FINANCIAL ACCOUNTING

Select a player from the dropdown, for each definition Players 6. Dalinton Financial institution or supplier that lends money to the company. Chief executive officer and chief financial officer who have primary responsibility for the information presented in financial statements Manager of pension, mutual, and endowment funds that invest on the behalf of others. Securities and Exchange Commission, which regulatos financial disclosure requirements A company that gathers, combines, and transmits (paper and electronic) financial and related information from various Adviser who analyzes financial and other economic Information to form forecasts and stock recommendations Individual who purchases shares in companies. Independent CPA who examines financial statements and attests to their faimoss. CEO and CFO sources Creditor Financial analyst Independent auditor ces 2 Following are the definitions of various information releases. Select the title of information release related to each definition Information Release Sed Definitions Report of special events (eg, auditor changes, mergers) filed by public companies with the SEC. Brief unaudited report for quarter normally containing summary income statement and balance sheet. Quarterly report filed by public companies with the SEC that contains additional unaudited financial information Written public news announcement that is normally distributed to major news services. Annual report filed by public companies with the SEC that contains additional detailed financial information Report containing the four basic financial statements for the year, related notes, and often statements by management and auditors OK nit Required information [The following information applies to the questions displayed below.) Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second year, ended March 31, 2019. Jordan also has completed a correct trial balance as follows: JORDAN SALES COMPANY Trial Balance At March 31, 2019 Account Title Debit Credit Cash $ 58,200 Accounts receivable 49,600 Office supplies inventory 1,200 Automobiles (company card) 34,700 Accumulated depreciation, automobiles $ 13,600 office equipment 3,700 Accumulated depreciation, office equipment 1,300 Accounta payable 21.700 Income taxes payable 0 Salaries and commissions payable 1,900 Note payable, long-term 33,000 Capital stock (par $1; 32,200 shares) 32,200 Paid-in capital 4,300 Retained earnings (on April 1, 2018) 6,600 Dividends declared and paid during the current year 11,400 Sales revenue 103,500 Cost of goods sold 32,700 Operating expenses (detail omitted to conserve time) 18,500 Depreciation expense (on autos and including $700 on office equipment) 7,300 Interest expense 800 Income tax expense (not yet computed) Totals $210,100 $210,100 Part 1 of 2 Complete the financial statements as follows: a. Classified (multiple-step) Income statement for the reporting year ended March 31, 2019. Include income tax expense, assuming a 35 percent tax rate. (Round your "Earnings per share" to 2 decimal places.) 6 points JORDAN SALES COMPANY Income Statement For the Year Ended March 31, 2010 Sales revence Cost of goods sold Gross profit Operating expenses Operating expenses $ 18,500 Depreciation expense 7.300 $ 103,500 32,700 70,000 P 25.000 Total operating expenses income from operations trest expense 800 income before income taxe income tax expense hat income Eamins pershan Required information [The following information applies to the questions displayed below.) Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second year, ended March 31, 2019. Jordan also has completed a correct trial balance as follows: Credit Debit $ 58,200 49,600 1,200 34,700 $ 13,600 3,700 1,300 21,700 JORDAN SALES COMPANY Trial Balance At March 31, 2019 Account Titles Cash Accounts receivable office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Income taxes payable Salaries and commissions payable Note payable, long-term Capital stock (par $1; 32,200 shares) Paid-in capital Retained earnings (on April 1, 2018) Dividends declared and paid during the current year Sales revenue cost of goods sold Operating expenses (detall omitted to conserve time) Depreciation expense fon auton and including $700 on office equipment) Interest expense Income tax expense (not yet computed) Totals 1,900 33,000 32,200 4,300 6,600 11,400 103,500 32,700 18,500 7,300 800 $218.100 $218,100 Assets Current Assets Total current assets $ 0 0 $ $ Total assets 0 Llabilities Current Liabilities IUI LUI DULD Required information of 2 Total assets $ 0 Liabilities Current Liabilities bed Total current liabilities 0 Total liabilities + nces Stockholders' Equity Contributed capital Total contributed capital 0 Total stockholders' equity Total liabilities and stockholders' equity 0 5 Merchandise Invalced at $8,700 is sold on terms 3/10, 1/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales? 5 Indicate the accounts affected and enter decreases to account categories with a minus sign. a. At the end of the period, bad debt expense is estimated to be $16,300. b. During the period, bad debts are written off in the amount of $7,400. Assets Llabilities Stockholders' Equity DOK b onces During the current year. Witz Electric, Inc., recorded credit sales of $820,000. Based on prior experience, It estimates a 2 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: (if no entry is required for a transaction/event, select "No journal entry required" In the first account field.) a. On September 29 of the current year, an account receivable for $2,100 from March of the current year was determined to be uncollectible and was written off. b. The appropriate bad debt expense adjustment was recorded for the current year. View transaction ist Journal entry worksheet 2 1 Record the entry to write-off the uncollectible account. To: Enter debts before credits Transaction General Journal Debit tredit a. On September 29 of the current year, an account receivable for $2,100 from March of the current year was determined to be uncollectible and was written off. b. The appropriate bad debt expense adjustment was recorded for the current year. 0 Doints View transaction list eBook Journal entry worksheet On its recent financial statements, Hassell Fine Foods reported the following information about net sales revenue and accounts receivable amounts in thousands): Accounts receivable, net of allowances of $273 and $237 Net sales revenue Current Prior Year Year $ 14,789 $ 12,530 63,420 54,122 According to its Form 10-K, Hassell recorded bad debt expense of $112 and there were no bad debt recoveries during the current year. (Hint Refer to the summary of the effects of accounting for bad debts on the Accounts Receivable (Gross) and the Allowance for Doubtful Accounts T-accounts. Use the T-accounts to solve for the missing values.) Required: 1. What amount of bad debts was written off during the current year? 2. Based on your answer to requirement (1). solve for cash collected from customers for the current year, assuming that all of Hassell's sales during the period were on open account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on your answer to requirement (1), solve for cash collected from customers for the current year, assuming that all of Hassell's sales during the period were on open account. (Enter your answers in thousands not in dollars.) Accounts Receivable (Gross) Bog. bal End, bal