda…
A: Partnership is the association of two or more persons who have agreed to share profit and losses in…
Q: Twitter is an online news and social networking company. In its 2021 annu ported deferred tax assets…
A: A deferred asset is a cost that has occurred but has not yet been reported. It will be reported as…
Q: Accounting Sandhill Company, a machinery dealer, leased a machine to Dexter Corporation on January…
A: Lease: - A lease is an agreement between two parties i.e., a lessor and a lessee. Lessor allows…
Q: Endless Company provided the following shareholder's equity on December 31, 2021: Preference share…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: fringe benefit tax
A: Tax deduction refers to the claims which are to be made as a reduction in the amount of taxable…
Q: Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash…
A: Introduction: Taxes are mandatory payments imposed on individuals or businesses by a…
Q: Create a Closing Ledger
A: Closing entry means the entries passed at the end of specified period where all the balances of…
Q: A company had the following purchases during its first year of operations: Purchases Sales January 6…
A: Introduction Cost of goods available for sales are those goods which are purchased or manufactured…
Q: Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these…
A: Revenue recognition criteria provides as under: There exist an arrangement between the buyer and…
Q: X 13-5 Iss
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Twitter is an online news and social networking company. In its 2021 annual report, the company…
A: Here discuss about the details of valuation allowance which are created into the business entity…
Q: 22. Mr. and Mrs. Ramirez have 4 children and have decided that they need a bigger house. They intend…
A: Interest Rate- The interest rate is the sum a lender charges a borrower and is a proportion of the…
Q: 2. An electric sewing machine costs P10,000 with a salvage value of P500 at the end of 10 years.…
A: Fixed assets are those assets which are being held by the business for longer period of time.…
Q: Jefferson Company is considering investing $33,000 in a nev last five years and to have a salvage…
A: The expense of borrowing money is called interest expenditure. For using the lender's funds, the…
Q: July 2020, Harriet sells a stamp from her stamp collection at a gain of $500. Harriet purchased the…
A: There are taxes on the capital gains that is to be paid but the tax on the capital gains depends on…
Q: Find the present worth of the following data at 7%: End of year 1 2 3 Net Cash Flow ($) 100 150 200…
A: Present value is the value of one unit of a currency when discounted at a particular rate.
Q: Harvest Inc. produces and sells a single product. The selling price of the product is $200.00 per…
A: Introduction: Break even units: Break even means the level where there is no profit nor loss to the…
Q: QUESTION 2. Your events management company is planning a party and you have been asked to prepare…
A:
Q: Determine what the firm's 2021 tax liability is. (Round your answer to the nearest dollar amount.)…
A: The determination of firm's tax liability and net income for 2021 is shown hereunder : The Earnings…
Q: Use the information below for questions 21-22 net income of $300,000. total assets of $1,500,000.…
A: Return on Total Assets: The return on total assets ratio reveals how successfully a company's…
Q: . Use the information below provided by Angel Baby Angel Company: Sales 8,250,000.00…
A: Solution:- 1)Calculation of Economic value added as follows under:- Economic value added gives true…
Q: Tax Due Under OSD and Itemized Deductions Problem For 2021, Lili Corp., a domestic corporation, has…
A: Step 1: A deduction is a reduction in the taxable income of an individual taxpayer or corporation…
Q: Assets 7,250,800.00 Tax rate 35% BEP 14% ROA 4%
A: GIVEN Assets 7,250,800.000 Tax rate 35% BEP 14%, ROA 4%.
Q: EX 9-3 Entries for uncollectible accounts, using direct write-off method OBJ.3 Journalize the…
A: A trial balance is a backbone of accounting as it includes a list of all general ledger account. It…
Q: A machine costs Php 400,000 with a salvage value of 200,000. Life of it is six years. In the first…
A: Formulas: Depreciation per hour = (Cost of the machine - Salvage value) / Expected flow of the…
Q: Describe how to categorise working capital into "components" and "period" categories explain
A: The distinction between fixed and variable working capital is critical, especially when obtaining…
Q: EX 10-9 Depreciation by two methods OBJ.2 A computer system acquired on January 1 at a cost of…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: 8. The Art Institute of Chicago received a contribution of art from a wealthy citizen of Chicago in…
A: Answer:- Accounting policy definition:- Accounting policies can be defined as the precise rules and…
Q: Problem 9-1A Real estate costs LO1 On March 31, 2020, Capital Investment Advisers paid $4,670,000…
A: The cost approach is one of the three main method used in calculating the value of rel estate…
Q: Use the information below provided by Angel Baby Angel Company: Sales 8,250,000.00 Operating…
A: Solution:- 1)Calculation of Times interest earned ratio as follows under:- Times interest earned…
Q: E8.2 (LO 2) (Inventoriable Goods and Costs) In your audit of Jose Oliva Company, you find that a…
A: The term inventory refers to both raw materials used in manufacturing and finished goods that are…
Q: Funds for replacement is provided by depreciation ________ 8. If adequate maintenance is incurred,…
A: 7.Funds for replacement is provided by depreciation Answer: True Explanation: Depreciation provides…
Q: lowing data to determine the total dolar amount of assets to be classified a property, plant, and…
A: Introduction:- Property plant equipment includes all tangible assets. Property plant equipment does…
Q: 1. Which of the following can be accepted as main points to note when it comes to a company's…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: TOPIC: Financial Statement Analysis 1. Calculate the debt ratio of a company that as an equity…
A: Here asked for multi sub part question we will solve for first three question as per guidelines. If…
Q: Could you explain the relationship between money, credit, and financial firms? Explain
A: A financial institution (FI) is a firm that deals with financial and monetary transactions such…
Q: do not equal $1,290
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: On January 1, 20x1, Lock Co. enters into a 4-year lease of office equipment. The rent in 20x1 is…
A: Lease is a form of contract or arrangement between two parties under which one party provides it's…
Q: 1. Under Unit of Production Method of Calculating Depreciation, if there is no production in any…
A: Unit of Production Method This method of charging depreciation on the asset is based on the units…
Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…
A: Net pay is the amount of compensation that remains available for distribution to an employee after…
Q: Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January…
A: There are three classifications of securities—available-for-sale, held-for-trading, and…
Q: Problem 1 bond discount. Prepare the journal entries to record these events: 1. The issuance of the…
A: A journal entry is used to document a business transaction in a company's accounting records. A…
Q: Assuming a 360-day year, when a $11,918, 90-day, 10% interest-bearing note payable matures, total…
A: A note payable is a written promissory note. Under this agreement, a borrower borrows a specific…
Q: In March, the company produced and sold 1,400 dining chairs (the company’s only product). The…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Problem 20-6 (IAA) On January 1, 2021, Judy Company had 200,000 P50 par value ordinary shares…
A: The earning per share means the earning of the shareholder on each share. To calculate earnings per…
Q: The company provided the following financial information: Assets -7,250,800 Tax Rate - 35% BEP-…
A: BEP( basic earning power ratio) = EBIT/ TOTAL ASSET ROA ( return on asset ratio) =…
Q: The Golden Mushroom has two classes of stock authorized: 9%, $10 par preferred, and $1 par value…
A: The source of a corporation's assets, the shareholders' remaining claim on a corporation's assets…
Q: Fountain Ltd started a business on 1 December 2020 trading in office water coolers e month to 31…
A: For Inventory, valuation cost may be historical, current, or standard cost. historical cost shows…
Step by step
Solved in 3 steps
- At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2 years: Reported net income was 27,000 in 2018 and 35,000 in 2019. The allowance for doubtful accounts had a zero balance at the beginning of 2018. No accounts were written off during 2018 or 2019. Ignore income taxes. Required: 1. What is the correct net income for 2018 and 2019? 2. Prepare the adjusting journal entry in 2020 to correct the errors.Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
- Adams Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2019: Amount 10,000 Customer Billy Adams Stan Fry 8,000 Tammy Imes Shana Wagner 5,000 1,700 Total 24,700 a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the write-offs for 2019 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $2,600,000 of credit sales during 2019. Based on past history and industry averages, 1.75% of credit sales are expected to be uncollectible. c. How much higher or lower would Adams Company's 2019 net income have been under the direct write-off method than under the allowance method? %24Oregon Ltd's account balances at December 31, 2021, before adjusting entries, include: Accounts receivable: $156,000 Allowance for doubtful accounts: $1,900 All account balances are normal balances. After reviewing the receivables balance, management estimates that $5,000 of the accounts receivable will be uncollectible. The required adjusting entry would include a credit to the allowance account in the amount of: Question 5 options: $1,900 $6,900 $5,000 $3,100in december 2022, the fixed monthly insurance debit order was not processed due to an oversight by insurance company. this was rectified by Ss managing director, sam who informed the insurance company. On 2 January 2023 the insurance DEBIT order was processed twice, resulting in total deduction of R55000 from Ss bank account. the trail balance needs to be adjusted to account for this. Prepare the adjustment journal entries
- Patrick Company had the following information in 2021: E (Click the icon to view the information.) If uncollectible accounts are determined by the aging-of-receivables method to be $1,280, the uncollectible account expense for 2021 would be $480. Using the aging-of-receivables method, the balance of the Allowance account after the adjusting entry at year-end 2021 would be - X Data table O A. $800. B. $1,280. Accounts receivable 12/31/21 %24 13,000 OC. $520. OD. $480. Allowance for uncollectible-accounts credit balance 12/31/21 (before adjustment) 800 Credit service revenue during 2021 43,000 Cash service revenue during 2021 13,000 Collections from customers on account during 2021 42,000 Print DoneCurrent Attempt in Progress On December 31, 2021, the Allowance for Doubtful Accounts has an unadjusted debit balance of $1,020. Lawn Corporation estimates that 10% of its total accounts receivable balance of $94,700 will become uncollectible and records the necessary adjustment to the Allowance for Doubtful Accounts. On May 11, 2022, Lawn Corporation determined a J. Reno's account was uncollectible and wrote off $1,570. On June 12, 2022, Reno paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To reverse write-off of account receivable) (To record recovery of uncollectible amount)On December 31, 2021, the Allowance for Doubtful Accounts has an unadjusted debit balance of $960. Lawn Corporation estimates that 10% of its total accounts receivable balance of $83.900 will become uncollectible and records the necessary adjustment to the Allowance for Doubtful Accounts. On May 11, 2022, Lawn Corporation determined a J. Reno's account was uncollectible and wrote off $1.540. On June 12, 2022, Reno paid the amount previously written off. Prepare the journal entries on December 31, 2021. May 11, 2022, and June 12, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Dec. 31/21 P > Account Titles and Explanation Accounts Receivable A (To reverse write-off of account receivable) (To record recovery of uncollectible amount) Debit Credit
- Aguinaldo enterprises reported an allowance for doubtful accounts of P8,000(credit) at December 31, 2019, before any adjustment. At the end of the year, the company reports accounts receivable of P500,000, 3% of which is estimated to be uncollectible. The adjusting entry required at December 31, 2019 would be: debit to Doubtful Accounts Expense and credit Allowance for Doubtful Accounts amounting to P8,000 P15,000 P23,000 P7,000DI-TWO Corporation had the following accounts and their balances on December 31 before any adjustments: Sales P5,000,000 Accounts Receivable 600,000 Allowance for doubtful accounts 25,000Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense. It has just completed an aging analysis of accounts receivable at December 31, 2019. This analysis disclosed the following information: Age Group Total Percentage Considered Uncollectible Not Yet Due 1 - 30 days past due $52,000 $32,000 $13,000 1% 2% 8% 31 - 60 days past due What is the appropriate balance for Oceanside's Allowance for Impairment at December 31, 2019 O A. $1,560 O B. $2,160 O C, 2% of credit sales in 2019 O D. $95,000