The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 11,400 Accounts Receivable 144,000 Prepaid Rent 5,400 Supplies 27,000 Equipment 340,000 Accumulated Depreciation $ 129,000 Accounts Payable 11,400 Salaries Payable 10,400 Interest Payable 4,400 Notes Payable (due in two years) 34,000 Common Stock 240,000 Retained Earnings 54,000 Service Revenue 440,000 Salaries Expense 340,000 Rent Expense 17,000 Depreciation Expense 34,000 Interest Expense 4,400 Totals $ 923,200 $ 923,200 What is the amount of total assets What is the amount of total liabilities What is the amount of total stockholder's equity

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 11,400 Accounts Receivable 144,000 Prepaid Rent 5,400 Supplies 27,000 Equipment 340,000 Accumulated Depreciation $ 129,000 Accounts Payable 11,400 Salaries Payable 10,400 Interest Payable 4,400 Notes Payable (due in two years) 34,000 Common Stock 240,000 Retained Earnings 54,000 Service Revenue 440,000 Salaries Expense 340,000 Rent Expense 17,000 Depreciation Expense 34,000 Interest Expense 4,400 Totals $ 923,200 $ 923,200 What is the amount of total assets What is the amount of total liabilities What is the amount of total stockholder's equity

Name: The December 31, 2021, adjusted trial balance for Fightin' Blue Hens C
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Description: The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. AccountsDebit Credit Cash$11,400 Accounts Receivable 144,000 Prepaid Rent 5,400 Supplies 27,000 Equipment 340,000 Accumulat

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 94,000 Accounts receivable 44,000 Allowance for uncollectible accounts $ 9,400 Inventory 30,400 Building 90,400 Accumulated depreciation 14,000 Land 208,000 Accounts payable 40,000 Notes payable (8%, due in 3 years) 60,000 Common stock 104,000 Retained earnings 239,400 Totals $ 466,800 $ 466,800 The $30,400 beginning balance of inventory consists of 304 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $24,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,700 units of inventory on account for $407,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold…
Presented below is the trial balance of Muscat Corporation at December 31, 2019 Accounts Debit Credit Cash OMR 197,000 Sales Revenue OMR 8,100,000 Trading securities 153,000 Cost of Goods Sold 5,132,000 Debt Investments (long-term) 299,000 Equity Investments (long-term) 277,000 Notes Payable (short-term) 90,000 Accounts Payable 455,000 Selling Expenses 2,000,000 Investment Revenue 63,000 Land 260,000 Buildings 1,040,000 Dividends Payable 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation—Buildings 352,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Raw Materials 97,000 Work In process 250,000 Finished Goods 250,000 Gain (extraordinary) 80,000 Notes Payable…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,700 Accounts Receivable 47,400 Allowance for Uncollectible Accounts $ 4,800 Inventory 20,600 Land 52,000 Equipment 18,000 Accumulated Depreciation 2,100 Accounts Payable 29,100 Notes Payable (6%, due April 1, 2022) 56,000 Common Stock 41,000 Retained Earnings 30,700 Totals $ 163,700 $ 163,700 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $153,000. January 15 Firework sales for the first half of the month total $141,000. All of these sales are on account. The…
On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 70,000 Accounts receivable 40,000 Allowance for uncollectible accounts $ 5,000 Inventory 30,000 Building 70,000 Accumulated depreciation 10,000 Land 200,000 Accounts payable 20,000 Notes payable (8%, due in 3 years) 36,000 Common stock 100,000 Retained earnings 239,000 Totals $ 410,000 $ 410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5.…
On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 70,000 Accounts receivable 40,000 Allowance for uncollectible accounts $ 5,000 Inventory 30,000 Building 70,000 Accumulated depreciation 10,000 Land 200,000 Accounts payable 20,000 Notes payable (8%, due in 3 years) 36,000 Common stock 100,000 Retained earnings 239,000 Totals $ 410,000 $ 410,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions: January 2 Lent $20,000 to an employee by accepting a 6% note due in six months. 5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30. 8 Returned 100 defective units of inventory purchased on January 5.…
Presented below is the trial balance of Muscat Corporation on December 31, 2019 Accounts Debit Credit Cash OMR 197,000 Sales Revenue OMR 8,100,000 Trading securities 153,000 Cost of Goods Sold 5,132,000 Debt Investments (long-term) 299,000 Equity Investments (long-term) 277,000 Notes Payable (short-term) 90,000 Accounts Payable 455,000 Selling Expenses 2,000,000 Investment Revenue 63,000 Land 260,000 Buildings 1,040,000 Dividends Payable 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation—Buildings 352,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Raw Materials 97,000 Work In process 250,000 Finished Goods 250,000 Gain (extraordinary) 80,000 Notes Payable…
Presented below is the trial balance of Muscat Corporation on December 31, 2019 Accounts Debit Credit Cash OMR 197,000 Sales Revenue OMR 8,100,000 Trading securities 153,000 Cost of Goods Sold 5,132,000 Debt Investments (long-term) 299,000 Equity Investments (long-term) 277,000 Notes Payable (short-term) 90,000 Accounts Payable 455,000 Selling Expenses 2,000,000 Investment Revenue 63,000 Land 260,000 Buildings 1,040,000 Dividends Payable 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation—Buildings 352,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Raw Materials 97,000 Work In process 250,000 Finished Goods 250,000 Gain (extraordinary) 80,000 Notes Payable…
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.
Culver Company shows a balance of $237,880 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021 $23,900 Installment accounts due after 2021 38,300 Overpayments to vendors 3,540 Due from regular customers, of which $39,570 represents accounts pledged as security for a bank loan 87,500 Advances to employees 1,740 Advance to subsidiary company (due in 2021) 82,900 Illustrate how the information above should be shown on the balance sheet of Culver Company on December 31, 2020. Assume that installment accounts collectible due after December 31, 2018 (Customers) are collectible within the operating cycle of the business. The company’s operating cycle is such that all installment receivables are classified as current. CULVER COMPANYBalance Sheet (Partial)

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Accounts	Debit		Credit
Cash	$	11,400
Accounts Receivable		144,000
Prepaid Rent		5,400
Supplies		27,000
Equipment		340,000
Accumulated Depreciation				$	129,000
Accounts Payable					11,400
Salaries Payable					10,400
Interest Payable					4,400
Notes Payable (due in two years)					34,000
Common Stock					240,000
Retained Earnings					54,000
Service Revenue					440,000
Salaries Expense		340,000
Rent Expense		17,000
Depreciation Expense		34,000
Interest Expense		4,400
Totals	$	923,200		$	923,200