PLEASE HELP ME WITH THIS QUESTION THE ANALYSIS part. P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance,and Evaluating the Current Ratio LO2-2, 2-4, 2-5 (GL)Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected thefollowing:CashInvestments (short-term)Accounts receivableInventoryNotes receivable (long-term)EquipmentFactory buildingIntangibles$27,000Accounts payable2,300 Accrued liabilities payable.3,300 Notes payable (current)33,000 Notes payable (noncurrent)1,600 Common stock55,000 Additional paid-in capital90,000 Retained earnings5,000During the current year, the company had the following summarized activities:$23,0003,2007,70047,00010,50094,50031,300a. Purchased short-term investments for $8,200 cash.b. Lent $6,300 to a supplier who signed a two-year note.c. Purchased equipment that cost $19,000; paid $4,500 cash and signed a one-year note for the balance.d. Hired a new president at the end of the year. The contract was for $76,000 per year plus options to purchase company stock ata set price based on company performance. The new president begins her position on January 1 of next year.e. Issued an additional 2,500 shares of $0.50 par value common stock for $14,000 cash.f. Borrowed $12,000 cash from a local bank, payable in three months.g. Purchased a patent (an intangible asset) for $2,500 cash.h. Built an addition to the factory for $30,000; paid $7,900 in cash and signed a three-year note for the balance.i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000.RequirementGeneralJournalGeneralLedgerCompute the current ratio for the current year. (Round your answer to 2 decimal places.)Compute the current ratio for the current year.Current ratioAnswer is not complete.<Trial Balance Balance Sheet AnalysisBalance SheetAnalysis >

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i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000. General Ledger Compute the current ratio for the current year. (Round your answer to 2 decimal places.) Requirement General Journal Compute the current ratio for the current year. Current ratio > Answer is not complete. Trial Balance Balance Sheet Analysis < Balance Sheet Analysis >

i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000. General Ledger Compute the current ratio for the current year. (Round your answer to 2 decimal places.) Requirement General Journal Compute the current ratio for the current year. Current ratio > Answer is not complete. Trial Balance Balance Sheet Analysis < Balance Sheet Analysis >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ble The balance sheet of Omni, Inc., at the end of last year included the following Offs and coverles items: Notes receivable from customers Accrued Interest on notes receivable Accounts recelvable...... .$ 5 40,000 10,800 Less: Allowance for doubtful accounts 2,268,000 54,000 STRUCTIONS You are to record the following events of the current year in general journal en- tries: a Accounts receivable of $51,840 are vritten off as uncollectible. b Acustomer's note for $14,850, on which interest of $810 has been accrued in the accounts, is deemed uncollectible, and both balances are written off against the Allowance for Doubtful Accounts. c An account receivable for $7,020 previously written off is collected. d Aging of accounts receivable at the end of the current year indicates a need for an $81,000 allowance to cover possible failure to collect accounts currently out- standing. (Consider the effect of entries for a, b, and e on the amount of the Allowance for Doubtful Accounts.)
The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $120,200 $128,000 $134,800 Sales on account 719,780 670,140 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year.
The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales are 2/10, n/60. Year 3 Year 2 Year 1 Accounts receivable, end of year $190,200 $204,000 $219,400 Sales 1,084,050 994,990 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days
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The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
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The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…
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The accounts receivable balance on the records of of P38,000 were written off during the year as uncollectible. eud was P283,000. In going over the records, you found accounts reccivable REQUIRED: How much cash was received from the sale of the machine? during the year ended December 31, 2020. The accounts receivable at year- REQUIRED: How much cash was collected on credit sales during the year. Luneta Company of January 1, 2020. Credit sales were recorded at P1,060.000 P245,000 on durine p283.000. In going over the records, you found accounts reccivable PEOUIRED: How much cash was collected on credit sales during the year 2020 ? The manager of the Pansol Company is planning for the qaurter ending Narch 31, 2020, and wants to know how much cash must be paid for merchandise purchases. The inventory of merechandise is to be deereased by P46,000 during the quarter. Sales have been estimated at P360,000. The cost of saies is equal to 30% of sales. Accounts payable is expected to inerease…
3. The following data are taken from the financial statements of Sigmon Inc. Terms of all are 2/10, n/45. Accounts Receivable, end of year Sales on account of Required: 20Y3 $725,000 $5,637,000 a. For 20Y2 and 20Y3, determine: 1. Accounts Receivable Turnover 2. The number of Days' Sales in Receivables 20Y2 $650,000 $4,687,000 20Y1 $600,000 b. What conclusions can you draw from these data concerning Sigmon's accounts receivable and credit policies?