Reaulrament 1- Prenare a multinla ctan inenme etatament for rardinal InC. Below is financial information for Cardinal, Inc. The accounts are in alphabetical order. \begin{tabular}{|l|r|r|} \hline & \multicolumn{1}{|c|}{ Debit } & \multicolumn{1}{|c|}{ Credit } \\ \hline Accounts payable & & 4,200 \\ \hline Accounts receivable & 2,000 & \\ \hline Allowance for doubtful accounts & 1,400 & \\ \hline Cash & & \\ \hline Common stock & 2,000 & \\ \hline Cost of goods sold & 800 & \\ \hline Depreciation expense & 12,000 & \\ \hline Equipment & & 4000 \\ \hline Interest revenue & 700 & \\ \hline Loss on disposal of plant assets & 250 & \\ \hline Prepaid insurance & 1,500 & \\ \hline Retained earnings & & \\ \hline Salaries expense & 800 & \\ \hline Sales & 1,100 & \\ \hline Sales discounts & 500 & \\ \hline Sales returns \& allowances & 3,000 & \\ \hline Supplies & 26,050 & \\ \hline Utilities expense & 26,050 \\ \hline Total & & \\ \hline \end{tabular} ABC Company had a $2,000 credit balance in the Allowance for Doubtful Accounts at December 31, 2022 before the current year's provision for uncollectible accounts. An aging of the accounts receivable was prepared as follows: Required: Show all calculations! 1. Calculate the total estimated bad debts based on information above. 2. Prepare the journal entry to record estimated bad debts at 12/31/22. 3. Suppose, on July 10,2023,ABC wrote-off the account recelvable of XYZ, InC., $600, who notified ABC that it would be unable to pay the amount due. Record this write off. 4. If XYZ, inc, later paid the $600 it owed on October 1,2023 , after the account had been written off, record the recovery. 2) Cost of Goods Sold 3) Gross Profit You are provided with the following information for Danielle inc., for the month ended June 30. Danielle uses the periodic method for inventory. Calculate the value of 1) ending inventory, 2) cost of goods sold, 3) gross profit using the FIFo cost flow assumption; following a periodic inventory approach. Be sure to show your work and label your final answer clearly 1) Ending inventory Requirement 2: Calculate Profit Margin and Gross Profit Rate for Cardinal, Inc. (Round percentages to the nearest 10 th, for example 0.0% ) Profit Margin - Gross Profit Rate - 1. Calculate the total estimated bad debts based on information above. 2. Prepare the journal entry to record estimated bad debts at 12/31/22. 3. Suppose, on July 10,2023,ABC wrote-off the account receivable of XYZ, Inc., $600, who notifled ABC that it would be unable to pay the amount due. Record this write off. 4. If XYZ, Inc. later paid the $600 it owed on October 1,2023 , after the account had been written off, record the recovery. On the Go Warehouse distributes suitcases to retail stores. The following selected transactions occurred Requirement: Please prepare journal entries in proper format for each of the following transactions for On the Go Warehouse. On the Go uses the perpetual inventory method. 1.Jul Purchased 85 suitcases on account for $30 each from Trunk Manufacturing, terms 1/15,n/30. 3-yut Sold 40 witcases on account to Luggage World for $65 each, credit terms of 1/10,n/30, the cost of each suitcase was $40. Luggage World returned 7 of the suitcases sold on Juhy 3. This luggage was not defective; Luggage World just purchased 7 6.sul more than needed. 8-ivil Recelved final payment from Luesage World from the July 3 sale. Received a request from Samson Compary for an extension of time for the account recelvable ($11,700) that was due on 15.Jul July is. Their request was granted and they signed a 45 -day, 13 note. 20-Jul Paid Trunk Manufacturing the amount owed. 30-Aug Recelved payment, in full, on the amount owed from Samson Company on July 15
