The following information relates to Jay Co.’s accounts receivable for 2016: Accounts receivable balance, 1/1/2016 $650,000 Credit sales for 2016 2,700,000 Sales returns during 2016 75,000 Accounts receivable written off during 2016 40,000 Collections from customers during 2016 2,150,000 Allowance for uncollectible accounts balance, 12/31/2016 110,000 What amount should Jay report for accounts receivable, before allowances, at December 31, 2016?

Answers

Answer 1

Answer:

Answer:

$1,085,000

Explanation:

The computation of the ending account receivable balance is shown below:

= Accounts receivable balance, 1/1/2016 + credit sales - sales returns - written off amount - Collections from customers

= $650,000 + $2,700,000 - $75,000 - $40,000 - $2,150,000

= $1,085,000

Since we have to find out the account receivable balance before allowances so we do not considered it.

Answer 2

Answer:

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Related Questions

The period before the trial takes place is called the
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: CABO WABO, INC. Partial Balance Sheets as of December 31, 2018 and 2019 2018 2019 2018 2019 Assets Liabilities and Owners’ Equity Current assets $ 3,151 $ 3,367 Current liabilities $ 1,399 $ 2,078 Net fixed assets 14,060 14,511 Long-term debt 7,377 8,419 CABO WABO, INC. 2019 Income Statement Sales $ 45,000 Costs 22,522 Depreciation 3,885 Interest paid 995 a. What is owners’ equity for 2018 and 2019? (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) b. What is the change in net working capital for 2019? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-1. In 2019, the company purchased $8,038 in new fixed assets. The tax rate is 23 percent. How much in fixed assets did the company sell? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-2. What is the cash flow from assets for the year? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-1. During 2019, the company raised $2,479 in new long-term debt. What is the cash flow to creditors? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-2. How much long-term debt must the company have paid off during the year? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
Suppose a group of investors pooled $750,000 and founded Best National Bank in Rochester, NY. Best National Bank used $$75,000 of this to purchase shares in the New York Federal Reserve Bank. With the remaining $675,000, the bank manager purchased a building, furniture, and equipment for the bank.
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. Entry to record service revenues performed but not yet billed (nor recorded). Entry to record janitorial expense incurred but not yet paid. Entry to record rent expense incurred but not yet paid. Entry to record interest expense incurred but not yet paid. Entry to record expiration of prepaid rent.
Buffy is engaging product users to create an exhaustive list of things that bother them when they use the product and how often those situations arise, then asking the consumers to rate the list in order of importance and asking which brands are associated with the items on the list. She is using an approach called _____________________________

According to the life-cycle and permanent-income hypotheses, if future income rises permanently, current consumption:

Answers

Answer:

b. rises.

Explanation:

In the case when the future income increased on permanently basis so as per the life cycle and the hypothesis of permanent income the current income rises because in this case the people rises their level of consumption patterns over their lifecycle

Therefore in the given situation, the rises is the answer and the same is to be considered

Laurel, Inc., and Hardy Corp. both have 10 percent coupon bonds outstanding, with semiannual interest payments, and both are currently priced at the par value of $1,000. The Laurel, Inc., bond has six years to maturity, whereas the Hardy Corp. bond has 19 years to maturity.If interest rates suddenly rise by 2 percent, what is the percentage change in the price of each bond?

Answers

Answer:

Laurel = -8.38%

Hardy = -14.85%

Explanation:

Present Price of Bond :

Laurel, Inc. = $1000

Hardy Corp. = $1000

After Percentage Price would be

Laurel, Inc = Present Value (i=6%, n=12, PMT=50, FV=1000) = $916.16

Hardy Corp = Present Value (i=6%, n=30, PMT=50, FV=1000) = $851.54

Percentage change in price

Laurel, Inc = (916.16-1000)/1000 = -8.38%

Hardy Corp = (851.54-1000)/1000 = -14.85%

Hanson Inc. has the following variable manufacturing overhead standard to manufacture one Zippy: 1.5 standard hours per Zippy at $3.00 per direct labor hour
Last week, 1,550 hours were worked to make 1,000 Zippies, and $5,115 was spent for variable manufacturing overhead.
1. Hanson’s rate variance (VMRV) for variable manufacturing overhead for the week was:_______.
a. $465 unfavorable.
b. $400 favorable.
c. $335 unfavorable.
d. $300 favorable
2. Hanson’s efficiency variance (VMEV) for variable manufacturing overhead for the week was:______.
a. $435 unfavorable.
b. $435 favorable.
c. $150 unfavorable.
d. $150 favorable.

Answers

Answer:

Variable manufacturing overhead rate variance= $465 unfavorable

Variable overhead efficiency variance= $150 unfavorable

Explanation:

Giving the following information:

Standard:

1.5 standard hours per Zippy at $3.00 per direct labor hour

Actual:

1,550 hours to make

1,000 Zippies

$5,115 was spent

To calculate the variable overhead rate variance, we need to use the following formula:

Variable manufacturing overhead rate variance= (standard rate - actual rate)* actual quantity

Actual rate= 5,115/1,550= $3.3

Variable manufacturing overhead rate variance= (3 - 3.3)*1,550

Variable manufacturing overhead rate variance= $465 unfavorable

To calculate the variable overhead efficiency variance, we need to use the following formula:

Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

Variable overhead efficiency variance= (1.5*1,000 - 1,550)*3

Variable overhead efficiency variance= $150 unfavorable

Coburn (beginning capital, $55,000) and Webb (beginning capital $95,000) are partners. During 2017, the partnership earned net income of $71,000, and Coburn made drawings of $17,000 while Webb made drawings of $25,000. Assume the partnership income-sharing agreement calls for income to be divided 30% to Coburn and 70% to Webb. Prepare the journal entry to record the allocation of net income.

Answers

Answer:

Given that,

Beginning capital of Coburn = $55,000

Beginning capital of Webb = $95,000

Partnership earned net income = $71,000

Coburn made drawings = $17,000

Webb made drawings = $25,000

Income-sharing ratio = 30:70

Coburn's share in profits = Net income earned × 30%

= $71,000 × 0.3

= $21,300

Webb's share in profits = Net income earned × 30%

= $71,000 × 0.7

= $49,700

Therefore, the journal entry is as follows:

Profit and loss A/c Dr. $71,000

To Coburn's capital A/c $21,300

To Webb's capital A/c $49,700

(To record the allocation of net income)

ecan Theatre Inc. owns and operates movie theaters throughout Florida and Georgia. Pecan Theatre has declared the following annual dividends over a six-year period: 20Y1, $30,000; 20Y2, $60,000; 20Y3, $143,000; 20Y4, $173,000; 20Y5, $218,000; and 20Y6, $270,000. During the entire period ended December 31 of each year, the outstanding stock of the company was composed of 25,000 shares of cumulative, preferred 3% stock, $100 par, and 100,000 shares of common stock, $25 par. Required: 1. Determine the total dividends and the per-share dividends declared on each class of stock for each of the six years. There were no dividends in arrears at the beginning of 20Y1. Summarize the data in tabular form. If required, round your answers to two decimal places. If the amount is zero, please enter "0".

Answers

Answer:

Find the attached dividend analysis spreadsheet for Theater Inc.

Explanation:

In analyzing the dividends in the respective years, I first calculated yearly preferred dividends which is $75,000 i.e 25,000*$100*3%

In any year where total dividends declared and paid fell short of $75,000,the entire amount is given as preferred dividends with balance carried over to future years.

The benefits and detriments of using electronic records EHR for your patience

Answers

EHR's provide quick and easy access to patients records. It also reduces the need for paper charts and filling space. The chances of losing a single document gets reduced as well since files are saved on a server. Information is stored more neatly and easily identifiable.However, if the server crashes or gets hacked the patient information is either lost or completely compromised. Servers go down and have bugs which can delay access to information that is immediately needed. Servers also need constant maintenance.

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