Question
2015: 1. Wrote off an uncollectible account of $670. 2. Provided $90,000 of services on account. 3. Provided $15,000 of services and collected cash. 4.
2015:
1. | Wrote off an uncollectible account of $670. |
2. | Provided $90,000 of services on account. |
3. | Provided $15,000 of services and collected cash. |
4. | Collected $72,000 cash from accounts receivable. |
5. | Paid $30,000 of salaries expense for the year. |
6. | Adjusted the accounts to reflect uncollectible accounts expense for the year. Faello estimates that 7 percent of the ending accounts receivable balance will be uncollectible. Organize the transaction data in accounts under an accounting equation for 2015. (Round your intermediate calculations and final answers to the nearest whole dollar. Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".) Prepare the income statement for 2015. (Round your intermediate calculations and final answers to the nearest whole dollar.) Prepare the statement of changes in stockholders' equity for 2015. (Round your intermediate calculations and final answers to the nearest whole dollar.) Prepare the balance sheet for 2015. (Round your intermediate calculations and final answers to the nearest whole dollar.) Prepare the statement of cash flows for 2015. (Round your intermediate calculations and final answers to the nearest whole dollar. Amounts to be deducted should be indicated with a minus sign.) What is the net realizable value of the accounts receivable at December 31, 2015? (Round your intermediate calculations and final answer to the nearest whole dollar.) |
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