Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please i need the answers for this 17. At the beginning of the current period, Asare Company had balances in Accounts Receivable of $205,272 and

Please i need the answers for this

17. At the beginning of the current period, Asare Company had balances in Accounts Receivable of $205,272 and in Allowance for Doubtful Accounts of $9,337 (credit). During the period, it had net credit sales of $796,174 and collections of $735,684. It wrote off as uncollectible accounts receivable of $7,441. However, a $3,282 account previously written off as uncollectible was recovered before the end of the current period. What is the ending balance in the accounts receivable account?

18. Equipment was purchased for $168,755. Freight charges amounted to $2,864 and there was a cost of $27,363 for building a foundation and installing the equipment. It is estimated that the equipment will have a $30,284 salvage value at the end of its 8-year useful life. What is depreciation expense each year using the straight-line method? (Round your answer to the nearest whole number.)

19. At August 31, Mission Company has a cash balance per books of $8,344 and the following additional data from the bank statement: charge for printing Mission Company checks $37 and interest earned on checking account balance $67. In addition, Mission Company has outstanding checks of $740. Determine the adjusted cash balance per books at August 31.

20. ABC Company sold goods with a total selling price of $844,200 during the year. It purchased goods for $453,900 and had beginning inventory of $165,700. A count of its ending inventory determined that goods on hand was $159,500. What was its gross profit?

21. Siddiqui, Inc. made sales of $633 on Visa credit cards. The credit card service charge is 3%. When the transaction is recorded, what is the amount should be debited to Cash? Round your answer to the nearest whole number.

22. Financial information is presented below: Operating expenses $46,300 Sales returns and allowances 3,200 Sales discounts 2,850 Sales revenue 168,000 Cost of goods sold 73,000 The amount of gross profit on the income statement would be

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An International Introduction

Authors: David Alexander

7th Edition

129229583X, 978-1292295831

More Books

Students also viewed these Accounting questions