Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whet: situation as revealed by the trend percents appears to be favorable or unfavorable
Q: total amount of revenue t
A: Revenue recognition refers to the concept that enables the business for computing the amount of…
Q: Fanning Corp. incurs the following annual fixed costs: Depreciation $80,000 Officers' salaries…
A: Lets understand the basics. Costs are divided into three types. (1) Variable cost (2) Fixed cost (3)…
Q: a) Prepare the adjusting entries on March 31, assuming that adjusting entries are made quarterly. b)…
A: The purpose of the adjusting entries is to provide for the unearned revenues, outstanding expenses,…
Q: The goal of Video-Technical, Inc.'s formation was to offer a single product for $600 each with a…
A: A guarantee is a proclamation or assurance from the seller or manufacturer that the item will…
Q: The statement of cash flows reports cash receipts (inflows) and cash payments (outflows) for a…
A: Cash Flow Statement: A cash flow statement is a kind of financial statement that offers aggregate…
Q: Hannah has been selling laptops for $300 each that had a cost of $252. By year end the net…
A: Lets understand the basics. As per IAS 2 "Inventory", inventory should be valued at lower of cost…
Q: The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as…
A: Working: 1) Loss on sale of investment Amount ($) Opening balance 121,590 (-)Sale value…
Q: What is the difference between Operating and Investing Cash Flow? (one answer) What is the most…
A: Answer:- Operating cash flow comes from regular business, Investing cash flow goes into assets…
Q: a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: Compute the value of the lease liability at lease commencement. Lease liability $
A: Lease refers to a contract between two parties under which one party who is the real owner of an…
Q: Prepare the journal entries with narrations to record the following: The issuances of stock. Close…
A: Journal entries refers to the official book of a firm/company which is used to record the day to day…
Q: Use the information provided below to prepare the following for January and February 2023: Debtors…
A: Collections from debtors for a particular month are as follows: {Cash Sales for the month x (1 -…
Q: Use the following information for the Exercises below. (Algo) Skip to question [The following…
A: Introduction: A general ledger item made at the end of the accounting period to indicate any…
Q: January 2, 2021, Apple Co. sold merchandise to Mango, Inc. for P1,500,000. The cost of items to…
A: In installment sale, revenue is recognise at the time of cash collection not at the time of sale.…
Q: Exercise 7-22 (Algo) Accounts receivable turnover LO A1 The following information is from the annual…
A: Accounts receivable turnover is the average number of times a company collects its receivables in a…
Q: Dominick Portet Wines Inc. began operations to import fine wines from Australia to the United…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: calculate the Internal Rate of Return
A: Internal rate of return is the return rate which is used by the company to estimate and measure at…
Q: Which of the following is not a purpose of financial statement analysis: Multiple Choice O O O O O…
A: Financial Statement Analysis is the analysis of Balance sheets, Income Statements and Cash Flows so…
Q: Use the following stock table to find the most recent dividend. 52-WK High Low Name 16.88 8.78 Idno…
A: Dividend refers to part of the profit of company which is being paid to the shareholders of the…
Q: INFORMATION Samcor Limited manufactures tables. The following information was extracted from the…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Atieno, Babu and Chesire have been trading in partnership sharing profits/losses in the ration of…
A: Partnership- A partnership is a type of business where two or more persons jointly own and are…
Q: The owners are desirous of comparing serval financial transactions and possible outcomes to assist…
A: Here provide the details of preparation of journal entry for the issuance of shares and transfer the…
Q: Retained earnings, December 31, 2019 Decrease in total liabilities during 2019 Gain on the sale of…
A: Retained earning are the earnings which were being retained by the company after incurring expenses.…
Q: Use the information provided below to prepare the following for January and February 2023: 4.1…
A: 1) debtors collection schedule
Q: Willey's Grill & Restaurant Corporation wholesales ovens and ranges to restaurants throughout the…
A: Effect of stock split: When the no. of shares are split, no. of shares increases in the ratio of…
Q: Kiera sells Parchment, Inc. stock (adjusted basis $29,000) to Phillip, her brother, for its fair…
A: Answer (a) Kiera's(Seller's) Recognised Gain/Loss Particulars Amount Amount realised $…
Q: eda Enterprises has the option to invest in machinery in projects A and B but finance is only…
A: Payback period is the time taken to recover the initial cost of investment. Payback period considers…
Q: The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda…
A: Partnership is the collaboration of two or more persons to run a business so as to share profits. It…
Q: Study the information provided below and calculate the hourly recovery tariff per hour (expressed in…
A: When costs incurred are allocated to the revenue earned, it is known as recovery rates. It simply…
Q: Hannah has been selling laptops for $300 each that had a cost of $252. By year end the net…
A: Introduction:- The following inventory methods used as follows under:- Specific identification…
Q: Study the information provided below and calculate the following: 3.1 Manufacturing costs per unit…
A: Under ABC Costing System, Overhead Costs are allocated to the products based on the relevant cost…
Q: SILVA Company had only one job in process on May 1. The job had been charged with $1,400 of direct…
A: Work in Process For the Period :— It means Manufacturing Cost during the period. It is calculated…
Q: Can you please help me prepare an income statement according to the absorption coating method.
A:
Q: A cost variance of zero indicates that the manufacturing management was *
A: As part of our protocol we provide solution to one question only but you have asked multiple various…
Q: culate the earnings of G. Henry using the straight piecework incentive scheme from the information…
A: Methods of Remuneration to the Worker/ Labour: Remuneration is the compensation against the services…
Q: Taco Ranch uses a process cost system and the FIFO cost flow assumption. Production begins in the…
A: calculation of above requirement are as follows
Q: The following information relates to the Cash account in the ledger of Lee Company. Balance…
A: Solution A bank reconciliation is the process thru which bank balance as per books of account is…
Q: 32,000
A: 1) Predetermined overhead rate = $3,500,000/2,000,000 DLH 175.00% Â Â Â Â Â Â Â Â Â Â Â Â Â 1)…
Q: total amount of interest earned in 2022?
A: Interest earned refers to the amount that is earned from the investments paid by the holder in…
Q: Kirkland Company had no trading debt securities prior to this year. It had the following…
A: 1. Date Account Titles and Explanation Debit($) Credit($) Aug. 2 Debt Investments - Trading…
Q: Exercise 5-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney…
A: Introduction: Each journal entry contains details about a single business transaction, such as the…
Q: Detox corp planned to sell 25,000 units during the next quarter at a selling price of P52 per unit.…
A: Income and expenses of an entity will be displayed in its income statement where it has all the…
Q: Montana Mining Company pays $3,478,510 for an ore deposit containing 1,560,000 tons. The company…
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…
Q: 1.1 Calculate the annual economic order quantity from the information provided below.
A: Given in the question: Each Month Expectation of units to be sold 800 Selling Price of…
Q: hat would be the maturity period if payments are bi-weekly? How much will the borrower pay in total…
A: The maturity period refers to the period by which total payment is settled i.e. loan amount getting…
Q: reciprocal method
A: Direct Method Particulars Basis of Apportionment Bricks Bars Information Systems Personnel…
Q: 4.1 Debtors Collection Schedule INFORMATION The following information was provided by Intel…
A: Debtors collection schedule is a schedule which show the amount received from debtors each month.…
Q: Required: 1. Prepare and present the whole operations budget of Gilmore Corp. 2. Prepare and present…
A: Operations budget of Gilmore Corp needs to be prepared Based on the data given Sale price per unit…
Q: Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation…
A: Journal entries refers to the recording of the business activities into the books of accounts or…
Q: Let's assume you took out a $300,000, 30-year mortgage with an annual interest rate of 8% and…
A: Considering the data, Monthly rate(r) =0.0812=0.006667n=180 payments remainingMonthly payments =$…
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whe situation as revealed by the trend percents appears to be favourable or unfavourable. Sales Cost of goods sold Accounts receivable Numerator: 2024 $ 564,662 296,074 27,273 Numerator: 2024: 2023: 2022: 2021: 2020: Is the trend percent for Net Sales favourable or unfavourable? 2023 $364,298 191,135 21,275 1 1 1 Trend Percent for Net Sales: 1 $ 1 1 2022 293,789 156,170. 20,095 Denominator: Trend Percent for Cost of Goods Sold: Denominator: 2024: 2023: 2022: 2021: 2020: is the trend percent for Cost of Goods Sold favourable or unfavourable? 2021 2020 $ 212,122 $ 158,300 111,503 12,430 = 82,316 10,828 Trend percent Trend percent % de 2 % *** % % % % % % % %Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favourable or unfavourable. Sales Cost of goods sold Accounts receivable Numerator: 2024 $ 754,236 372,126 36,731 Numerator: 1 2023 $ 499,494 246,502 29,121 Trend Percent for Net Sales: 1 1 1 1 1 1 2024: 2023: 2022: 2021: 2020: Is the trend percent for Net Sales favourable or unfavourable? 2022 $394,857 196,780 27,127 Prev Denominator: Trend Percent for Cost of Goods Sold: 1 Denominator: 5 of 8 2021 $ 265,005 131,752 15,529 = Next > 2020 $ 196,300 96,187 13,407 Trend percent % % % % %Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favourable or unfavourable. Sales Cost of goods sold Accounts receivable Numerator: Numerator: 2024 $ 628,449 322,959 30,417 Numerator: 1 ( ( 2024: 2023: 2022: 2021: 2020: Is the trend percent for Net Sales favourable or unfavourable? Trend Percent for Net Sales: 2023 $ 408,084 209,773 23,750 } ( } 2022 2021 $ 334,495 $ 232, 288 173,642 22,846 Denominator: Trend Percent for Cost of Goods Sold: S Denominator: } } 1 1 1 2024: 2023: 2022: 2021: 2020: Is the trend percent for Cost of Goods Sold favourable or unfavourable? 1 Trend Percent for Accounts Receivable: Denominator: 1 2024: 1 2023: 1 2022: } 2021: 1 2020: 1 Is the trend percent for Accounts Receivable favourable or unfavourable? 119,917 13,589 || II II II = 11 "I = Trend percent = 111111 = = = 11 = = = 2020 $ 170,800 87,108 11,683 Trend percent…
- Compute trend percent for the following accounts using 2018 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percent appears to be favorable or unfavorable. 2022 2021 2020 2019 2018 Sales $282,880 $270,800 $252,600 $234,560 $150,000 Cost of goods sold 128,200 122,080 115,280 106,440 67,000 Accounts receivable 18,100 17,300 16,400 15,200 9,000Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favourable or unfavourable Sales Cost of goods sold Accounts receivable 2024: 2023: 2022: Numerator 2021: 2020: Is the trend perc for Net Sales Numerator: 2024 $ 569,653 298,670 27,514 Numerator: 7 Trend Percent for Net Sales: 1/ V IM 2023 $367,518 192,609 21,426 able or unfavourable? W 2022 $ 290,528 154,575 19,843 Trend Percent for Cost of Goods Sold: Denominator: 7 A Denominator: 2024: 2023: BALLER 2022: 2021: 2020: Is the trend percent for Cost of Goods Sold favourable or unfavourable? Trend Percent for Accounts Receivable: Denominator: 2024: 2023: 2022: 2021: 2020: is the trend percent for Accounts Receivable favourable or unfavourable? $ 197,638 103,972 11,522 TA E L i E 13 B 17 B 13 E # F F 2020 $ 148,600 77,272 10,164 Trend percent Trend percent Trend percent 88888 % % % % %Qw.02. Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favourable or unfavourable Sales Cost of goods sold Accounts receivable Numerator: 2024: 2023: Numerator: 2024 $ 463,414 234,107 22,522 2024: 2023: 2022: 2021: 2020: Is the trend percent for Net Sales favourable or unfavourable? Numerator: I 1 1 1 Trend Percent for Net Sales: 2023 $ 306,897 155,099 17,861 1 1 1 I 1 2022 2021 $ 249,510 $ 175,095 128,255 89,348 10,226 17,042 Trend Percent for Cost of Goods Sold: Denominator: 2024: 2023: 2022: 2021: 2020: Is the trend percent for Cost of Goods Sold favourable or unfavourable? 7 Denominator: 7 1 Trend Percent for Accounts Receivable: Denominator: 2022: 2021: 2020: Is the trend percent for Accounts Receivable favourable or unfavourable? = E # = S U = E = = 2020 $ 129,700 64,850 8,871 Trend percent Trend percent Trend percent 1% %6 % % % % 196 196 56…
- Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold. Accounts receivable 2021 $ 424,322 214,661 20,580 Numerator: 2020 $ 279,159 141, 180 16,303 2019 $ 218,948 112,924 15,042 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Trend Percent for Net Sales: 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 2018 $ 153,648 78,724 8,973 Denominator: 2017 $ 116,400 58,200 7,973 11 Trend percent % % ge % % %Sales Cost of goods sold Accounts receivable Numerator: 2021 $ 511,648 253,158 24,815 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. 2020 $ 332,239 164,397 19,403 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? Numerator: Trend Percent for Net Sales: 2019 $ 272,327 136,740 18,573 1 1 1 1 Denominator: Trend Percent for Cost of Goods Sold: 1 Denominator: 1 1 1 / 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Accounts Receivable: Denominator: 1 1 2021: 1 2020: 1 2019: 1 2018: 1 2017: 1 Is the trend percent for Accounts Receivable favorable or unfavorable? 2018 $ 200,979 99,730 11,757 = = = = = = = = = = = = = = = 2017 $ 146,700 71,883 10,064 = Trend percent Trend percent Trend percent % % % % % %…Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favourable or unfavourable. 2024 2023 Sales Cost of goods sold Accounts receivable $ 553,119 290,122 26,882 $ 363,894 190,775 21,215 2022 $ 292,284 155,088 20,021 2021 $ 210,276 110,844 12,322 2020 $ 159,300 82,836 10,928 2024: 2023: 2022: 2021: 2020: Numerator: Trend Percent for Net Sales: 1 Is the trend percent for Net Sales favourable or unfavourable? 2024: 2023: 2022: 2021: 2020: Denominator: = Trend percent 0 % 0% 0% 0% 0 % Trend Percent for Cost of Goods Sold: Numerator: Denominator: Is the trend percent for Cost of Goods Sold favourable or unfavourable? = Trend percent 0% 0% 0% 0% 0%
- Sales Cost of goods sold Accounts receivable Numerator: 2021 $ 446,762 225,881 21,623 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Numerator: 1 1 1 1 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 2020 $ 290,105 146,803 16,913 Trend Percent for Net Sales: 2019 $ 232,084 119,092 15,828 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Cost of Goods Sold: 1 Denominator: 7 1 1 1 1 1 I 1 Denominator: Trend Percent for Accounts Receivable: Denominator: 1 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Accounts Receivable favorable or unfavorable? 2018 $ 167,570 84,885 9,820 = = = = = = = = = = 2017 $ 128,900 64,450 8,804 = Trend percent Trend percent Trend percent % % % % % % % % % % % % %…Sales Cost of goods sold Accounts receivable 2021 $ 676,574 333,971 32,679 2020 $ 439,334 216,824 25,657 2019 $ 340,569 170,229 23,363 2018 $ 237,330 117,892 13,860 2017 $ 175,800 86,142 12,060 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. 2021: 2020: 2019: 2018: 2017: Trend Percent for Net Sales: Numerator: Denominator: = Trend percent = % Is the trend percent for Net Sales favorable or unfavorable? 2021: 2020: 2019: 2018: 2017: Trend Percent for Cost of Goods Sold: Numerator: Denominator: Trend percent Is the trend percent for Cost of Goods Sold favorable or unfavorable? %Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Sales $ 666,761 $ 432,962 $ 344,990 $ 249,090 $ 180,500 Cost of goods sold 329,263 213,901 172,445 124,054 88,445 Accounts receivable 32,138 25,242 23,632 14,547 12,328