task 3,4 and events to be solve and below are other information on save of foods. The save of foods account details

Task #3 - Accounts Receivable - Direct Write-off Method: Save of Food Inc. had the following events occur in 2022 and 2023 in relation to accounts receivable Notes: Assume that all months are 30 days long. Assume that the allowance for doubtful accounts was at balance of 50 on Dec I, 2022 On Dec 1, 2022 SOF made the following sales on account: Customer Sale Date Amount (S) Browns Social House Dec 1, 2022 200 Extreme Pita Dec 1, 2022 100 Regina Pho Dec 1, 2022 60 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. SOF already had made previous sales on account that were still outstanding as of Dec 1, 2022 Customer Sale Date Amount (5) Joey Milu Regina Pho Nov 1, 2022 Nov 1.2022 Oct 1, 2022 400 100 40 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. Task #4 - Accounts Receivable - Allowance Method: Save of Food Inc. had the following events occur in 2022 and 2023 in relation to accounts receivable. Notes: Assume that all months are 30 days long. Assume that the allowance for doubtful accounts was at balance of so on Dec 1 2022 On Dec 1, 2022 SOF made the following sales on account: Customer Dat Amount (S) 100 Browns Social House Dec 1, 2022 200 Extreme Pita Dec 1. 2022 Regina Pho Dec 1, 2022 60 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. SOF already had made previous sales on account that were still outstanding as of Dec 1, 2022. Customer Sale Date Amount (S) Joey Nov 1, 2022 400 Milu Nov 1, 2022 100 Regina Pho Oct 1, 2022 40 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. Events: Dec 28, 2022 - SOF feels that there is a chance that the $400 of A/R from Joey could not be collected. This is due to the customer not being happy with the product(s) they purchased, however, they are not able to return food after 10 days. Dec 30, 2022 - SOF has determined that its allowance for doubtful accounts need to be S100. The allowance for doubtful accounts is sitting at SO. SOF updates its allowance for doubtful accounts (if needed). Jan 10, 2023 - SOF is notified that Joey will not be paying their S400 of A/R. Based upon this notification SOF decided to officially write off the $400 of A/R. Jan 30, 2023 - SOF has determined that its allowance for doubtful accounts need to be $150. SOF updates its allowance for doubtful accounts (if needed). Feb 15, 2023 - SOF receives the following choques: Customer Sale Date Cheque Amount (5) 180 Browns Social House Extreme Pita Regina Pla Joey Milu Regina Pho Dee 1 2022 Dec 1, 2022 Dec 1, 2022 Nov 1, 2022 Nov 1, 2022 Oct 1, 2022 100 60 150 40 No other indications of not paying have been received from customers. Feb 28, 2023 - SOF has determined that its allowance for doubtful accounts need to be 590. SOF updates its allowance for doubtful accounts (if nooded) Required: a) Journal Entries Joumal Entries - Prepare the required journal entries for the above dates using the "Allowance" method. b) Financial Statements: What will the NBV of the Accounts Receivable be on the Dec 31, 2022 statement of financial position? 7 c) Financial Statements: What will the NBV of the Accounts Receivable be on the Feb 28, 2023 statement of financial position? Save of Foods Statement of Financial Position As at December 31, 2023 2033 20:22 2021 Assets Current assets C Short termine Accounts receivable rvento Total current 8.000 1.000 1000 9000 5.000 2.000 1 500 10 000 18.500 6.000 2.000 1.200 8.00 17200 Non-current sets PP&E-Land PPSE-Buildings PPSE-Equipment and fixtures Total Assets Llabilities and Shareholders Equity 6.000 10.000 3.000 38.000 6.000 11.000 1.500 37.000 6.000 8.000 1 800 33.000 Current les Accounts payable Uneamed revenue Current portion of long-term date Total currenties 4300 700 1000 5.000 4200 800 1000 5.000 5.000 1.000 1600 7.000 Non-current Babies Langermet Total Liabilities 6.000 12.000 7.000 13000 8000 15.000 Shareholders equity Shares Retindemings Total Sareholders Equity 4.000 22 000 26.000 2000 21000 3.000 15.000 24.000 18.000 Total Liabilities and Shareholders 3800 27.000 33.000 Save on Foods Inc Statement of Income For year ending December 31, 2023 2022 2021 Revenue Sales Total revenue 125.000 125.000 118000 118.000 112.000 112.000 Expenses Cost of goods sold Selling and general administrative expenses Advertising Total expenses 90.000 12.000 2000 104.000 19.000 13 000 1000 103.000 85.000 11 000 1.000 97.000 21.000 15.000 15.000 Income from operations Other income and expenses Interest income Interest expense 1.500 5000 2.000 10.000 1.000 1.000 Income before corporate income taxes Corpoate income taxes 22.000 4000 16.000 3.000 15.000 2.000 Net income 18.000 13 000 13.000 Other income and expenses Interest income Interest expense 1.500 (500) 2.000 18.000) 1.000 (1.000) Income before corporate income taxes Corproate income taxes 22.000 4.000 16,000 3.000 15.000 2.000 Net income 18.000 13.000 13.000 Save of Foods Inc. Statement of Retained Earnings For year ending December 31, 2023 2023 2022 2021 Retained earnings, beginning of year Net Income for year 21000 18,000 15.000 13.000 6.000 13.000 Dividends declared Retained earnings, end of year (17000) 22.000 7.000) 21.000 (4.000) 15 000 10:56 . Save of Foods Inc. Statement of Financial Position As at December 31, 2023 2023 2022 2021 2.000 Assets Current Cash Short form Account receivable Totalcumentet Non-current PPSE.Land PPBE Building PPBE-Equipment and futures Total Arterto 2.000 1000 1000 000 19.000 5.000 2.000 1500 10.000 18 500 8.000 5000 6.000 10.000 3000 38.000 8.000 8.000 11000 1 500 37000 53.000 5.000 1000 4.300 700 1000 0.000 4200 800 300 8.000 7.000 Liabies and Shareholders Equity Current Accounts payable Uneamed Currentono tonghome Totalment Non-correntes Long-termite Total Labin Shareholders equity Shares Retaines caming Total Shareholders Equity Total Liabilities and Shareholders 5.000 12.000 7.000 12.000 3.000 4.000 22.000 25 000 3.000 21000 24000 30 15.00 18000 38.000 37 000 Save on Foods Inc Statement of income For year ending December 31, 2023 2073 2022 2021 125.000 125.000 1000 118.000 112.000 112.000 Revenue Sales Total revenue Expenses Cost of goods sold Seling and general per Advertising Total expenses 2000 90.000 2.000 13.000 15.000 11000 1000 97300 1.000 103.000 104.000 21.000 15.000 15.000 Income from operation Other income and expenses Interest income Inresponse 1500 1500 2.000 10.000 1300 06 Income before corporate income taxes Corpoate income taxes 22.000 4.000 18.00 3.000 15.000 2.000 Net income 000 13 000 1300 10:56 1500 1300 1500) 2.000 11000 Other income and expenses Interest income Interested Income before corporate income taxes Corproate income Net Income 22.000 4000 000 3.000 15.000 2.000 18.000 13.000 2021 Save of Foods Inc Statement of Retained Earnings For year ending December 31, 2023 2023 2022 Retained earnings, beginning of year 21000 15.000 Net Income for your 18.000 13.000 Dividends declared (67000) (7.000 Retained earnings, and of year 22.009 21 000 6.000 13.000 4000 15.000 Task #3 - Accounts Receivable - Direct Write-off Method: Save of Food Inc. had the following events occur in 2022 and 2023 in relation to accounts receivable Notes: Assume that all months are 30 days long. Assume that the allowance for doubtful accounts was at balance of 50 on Dec I, 2022 On Dec 1, 2022 SOF made the following sales on account: Customer Sale Date Amount (S) Browns Social House Dec 1, 2022 200 Extreme Pita Dec 1, 2022 100 Regina Pho Dec 1, 2022 60 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. SOF already had made previous sales on account that were still outstanding as of Dec 1, 2022 Customer Sale Date Amount (5) Joey Milu Regina Pho Nov 1, 2022 Nov 1.2022 Oct 1, 2022 400 100 40 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. Task #4 - Accounts Receivable - Allowance Method: Save of Food Inc. had the following events occur in 2022 and 2023 in relation to accounts receivable. Notes: Assume that all months are 30 days long. Assume that the allowance for doubtful accounts was at balance of so on Dec 1 2022 On Dec 1, 2022 SOF made the following sales on account: Customer Dat Amount (S) 100 Browns Social House Dec 1, 2022 200 Extreme Pita Dec 1. 2022 Regina Pho Dec 1, 2022 60 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. SOF already had made previous sales on account that were still outstanding as of Dec 1, 2022. Customer Sale Date Amount (S) Joey Nov 1, 2022 400 Milu Nov 1, 2022 100 Regina Pho Oct 1, 2022 40 THESE SALES HAVE ALREADY HAD THERE INITIAL ACCOUNTING RECORDED. Events: Dec 28, 2022 - SOF feels that there is a chance that the $400 of A/R from Joey could not be collected. This is due to the customer not being happy with the product(s) they purchased, however, they are not able to return food after 10 days. Dec 30, 2022 - SOF has determined that its allowance for doubtful accounts need to be S100. The allowance for doubtful accounts is sitting at SO. SOF updates its allowance for doubtful accounts (if needed). Jan 10, 2023 - SOF is notified that Joey will not be paying their S400 of A/R. Based upon this notification SOF decided to officially write off the $400 of A/R. Jan 30, 2023 - SOF has determined that its allowance for doubtful accounts need to be $150. SOF updates its allowance for doubtful accounts (if needed). Feb 15, 2023 - SOF receives the following choques: Customer Sale Date Cheque Amount (5) 180 Browns Social House Extreme Pita Regina Pla Joey Milu Regina Pho Dee 1 2022 Dec 1, 2022 Dec 1, 2022 Nov 1, 2022 Nov 1, 2022 Oct 1, 2022 100 60 150 40 No other indications of not paying have been received from customers. Feb 28, 2023 - SOF has determined that its allowance for doubtful accounts need to be 590. SOF updates its allowance for doubtful accounts (if nooded) Required: a) Journal Entries Joumal Entries - Prepare the required journal entries for the above dates using the "Allowance" method. b) Financial Statements: What will the NBV of the Accounts Receivable be on the Dec 31, 2022 statement of financial position? 7 c) Financial Statements: What will the NBV of the Accounts Receivable be on the Feb 28, 2023 statement of financial position? Save of Foods Statement of Financial Position As at December 31, 2023 2033 20:22 2021 Assets Current assets C Short termine Accounts receivable rvento Total current 8.000 1.000 1000 9000 5.000 2.000 1 500 10 000 18.500 6.000 2.000 1.200 8.00 17200 Non-current sets PP&E-Land PPSE-Buildings PPSE-Equipment and fixtures Total Assets Llabilities and Shareholders Equity 6.000 10.000 3.000 38.000 6.000 11.000 1.500 37.000 6.000 8.000 1 800 33.000 Current les Accounts payable Uneamed revenue Current portion of long-term date Total currenties 4300 700 1000 5.000 4200 800 1000 5.000 5.000 1.000 1600 7.000 Non-current Babies Langermet Total Liabilities 6.000 12.000 7.000 13000 8000 15.000 Shareholders equity Shares Retindemings Total Sareholders Equity 4.000 22 000 26.000 2000 21000 3.000 15.000 24.000 18.000 Total Liabilities and Shareholders 3800 27.000 33.000 Save on Foods Inc Statement of Income For year ending December 31, 2023 2022 2021 Revenue Sales Total revenue 125.000 125.000 118000 118.000 112.000 112.000 Expenses Cost of goods sold Selling and general administrative expenses Advertising Total expenses 90.000 12.000 2000 104.000 19.000 13 000 1000 103.000 85.000 11 000 1.000 97.000 21.000 15.000 15.000 Income from operations Other income and expenses Interest income Interest expense 1.500 5000 2.000 10.000 1.000 1.000 Income before corporate income taxes Corpoate income taxes 22.000 4000 16.000 3.000 15.000 2.000 Net income 18.000 13 000 13.000 Other income and expenses Interest income Interest expense 1.500 (500) 2.000 18.000) 1.000 (1.000) Income before corporate income taxes Corproate income taxes 22.000 4.000 16,000 3.000 15.000 2.000 Net income 18.000 13.000 13.000 Save of Foods Inc. Statement of Retained Earnings For year ending December 31, 2023 2023 2022 2021 Retained earnings, beginning of year Net Income for year 21000 18,000 15.000 13.000 6.000 13.000 Dividends declared Retained earnings, end of year (17000) 22.000 7.000) 21.000 (4.000) 15 000 10:56 . Save of Foods Inc. Statement of Financial Position As at December 31, 2023 2023 2022 2021 2.000 Assets Current Cash Short form Account receivable Totalcumentet Non-current PPSE.Land PPBE Building PPBE-Equipment and futures Total Arterto 2.000 1000 1000 000 19.000 5.000 2.000 1500 10.000 18 500 8.000 5000 6.000 10.000 3000 38.000 8.000 8.000 11000 1 500 37000 53.000 5.000 1000 4.300 700 1000 0.000 4200 800 300 8.000 7.000 Liabies and Shareholders Equity Current Accounts payable Uneamed Currentono tonghome Totalment Non-correntes Long-termite Total Labin Shareholders equity Shares Retaines caming Total Shareholders Equity Total Liabilities and Shareholders 5.000 12.000 7.000 12.000 3.000 4.000 22.000 25 000 3.000 21000 24000 30 15.00 18000 38.000 37 000 Save on Foods Inc Statement of income For year ending December 31, 2023 2073 2022 2021 125.000 125.000 1000 118.000 112.000 112.000 Revenue Sales Total revenue Expenses Cost of goods sold Seling and general per Advertising Total expenses 2000 90.000 2.000 13.000 15.000 11000 1000 97300 1.000 103.000 104.000 21.000 15.000 15.000 Income from operation Other income and expenses Interest income Inresponse 1500 1500 2.000 10.000 1300 06 Income before corporate income taxes Corpoate income taxes 22.000 4.000 18.00 3.000 15.000 2.000 Net income 000 13 000 1300 10:56 1500 1300 1500) 2.000 11000 Other income and expenses Interest income Interested Income before corporate income taxes Corproate income Net Income 22.000 4000 000 3.000 15.000 2.000 18.000 13.000 2021 Save of Foods Inc Statement of Retained Earnings For year ending December 31, 2023 2023 2022 Retained earnings, beginning of year 21000 15.000 Net Income for your 18.000 13.000 Dividends declared (67000) (7.000 Retained earnings, and of year 22.009 21 000 6.000 13.000 4000 15.000