List any errors you can find in the following partial balance sheet:Napa Vino CompanyBalance SheetDecember 31, 20Y9AssetsCurrent assets:CashNotes receivableLess interest receivableAccounts receivablePlus allowance for doubtful accounts$ 78,500$ 300,0004,500$1,200,00011,500295,5001,211,500

Balance sheet: Balance sheet is a summary of assets, liabilities, and equity account that reports…

Answered: List any errors you can find in the…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.1KTQ

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eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
Receivables on the Balance Sheet Identify any errors in the following partial balance sheet. Napa Vino CompanyBalance SheetDecember 31, 20Y6 Assets Current assets: Cash $78,500 Notes receivable $300,000 Interest receivable (4,500) Notes receivable, net 295,500 Accounts receivable $1,200,000 Allowance for doubtful accounts 11,500 Accounts receivable, net 1,211,500 The interest receivable should be . The allowance for doubtful accounts should be .
(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000
Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…
The financial data for A Company is the following: Balance sheet data (in $ millions) at 12/31 Accounts receivable Less: allowance for doubtful accounts Accounts receivable (net) Income statement data, year ending 12/31 Net sales (assume all on credit) Uncollectible accounts expense 2021 $ 500 150 350 2020 $ 450 140 310 $33,400 $21,500 100 110 1. Compute the accounts receivable turnover ratio for 2021 and 2020. 2. Wat amount of accounts receivable was collected in 2021? 3. How much was the write off of uncollectible accounts in 2021? 2019 $410 160 250 $19,200 95
Using the percentage of receivables method for recording bad debt expense, estimated uncollectible accounts are $11,000. If the balance of the Allowance for Doubtful Accounts is $2,800 debit before adjustment, what is the balance after adjustment? Select one: a. $13,800 b. $8,200 C. $11,000 d. $2,800
1. From page 5-4 of the VLN, when using the percent of receivables method, the math of multiplying accounts receivable by the percent of uncollectible accounts directly calculates: Group of answer choices A. The ending balance of the allowance for uncollectible accounts. B. Bad debt expense C. Net accounts receivable D. The amount to use in the adjusting entry to recognize bad debt expense 2. From page 5-4 of the VLN, what is the appropriate amount to record for bad debt expense when the company records the adjusting entry on 12/31? 3. Using the data from page 5-4 of the VLN, assume that instead of having a $500 credit balance in the Allowance for Uncollectible Accounts (AUA), the company had a $600 credit balance in the account. How would that affect the ending balance in the AUA after the company prepared the adjusting entry and posted it to the AUA? Group of answer choices A. The higher balance before the adjusting entry would cause the ending balance in the AUA to…
Current Attempt in Progress The current assets and current liabilities sections of the balance sheet of TealCompany appear as follows. TEAL COMPANYBALANCE SHEET (PARTIAL)DECEMBER 31, 2020 Cash $ 41,700 Accounts payable $ 65,040 Accounts receivable $96,400 Notes payable 70,200 Less: Allowance for doubtful accounts 7,080 89,320 $135,240 Inventory 177,510 Prepaid expenses 8,980 $317,510 The following errors in the corporation’s accounting have been discovered: 1. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of $43,500, on which a cash discount of 2% was taken. 2. The inventory included $31,970 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,290 had been received on consignment; the remainder was purchased f.o.b.…
At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000
View Policies Current Attempt in Progress Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off (a) Account Titles and Explanation Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. (To record sales on account) (To record collection of accounts receivable) Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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) eTextbook and Media $143.000 List of Accounts 11,340 Save for Later Using multiple attempts will impact your score. 10% scare reduction after attempt 5 930,000 912.000 6,400 2,200…
1) Sustainable Supplies prepares the following aging of receivables analysis: Accounts receivable Percent uncollectible $840. Total Days Past Due Current 1 to 30 $ $ $ 57,600 40,000 9,000 1% 3% 31 to 61 to Over 90 60 90 $ 3,600 5% $ 2,000 8% $ 3,000 Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $500 credit. 11% A) Debit Bad Debts Expense $840; credit Allowance for Doubtful Accounts B) Debit Allowance for Doubtful Accounts $840; credit Bad Debts Expense $840. C) Debit Bad Debts Expense $1,840; credit Allowance for Doubtful Accounts $1,840. D) Debit Allowance for Doubtful Accounts $1,840; credit Bad Debts Expense $1,840. E) Debit Bad Debts Expense $1,340; credit Allowance for Doubtful Accounts $1,340.

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