Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Thapter 4-/ in class assignment-submitted in canvas 1. The company's bank statement shows a cash balance of $20,000. Comparing the company's cash records with the

image text in transcribed
Thapter 4-/ in class assignment-submitted in canvas 1. The company's bank statement shows a cash balance of $20,000. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $16,500, deposits outstanding of $8,000, NSF check of $1,200, and service fee of $75 and a $2,500 note receivable collected by the bank. Calculate the correct balance of cash: $_ 2. At December 31, the company had account balances in Accounts Receivable of $100,000 and in Allowance for Uncollectible Accounts (AUA) of $800 (debit) before any adjustments. An analysis of the company's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 9% of accounts receivable. After the adjusting entry, what is the balance in the AUA account? $_ 3. The company had $10,000 of inventory on December 31, Year 2. During the year they purchased $400,000 and cost of goods was $420,000. What was the company's beginning inventory for Year 2? $ 4. Use the following to calculate operating income: $ Interest revenue $2,000 Sales revenue Income tax expense 21,000 Cost of goods sold Selling expenses 35,000 Salaries expense Utilities expense 4,500 Rent expense $750,000 410,000 200,000 6,000 5. The company purchased new equipment at the beginning of year 1 for $275,000. Management estimated they would use the equipment for 4 years and when they were done using it, they estimated the residual value would be $50,000. What is the equipment's book value at the end of year 3 assuming the company uses straight-line deprecation? $

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

Payroll Accounting 20

Authors: Bernard J. Bieg, Judith A. Toland

26th Edition

1337268798, 9781337268790

More Books

Students also viewed these Accounting questions