The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits 14,600 345,000 14,500 54,000 640,000 Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 266,000 78,000 72,000 7,800 2,400 400,000 165,000 780, 000 468,000 117,000 43, 500 64,000 4,800 5,800 1,771,200 1,771, 200 Totals Required: 1-a. Prepare an income statement for the year ended December 31, 2021. 1-b. Prepare a classified balance sheet as of December 31, 2021.
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The financial statements of the business includes the income statement and balance sheet. The financial statements of the business are prepared with the help of trial balance.
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- The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 ---Prepare in good form a statement of retained earnings of Palm Realtors Ltd. for the year endedDecember 31, 2019. --Compute the current ratio for Palm Realtors Ltd for 2019. Did the company appear to be able to meetits short-term obligations as they come due? Why?The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235Required:1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.for the year ended December 31, 2019.The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
- Sigma Company began operations on January 1, 2020. On December 31, 2020 and 2021, the entity provided for uncollectible accounts expense based on 1% of annual credit sales. Required: Determine the allowance for doubtful accounts on January 1, 2021. Determine the allowance for doubtful accounts on December 31,2021 before adjustments. Determine the required allowance on December 31,2021. Prepare the adjustment to record the doubtful account expense for the current year.The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
- At December 31, 2020, end of the annual reporting period, the accounts of ABC company showed the following: a. Sales Revenue for 2020, P 180,000 of which one-sixth was on credit b. Allowance for doubtful accounts, balance January 1, 2020, P900 credit c. Account Receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2019), P18,050 d. Uncollectible accounts to be written off, December 31, 2020, P1,050 e. Aging Schedule at December 31, 2020, showing the following breakdown of total accounts receivable: Status Amount Not past Due P10,000 Past Due 1-60 days 4,000 Past Due over 60 days 3,000 Required:1. Give the 2020 entry to write off the uncollectible accounts2. Give the 2020 adjusting entry to record bad debt expense for each of the following independent assumptions concerning bad debt loss rates:a. On total receivables at year-end, 2.5 percentb. On aging schedule: not past due, 0.5 percent; past due 1-60 days, 1 percent;…At December 31, 2020, end of the annual reporting period, the accounts of ABC company showed the following: a. Sales Revenue for 2020, P 180,000 of which one-sixth was on credit b. Allowance for doubtful accounts, balance January 1, 2020, P900 credit c. Account Receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2019), P18,050 d. Uncollectible accounts to be written off, December 31, 2020, P1,050 e. Aging Schedule at December 31, 2020, showing the following breakdown of total accounts receivable: Status Amount Not past Due P10,000 Past Due 1-60 days 4,000 Past Due over 60 days 3,000 Required:1. Give the 2020 entry to write off the uncollectible accounts.2. Give the 2020 adjusting entry to record bad debt expense for each of the following independent assumptions concerning bad debt loss rates:a. On total receivables at year-end, 2.5 percentb. On aging schedule: not past due, 0.5 percent; past due 1-60 days, 1 percent;…On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
- The following is the trial balance of Aroro Enterprise as at 31 August 2019 (48400+100) Particulars Debit (RM) Credit (RM) 48,400 Capital Drawings Trade receivables Ac-tecaNables Trade payables Sales 3,500 9,000 Ac-payable 3500 12,500 40,400 Purchases Sales returns Purchases returns Wages and salaries E Discounts allowed Discounts received Provision for doubtful debts Insurance 31,000 300 250 (5,600 120 enses zmings ability equity 200 300 700 2,400 (950 (350 10,000 3,000 20,000 Inventory as at 1 September 2018 Utilities revenye Rates Premises Fixtures and fittings Motor van Cash in hand 330 Cash at bank 14,800 102,050 TOTAL 102,050 = 3,300-160 - 3900 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…Requlred Information [The following information apples to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). $ 257,000 52,000 1,100 Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 (debit) Requlred: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-recelvables method. Suzukl estimates 12% of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Is