Please do not give solution in image format thanku Sunland Store is located in midtown Madison. During the past several years, net income has been declining because of suburbanshopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trialbalances.Accounts PayableAccounts ReceivableAccumulated Depr.-EquipmentCashCost of Goods SoldFreight-OutEquipmentDepreciation ExpenseInsurance ExpenseInterest ExpenseInterest RevenueInventoryUnadjustedAdjusted$25,200$25,20030,50030,50033,00044,00026,00026,000508,500 508,5005,5005,500145,500145,50011,0007,4006,1002.10029.5006,1002,10029.500Notes payableOwner's CapitalOwner's DrawingsPrepaid InsuranceProperty Tax ExpenseProperty Taxes PayableRent ExpenseSalaries and Wages ExpenseSales RevenueSales Commissions ExpenseSales Commissions PayableSales Returns and AllowancesUtilities ExpenseSUNLAND STOREIncome StatementNovember 30, 2020For the Month Ended November 30, 2020For the Year Ended November 30, 2020Unadjusted Adjusted$35,500$35,50090,2009,50010,90015,00096.000720,0006.5008,0008,50090,2009.5003,5002,5002,50015,00096,000720,00011,0004,5008,0008,500

Income statement is a financial statement that shows profitability, total revenue and total…

Sunland Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Cost of Goods Sold Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Inventory Unadjusted $25,200 30,500 33,000 26,000 508,500 5,500 145,500 6,100 2,100 29.500 Adjusted $25,200 30.500 44,000 26,000 508,500 5,500 145,500 11,000 7,400 6,100 2.100 29.500 Notes payable Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense Sales Revenue Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Utilities Expense SUNLAND STORE Income Statement November 30, 2020 For the Month Ended November 30, 2020 For the Year Ended November 30, 2020 Unadjusted $35,500 90,200 9,500 10,900 15,000 96.000 720,000 6.500 8,000 8,500 Adjusted $35,500 90,200 9.500 3,500 2,500 2.500 15,000 96,000 720,000 11,000 4,500 8,000 8,500

Sunland Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Cost of Goods Sold Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Inventory Unadjusted $25,200 30,500 33,000 26,000 508,500 5,500 145,500 6,100 2,100 29.500 Adjusted $25,200 30.500 44,000 26,000 508,500 5,500 145,500 11,000 7,400 6,100 2.100 29.500 Notes payable Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense Sales Revenue Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Utilities Expense SUNLAND STORE Income Statement November 30, 2020 For the Month Ended November 30, 2020 For the Year Ended November 30, 2020 Unadjusted $35,500 90,200 9,500 10,900 15,000 96.000 720,000 6.500 8,000 8,500 Adjusted $35,500 90,200 9.500 3,500 2,500 2.500 15,000 96,000 720,000 11,000 4,500 8,000 8,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the following information to answer Exercises E8-18 and E8-19. January 1, 2018, Hilltop Flagpoles had Accounts Receivable of $28,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Hilltop Flagpoles recorded the following; Sales of $185,000 ($164,000 on account; $21,000 for cash). Ignore Cost of Goods Sold. Collections on account, $135,000. Write-offs of uncollectible receivables, $2,30p. Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Requirements Journalize Hilltop’s transactions that occurred during 2018. The company uses the allowance method. Post Hilltop’s transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. Journalize Hilltops adjustment to record bad debts expense assuming Hilltop estimates bad debts as 3% of credit sales. Post the adjustment to the appropriate T-accounts. Show how Hilltop Flagpoles will report net accounts receivable…
Use the following information to answer Exercises E8-18 and E8-19. January 1, 2018, Hilltop Flagpoles had Accounts Receivable of $28,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Hilltop Flagpoles recorded the following; Sales of $185,000 ($164,000 on account; $21,000 for cash). Ignore Cost of Goods Sold. Collections on account, $135,000. Write-offs of uncollectible receivables, $2,30p. Accounting for uncollectible accounts using the allowance method (percent-of-receivables) and reporting receivables on the balance sheet Requirements Journalize Hilltop’s transactions that occurred during 2018. The company uses the allowance method. Post Hilltop’s transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. Journalize Hilltop’s adjustment to record bad debts expense assuming Hilltop estimates bad debts as 10% of accounts receivable. Post the adjustment to the appropriate T-accounts. Show how Hilltop Flagpoles will report net…
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $992,000 and sales for the year total $11,240,000. a. The allowance account before adjustment has a credit balance of $13,400, Bad debt expense is estimated at 1/4 of 1% of sales. b. The allowance account before adjustment has a credit balance of $13,400. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $42,900. c. The allowance account before adjustment has a debit balance of $8,300. Bad debt expense is estimated at 1/2 of 1% of sales. d. The allowance account before adjustment has a debit balance of $8,300. An aging of the account in the customer lodger indicates estimated doubtful accounts of $68,900. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. b. S C. d.
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $955,000 and sales for the year total $10,820,000. a. The allowance account before adjustment has a credit balance of $12,900. Bad debt expense is estimated at 1/4 of 1% of sales. b. The allowance account before adjustment has a credit balance of $12,900. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $41,300. c. The allowance account before adjustment has a debit balance of $7,400. Bad debt expense is estimated at 3/4 of 1% of sales. d. The allowance account before adjustment has a debit balance of $7,400. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $61,400.
USM records $120,000 of sales in the month of December 2020. USM estimates that $10,000 of returns of December sales will eventually be returned. As of December 31, 2020, $2,000 of returns have been processed. Assuming zero balance in the refund liability account, what is the effect of the entry necessary at December 31 to record estimated returns? Omit the cost of sales entry. Group of answer choices: a,) Decrease revenues and increase liabilities for $8,000 b.) Decrease revenues and increase liabilities for $10,000 c.) Increase expenses and Increase Liabilities for $8,000 d.) Increase expenses and Increase Liabilities for $10,000 e.) None of the above
Hopefully this is the last one, can you show me this one too? 3. The data presented below are for XYZ Corporation for the year ended December 31, 2018: Credit Sales $1,800,000 Accounts Receivable (12/31/18) 210,000 Sales returns 90,000 Estimated amount of uncollectible accounts based on an aging analysis 22,000 Allowance for doubtful accounts (before adjustment at December 31, 2018) 2,000 A. If bad debts are estimated at 3% of net credit sales, what amount will be reported as bad debts expense for 2018? B. If bad debts are estimated at 3% of net credit sales, what will be the balance in the Allowance for DoubtfulAccounts account after the adjustment for bad debts?
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,169,000 and sales for the year total $13,260,000. The allowance account before adjustment has a debit balance of $15,800. Bad debt expense is estimated at 1/4 of 1% of sales. The allowance account before adjustment has a debit balance of $15,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $50,600. The allowance account before adjustment has a credit balance of $6,000. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a credit balance of $6,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $49,800. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.
This trial balance below has some errors. Correct the errors by preparing a Corrected Trial Balance for year ended 30 September 2021. Debit Credit $ Inventory as at 1 October 2020 Telephone expense Commission received 11,000 28,000 30,000 Return Outwards 53,000 50,200 Purchases Discount Received 10,000 Sales 160,000 8,000 Returns Inwards Shop lot: at cost Electricity expense Mortgage Motor vehicle: at cost 720,000 5,000 43,200 40,000 8,000 Rental Received Сapital Cash in hand 600,000 20,000 40,000 Trade receivable Trade payable Administrative expenses 57,000 19,000 Drawings 20,000 961,200 961,200
Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1 1,300,000Credit sales 5,500,000Sales return 150,000Accounts written off 100,000Collections from customers 5,000,000Estimated future sales return on December 31 50,000Estimated uncollectible accounts per aging at year-end 250,000 What amount should be reported as net realizable value of accounts receivable on December 31?
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $910,000 and sales for the year total $10,320,000. The allowance account before adjustment has a debit balance of $12,300. Bad debt expense is estimated at 1/2 of 1% of sales. The allowance account before adjustment has a debit balance of $12,300. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $39,400. The allowance account before adjustment has a credit balance of $8,800. Bad debt expense is estimated at 1/4 of 1% of sales. The allowance account before adjustment has a credit balance of $8,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $73,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. a. $fill in the blank 1 b. $fill in the blank 2 c. $fill in the blank 3 d. $fill in the blank…
Providing for doubtful accounts At the end of the current year, the accounts receivable account has a debit balance of $1,243,000 and sales for the year total $14,100,000. a. The allowance account before adjustment has a debit balance of $16,800. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before adjustment has a debit balance of $16,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $53,800. c. The allowance account before adjustment has credit balance of $5,500. Bad debt expense is estimated at 3/4 of 1% of sales. d. The allowance account before adjustment has a credit balance of $5,500. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $45,700. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. 70,500 ✓ 70,600 ✓ 111,250 X a. b. C. d. Feedback Check My Work An estimate based on a percent…
During fiscal year 2012, Byrd Inc. wrote-off $8,000 of customer accounts as uncollectible. Which of the following items would be decreased by these write-offs? (indicate all that apply) a. Accounts Receivable b. Allowance for Doubtful Accounts c. Net Income d. Bad Debt Expense e. Cash flow from Operations