{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T22:05:38-04:00", "answer_date": "2024-05-27 22:05:38", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1803169", "url": "\/study-help\/questions\/assignment-problem-six-1-reserves-olivia-smith-is-the-1803169", "question_creation_date_js": "2024-05-27T22:05:38-04:00", "question_creation_date": "May 27, 2024 10:05 PM", "meta_title": "[Solved] Assignment Problem Six - 1 (Reserves) Oli | SolutionInn", "meta_description": "Answer of - Assignment Problem Six - 1 (Reserves) Olivia Smith is the owner of an unincorporated business that does landscaping. T | SolutionInn", "meta_keywords": "assignment,problem,six,-,1,reserves,olivia,smith,owner,unincorporated,business,landscaping", "question_title_h1": " Assignment Problem Six - 1 (Reserves) Olivia Smith is the owner of an unincorporated business that does landscaping. The business began operations on January", "question_title": " Assignment Problem Six - 1 (Reserves) Olivia Smith is the owner", "question_title_for_js_snippet": "Assignment Problem Six 1 (Reserves) Olivia Smith is the owner of an unincorporated business that does landscaping The business began operations on January 2, 2019 and has a December 31 year end The 2019 and 2020 results for the business can be described as follows 2019 During its first year, the business had sales of delivered merchandise and services totaling $185,000 Of this total, $65,000 had not been collected on December 31, 2019 Olivia anticipates that $5,000 of these sales will be uncollectible In addition to these sales of delivered merchandise and services, she received $23,000 in advances for merchandise to be delivered in 2020 Olivia purchased a large supply of landscaping materials from the trustee of a bank rupt landscaping business at a very good price Since she is unlikely to use them in the next few years, she has arranged to sell these materials for $50,000 These materials have a cost of $40,000, resulting in a total gross profit of $10,000 Because of the size of this sale, she has agreed to accept a down payment of $30,000, followed by two annual instalments of $10,000 The instalments are due on December 31, 2020 and December 31, 2021 2020 During 2020, $5,500 of accounts receivable had to be written off All of the merchandise for which advances had been received was delivered and the $10,000 instalment on the 2019 sale of landscaping materials was received Sales of delivered merchandise and services totaled $240,000 Of this total, $50,000 was still on account at December 31, 2020 Olivia anticipates that $3,500 of this amount will be uncollectible In addition to the 2020 sales of delivered merchandise and services, she receives $13,400 in advances for merchandise to be delivered in 2021 ", "question_description": "\"image\"image", "transcribed_text": "Assignment Problem Six - 1 (Reserves) Olivia Smith is the owner of an unincorporated business that does landscaping. The business began operations on January 2, 2019 and has a December 31 year end. The 2019 and 2020 results for the business can be described as follows: 2019 During its first year, the business had sales of delivered merchandise and services totaling $185,000. Of this total, $65,000 had not been collected on December 31, 2019. Olivia anticipates that $5,000 of these sales will be uncollectible. In addition to these sales of delivered merchandise and services, she received $23,000 in advances for merchandise to be delivered in 2020. Olivia purchased a large supply of landscaping materials from the trustee of a bank- rupt landscaping business at a very good price. Since she is unlikely to use them in the next few years, she has arranged to sell these materials for $50,000. These materials have a cost of $40,000, resulting in a total gross profit of $10,000. Because of the size of this sale, she has agreed to accept a down payment of $30,000, followed by two annual instalments of $10,000. The instalments are due on December 31, 2020 and December 31, 2021. 2020 During 2020, $5,500 of accounts receivable had to be written off. All of the merchandise for which advances had been received was delivered and the $10,000 instalment on the 2019 sale of landscaping materials was received. Sales of delivered merchandise and services totaled $240,000. Of this total, $50,000 was still on account at December 31, 2020. Olivia anticipates that $3,500 of this amount will be uncollectible. In addition to the 2020 sales of delivered merchandise and services, she receives $13,400 in advances for merchandise to be delivered in 2021.", "related_book": { "title": "Financial Accounting an introduction to concepts, methods and uses", "isbn": "978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003", "edition": "13th Edition", "authors": "Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/65.jpg", "uri": "\/textbooks\/financial-accounting-an-introduction-to-concepts-methods-and-uses-13th-edition-65", "see_more_uri": "" }, "free_related_book": { "isbn": "1119713021", "uri": "\/textbooks\/foundations-of-data-intensive-applications-large-scale-data-analytics-under-the-hood-1st-edition-978-1119713029-175189", "name": "Foundations Of Data Intensive Applications Large Scale Data Analytics Under The Hood", "edition": "1st Edition" }, "question_posted": "2024-05-27 22:05:38", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/jontil-co-began-the-current-period-with-a-14000-balance", "description": "Jontil Co. began the current period with a $14,000 balance in the Peter Jontil, Capital account. 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