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5th and 6th are related to first picture. I need answers for 1st pic, 5th and 6th question. Thank you. The September 30, 2020 balance
5th and 6th are related to first picture. I need answers for 1st pic, 5th and 6th question. Thank you.
The September 30, 2020 balance sheet of ABC Corporation disclosed the following information relating to its receivables Accounts Receivable-General (net of $18,000 allowance) $342,000 ABC prepares quarterly financial statements. The following occurred during the fourth quarter of 2020 1. During the 4th quarter, ABC had credit sales of $2,600,000 and collections on accounts receivable (general) of $2,300,000 Uncollectible accounts totaling $19,000 were written off and a $2,600 accounts receivable previchasly written off was collected (not included in the $2,300,000 of cash collections reported above.) 2. On November 1, ABC assigned $300,000 of accounts receivable to Quicken Finance on a non-notification basis. Quicken advanced ABC cash proceeds for 85% of the accounts assigned, less a finance fee of $5,000, in exchange for an interest-bearing note. The note incurs interest at 1% per month on the outstanding loan balance. Cash collections from these assigned accounts are to be remitted monthly to Quicken Finance and include accrued interest (ie the cash collected each month must be used to repay both principal and interest on the note) . During November ABC collected $150 000 on assigned accounts ABC also accepted sales returns of $2,000 The November collections were remitted to Quicken on November 30th and included accrued interest for the month G interest for the month During December, ABC wrote off $3,000 of assigned accounts as uncollectible By December 31st, assigned accounts of $80,000 were collected in cash. These cash collections were remitted to Quicken Finance on December 31, 2020, and included accrued interest for December Required: Use the above information to answer the next (7) questions: a. Determine the ending balance of Accounts Receivable - General as of December 31, 2020: $377,000 $323.000 $347000 5550 000 Question 3 1/1 pts ect Question 5 0/1 pts Determine how much Interest Expense ABC should report on their Income Statement for the month-ended November 30, 2020: $2,550 $5.000 18 626 2850 orrect Question 6 01 pts Determine the ending balance of the Note Payable as of December 31, 2020 0 / 1 pts Question 6 Determine the ending balance of the Note Payable as of December 31, 2020 $25.000 52755 Question 7 0.5/0.5 ptsStep by Step Solution
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