Xavier Ltd provides the following information for the year ended 30 June 2023: $'000Sales for the year 1 560Discounts allowed 130Bad debts expense 400pening balance Accounts Receivable 660 Closing balance Accounts Receivable 500Sales returns 70What amount of cash was received from customers during the year?Question 12 Answera.$1 550 000b. $1 480 000c .$1 230 000d. $1 160 000e. None of the above
Q: Mills Corporation acquired as a long-term investment $270 million of 8% bonds, dated July 1, on July…
A: A bond is a fixed-income security that simulates a loan to a borrower (usually a government agency…
Q: Cane Company manufactures two products called Alpha and Beta that sell for $120 and $80,…
A: Financial advantage (disadvantage) on buying = Relevant cost to make - Cost to buy
Q: Timpco, a retailer, makes both cash and credit sales (I.e., sales on open account). Information…
A: A cash budget is a budget that provides information about the company's projected cash inflows and…
Q: Cuban sandwich Fries Total Income Cost Of Goods Sold Cuban sandwich Fries Total COGS 33,000 $ 2.00 $…
A: Break-even point:The break-even point is a point where the cost of producing the product is equal to…
Q: A machine with a cost of $75,000 has an estimated residual value of $5,000 and an estimated life of…
A: The objective of the question is to calculate the amount of depreciation for the second full year…
Q: On December 29, 2024, Adams Apples purchased 2,500 shares of General Electric common stock for $33…
A: The journal entries are prepared to record the transactions on a regular basis. The investment is…
Q: On April 1, 2025, Marigold Company assigns $505,300 of its accounts receivable to the Third National…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Sheridan Ltd. initiated a one-person pension plan in January 2015 that promises the employee a…
A: 1. Years of Service: - Start year: 2015 - End year (expected retirement): 2041 - Years of…
Q: 2. Haffner Company has 100 units in Finished Goods Inventory at the beginning of the accounting…
A: The income statement can be prepared using different methods as variable and absorption costing. The…
Q: Old Equipment New Equipment $81,520 Cost $38,800 depreciation $40,400 Estimated useful life 8 years…
A:
Q: QPF Media operates amusement parks in the United States and Canada. During 2018, it reported the…
A: Decrease in the value of fixed assets due to were & tear , obsolence , passage of time and some…
Q: Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near…
A: "FIFO" stands for "First In, First Out." It's a method used in computing and data structures to…
Q: Sheridan Corporation, which uses ASPE, leased equipment it had manufactured at a cost of $150,100…
A: An annuity due payment is paid at the start of each month instead of the end, which sets it apart…
Q: Salem Company reports the following information for June: (Click the icon to view the amounts.)…
A: As per the absorption costing method, the product cost includes fixed and variable manufacturing…
Q: i need the answer quickly
A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…
Q: PART 3 Betty's Book and Music Store has two service departments, Warehouse and Data Centre.…
A: The objective of the question is to allocate the costs of the support departments (Warehouse and…
Q: At December 31, 2025, Pronghorn Corporation had a deferred tax liability of $353,600, resulting from…
A: Deferred tax liability is created on taxable temporary differences to be reversed in future years.…
Q: i need the answer quickly
A: Plantwide Overhead Rate:— This is the rate used to allocate manufacturing overhead costs to the…
Q: Many businesses borrow money during periods of increased business activity to finance inventory and…
A: Financial documents are written documents that contain financial records of the company for a…
Q: Sage Construction Company has entered into a contract beginning January 1, 2020, to build a parking…
A: % of completion is based on Cost incurred to date divided by Total estimated costsGross profit for…
Q: Hoo Headrests is a division of Wahoo Autos, an automobile manufacturer that produces SUVs (SUVHoo…
A: A division of the company may transfer its goods or services to the other divisions of the company…
Q: Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores.…
A: ACTIVITY-BASED COSTINGActivity-based costing is one method used to allocate the overheads to…
Q: The assets of Moreland Corporation are presented below. January 1 December 31 Cash Marketable…
A: Morland's total asset turnover ratio is 1.37.{ Option (b) }Explanation:Step 1:Step 2:
Q: Calculate the missing values in the following table. Round to four decimal places, wherever…
A: Calculate the missing value in the following table. Round to four decimal places, wherever…
Q: Posters.com is an Internet retailer of high-quality posters. The company has $790,000 in operating…
A: An organization is making more money from its operational assets if its return on investment (ROI)…
Q: 3. 4. During the year, Harley Corporation had the following transactions: 1. 2. Issued common stock…
A: The objective of the question is to understand the impact of various transactions on the balance…
Q: erial: 5 pounds at $10.00 per pound or: 4 hours at $16 per hour verhead: 4 hours at $7 per hour dard…
A: Variable costs are costs that vary with the change in the level of output.Factory overhead is the…
Q: Pirate Corporation purchased 100 percent ownership of Ship Company on January 1, 20X5, for $289,000.…
A: Equity method is an accounting method wherein the investment is initially recognized at cost and…
Q: μονικές καιa concerning unie culpantys και Cleaning supplies Electricity Maintenance Wages and…
A: FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or…
Q: Ever since Newton Inc. was formed on Jan. 1, 2022, the company has had the following outstanding…
A: A dividend is a portion of a company's profits and retained earnings that it pays to its…
Q: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1, 2024.…
A: A note payable is a formal commitment or written pledge made by a borrower to repay a lender a…
Q: estions 16-18 (continues from Questions 14-15): Assume BakerCo reports $3,750,000 of financial…
A: The objective of the question is to calculate the pre-tax income that BakerCo will report to the IRS…
Q: The following financial information relates to Sunland Enterprises Inc. (amounts in thousands): 2022…
A: The objective of the question is to calculate the debt to equity ratio, net debt as a percentage of…
Q: Select all that apply X-Mart uses the perpetual inventory system to account for its merchandise. On…
A: In accounting, debit represents an increase in assets or expenses, while credit represents a…
Q: Lehong (Pty) Ltd, a pine furniture producer, uses an absorption costing system and allocates fixed…
A: Cost drivers are the direct cause of a business expense. A cost driver is any activity that triggers…
Q: i need the answer quickly
A: Budgeted income statement;The income statement is one of the statements in financial…
Q: Which of the following items on a cash reconcilliation would require a journal entry by the company?…
A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…
Q: R. Phometsi Ltd. Provides you with the following information.2019The imprest amount at the beginning…
A: The objective of the question is to prepare a petty cash book with analysis columns for the given…
Q: Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs. For…
A: The overhead is applied to the production on the basis of the pre-determined overhead rate. The…
Q: Problem 7-6 Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned…
A: Earned Income Credit The earned income tax credit (EITC) is a tax credit in the United States. It is…
Q: ProForm acquired 70 percent of ClipRite on June 30, 2023, for $1,190,000 in cash. Based on…
A: The consolidated financial statement (CFS) is the financial statement prepared by the holding…
Q: ords of the company reflected the following for the jets that were sol epreciation $62,500,000…
A: As per the given information:Aircraft cost - $62,500,000Accumulated depreciation -…
Q: Only typed solution
A: The objective of the question is to prepare a flexible factory overhead cost budget for the Press…
Q: Sheridan Ltd. entered into a lease on June 1, 2023. The lease term is six years and requires annual…
A: The objective of this question is to calculate the capitalized amount of the right-of-use asset…
Q: On Dec. 31, 2024, bonds with a total face value of $100,000 and an annual stated coupon rate of 8%…
A: Bonds payable are a long-term liability that is issued to generate long-term funds. Periodic…
Q: 1. If bonds are sold at a discount and the straight-line method of amortization is used, interest…
A: The objective of this question is to understand the impact of using the straight-line method of…
Q: QS 21-11 (Algo) Direct labor rate and efficiency variances LO P3 A company reports the following…
A: The variance is calculated as difference between the actual production data and budgeted production…
Q: If sales equal $351,050, variable expenses equal $200,000, and the degree of operating leverage is…
A: Net operating income = (Sales - Variable costs) / Degree of operating leverage
Q: The following selected transactions relate to investment activities of Ornamental Insulation…
A: Journalizing is one of the most important and basic processes in the accounting cycle. It is the…
Q: The records of Wildhorse's Boutique report the following data for the month of April. Sales revenue…
A: Before making a purchase, customers can physically see and handle things in the conventional retail…
Step by step
Solved in 3 steps
- 14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TLThe following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (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.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.
- Use the following information from financial statements of Hamilton Inc. Information from Balance Sheet Accounts: 12/31/2020 12/31/2021 Accounts receivable, gross Allowance for uncollectible accounts 5,000 70,000 90,000 Advances from customers 1,600 600 Information from Income Statement Accounts: Revenue (gross) carned during 2021 277,000 Bad debt expense in 2021 5,200 Other Information: Accounts receivable of 3,900 were written off during the year 2021.(MODIFIED) Spring Corporation has the following account balances on December 31, 2020: Accounts receivable Php 400,000 Allowance for uncollectible accounts8,400 Spring completed the following transactions in 2019: А. Net credit sales, Php 4,000,000. В. Collections on accounts, Php 3,870,000. С. Write-off of uncollectible accounts, Php 10,000. D. Recovery of accounts previously written-off, Php 2,000. Е. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: A. Journalize the foregoing transactions. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Spring report on its December 31, 2020 balance sheet? Assume that Spring uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to be uncollectible. Compute for the uncollectible accounts…The following data concern Tech Corporation for the 2022 financial year. Credit sales during the year $2 400 000 Accounts receivable 30 June 2022 410 000 Allowance for bad debts 30 June 2022 55 000 Bad debt expense for the year 70 000 What amount will Tech Corporation show on its year-end balance sheet for the net realisable value of its accounts receivable? a. 410 000 b. $285 000 c. $340 000 d. $ 355 000
- At the end of the fiscal year, Accounts Receivable has a balance of R100 000 and allowance for doubtful accounts has a balance of R7 000. The expected net realizable value of the accounts receivable is________. Select one: a. R107 000 b. R7 000 c. R93 000 d. R100 00048. Queen Company began the current year with accounts receivable of P1,000,000 and allowance for doubtful accounts of P80,000. During the current year, the following events occurred: Accounts written off 120,000 500,000 3,000,000 Cash Sale Sales on account Doubtful account expense recognized At the end of the current year, the entity showed a balance in accounts receivable of P1,680,000. 200,000 Under cash basis, what amount should be reported as sales? а. 2,700,000 b. 2,200,000 с. 3,500,000 d. 3,320,000The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (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.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
- The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (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.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…10) DEF Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000 Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit 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 1,440,000 Discount taken (1,440,000 x 2%) (28,000) 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…On January 1, 2021, the general ledger of Big Bles: Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23, 308 48, e0e Accounts Receivable Allowance for Uncollectible Accounts $ 4, 580 37, eee Inventory Land 72,100 Accounts Payable Notes Payable (6%, duc in 3 years) 28,98e 37,eee 63,0ee 39,8ee Comnon Stock Retained Earnings Totals $172,400 $172, 400 The $37,000 beginning belance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,680 units for $168,89e on account ($185 cach). January 8 Purchase 1,78e units for $187, e0e on account ($110 each). January 12 Purchase 1,88e units for $207, B00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788, eee. The cost of the units sold is deternined using a FIFO perpetual inventory syston. January 22 Receive $753, eee…