Smart Corporation ADJUSTED TRIAL BALANCE December 31, 2019 Debits Credits Sales 1,437,750 Notes Receivable Investments (short Term) Accounts Payable Accumulated Depreciation Equipment Sales Discounts Sales Returns 120,000 132,750 76,500 46,500 15,750 26,250 Purchase Discounts Cash Accounts Receivable Rent Revenue 12,000 285,000 193,500 21,000 Retained Earnings Salaries Payable Notes Payable Common Stock, $15 par Income Tax Expense Cash Dividends Declared 360,000 33,000 112,500 450,000 102,000 105,000 Allowance for Doubtful Accounts 9,750 Supplies on Hand Freight-In 16,500 24,000 Short term Investment 75,000 Freight-out Sales commission Correction for understatement of prior period net income (inventory error) Other Operating Expenses (30% Selling, 70% Administrative) Land Provision for Bad and Doubtful Account 22,500 318,000 75,000 171,000 97,500 51,000 Equipment Merchandise Inventory Building Purchases Dividend Income 195,000 118,500 156,000 750,000 37,500 Loss on Sale of Investment 19,500 Interest Revenue 13,500 Interest Expense Bonds Payable Gain on Sale of Land Accumulated Depreciation Building Accumulated Depreciation Land Totals 18,750 150,000 36,750 30,000 9,750 2,962,500 2,962,500

Smart Corporation ADJUSTED TRIAL BALANCE December 31, 2019 Debits Credits Sales 1,437,750 Notes Receivable Investments (short Term) Accounts Payable Accumulated Depreciation Equipment Sales Discounts Sales Returns 120,000 132,750 76,500 46,500 15,750 26,250 Purchase Discounts Cash Accounts Receivable Rent Revenue 12,000 285,000 193,500 21,000 Retained Earnings Salaries Payable Notes Payable Common Stock, $15 par Income Tax Expense Cash Dividends Declared 360,000 33,000 112,500 450,000 102,000 105,000 Allowance for Doubtful Accounts 9,750 Supplies on Hand Freight-In 16,500 24,000 Short term Investment 75,000 Freight-out Sales commission Correction for understatement of prior period net income (inventory error) Other Operating Expenses (30% Selling, 70% Administrative) Land Provision for Bad and Doubtful Account 22,500 318,000 75,000 171,000 97,500 51,000 Equipment Merchandise Inventory Building Purchases Dividend Income 195,000 118,500 156,000 750,000 37,500 Loss on Sale of Investment 19,500 Interest Revenue 13,500 Interest Expense Bonds Payable Gain on Sale of Land Accumulated Depreciation Building Accumulated Depreciation Land Totals 18,750 150,000 36,750 30,000 9,750 2,962,500 2,962,500

Name: The company uses the periodic inventory system. A physical count of i
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Description: The company uses the periodic inventory system. A physical count of inventory on December 31 resulted in an inventory amount of $50,000.Instructions1. Prepare an income statement for the year ending December 31, 2019. Assume that twenty thousand sha

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 11EA: Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables....

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Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
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Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.
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