4. Given the following information and the information in Figure 2,complete a–c. a. Prepare on December...

4. Given the following information and the information in Figure 2,complete a–c.

a. Prepare on December 31, 2012, the adjusting journal entry for Bad Debts Expense.

b. Prepare a partial balance sheet on December 31, 2012, showing how net realizable value is calculated.

c. If the balance in the Allowance for Doubtful Accounts were a $330 debit balance, journalize the adjusting entry for Bad Debts Expense on December 31, 2012.

Balances: Cash, $28,000; Accounts Receivable, $193,000; Allowance for Doubtful Accounts, $330; Merchandise Inventory, $16,000.

Lake Co.
December 31, 2012
			Estimated Percent	Estimated Amount Needed
			Considered to be Bad	in Allowance for
		Amount	Debts Expense	Doubtful Accounts
	Not yet due	$170,000	6%
	0 - 60	8,000	10%
	61 - 180	12,000	23%
	Over six months	3,000	32%
		$193,000

Figure 3

Expert Solution

ekkarill92 answered 2 years ago

23. Given a = 5, b = 4, c = 2, evaluate the following: a) a//c...

23. Given a = 5, b = 4, c = 2, evaluate the following: a) a//c b) a % b c) b **c d) b *= c 27. Given the following var_1 = 2.0 var_2 = "apple" var_3 = 'orange' var_4 = 4 Predict the output of the following statements or indicate that there would be an error. a) print (var_1) b) print (var_2) c) print ("var_3") d) print (var_1 / var_4) e) print (var_4 + var_3) f) print (var_2...

Problem 2. Given the following information, determine the cost of ending inventory at December 31: December...

Problem 2. Given the following information, determine the cost of ending inventory at December 31: December 2: 5 units were purchased at $7 per unit. December 9: 10 units were purchased at $9.40 per unit. December 11: 12 units were sold at $35 per unit December 15: 20 units were purchased at $10.15 per unit December 22: 18 units were sold at $35 per unit Use the above information for parts a, b and c. a> (14 points) Use the...

Given the following information, determine the cost of ending inventory at December 31: December 2: 5...

Given the following information, determine the cost of ending inventory at December 31: December 2: 5 units were purchased at $7 per unit. December 9: 10 units were purchased at $9.40 per unit. December 11: 12 units were sold at $35 per unitDecember 15: 20 units were purchased at $10.15 per unit December 22: 18 units were sold at $35 per unit Use the above information for parts a, b and c. a. Use the LIFO , Last In First...

Use the following information to prepare a cash budget for December. The cash balance on December...

Use the following information to prepare a cash budget for December. The cash balance on December 1 is $53,400. Actual sales for October and November and expected sales for December are as follows: October November December Cash sales $ 77,000 $ 81,200 $ 87,800 Sales on account $ 435,000 $ 538,000 $ 644,000 Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18%...

Given the following information, prepare a Schedule C using 2019 rates. Denise operates her business under...

Given the following information, prepare a Schedule C using 2019 rates. Denise operates her business under the name "Design by Denise." Her office is located at 2359 Dawnridge Drive, Houston, Texas 77025. The federal EIN for her business is 51- 4867579 and the principal business code is 541400. Denise, who materially participates in her business, has operated it profitably for 3 of the last 4 years and is fully "at risk" with respect to her investment. She also has filed...

Given the data below for the reaction, 2 A + 2 B + 4 C =>...

Given the data below for the reaction, 2 A + 2 B + 4 C => D + E + 3 F, Experiment Initial conc of A, mol/L Initial conc of B, mol/L Initial conc of C, mol/L Initial rate, mol/L.s 1 0.1 0.2 0.4 2 x 10-3 2 0.2 0.2 0.4 4 x 10-3 3 0.3 0.4 0.4 6 x 10-3 4 0.4 0.6 0.2 2 x 10-3 Calculate the value of k to 3 significant figures.

Question 2. Write a complete C++ program that uses a 2-dimensional array with 4 rows and...

Question 2. Write a complete C++ program that uses a 2-dimensional array with 4 rows and 30 columns. Row represents sections of a course and column represents the students, value inside each position of the array is the final exam grade for each students. Fill the array with random numbers between 40 and 100. Calculate the total, average, maximum, minimum for each section. Please do it simple. code

A . Prepare income statements for the XXX company in December 2020. Use the following information...

A . Prepare income statements for the XXX company in December 2020. Use the following information please : B. What is the Gross Margin %? C. What is Basic EPS? What is Diluted EPS? ***************Use below Information ********* Cost of Goods Sold. 600,000 Purchased patents 50,000 Sales Returns 30,000 Sales 1,505,000 Allowance for Doubtful Accounts 60,000 Trademarks 15,000 Sales and marketing expenses 220,000 Accounts Payable 65,000 Engineering Expenses 300,000 Contributed Capital 300,000 G&A Expenses 165,000 Goodwill 150,000 Sales Discounts 18,000...

2. C. Prepare a balance sheet in report form as of December 31, Year 1. You...

2. C. Prepare a balance sheet in report form as of December 31, Year 1. You are not required to present the details of Preferred and Common Stock (i.e., number of shares authorized, issued and outstanding). • Refer to the Chart of Accounts for exact wording of account titles. • Refer to the Labels and Amount Descriptions for exact wording of text entries. • “Less” , “Deduct”, “Add” and colons will appear automatically. • Available-for-sale investments should be reported as...

Given the following information: n 1 =4 n1=4 , s 2 1 =0.59 s12=0.59 , n...

Given the following information: n 1 =4 n1=4 , s 2 1 =0.59 s12=0.59 , n 2 =31 n2=31 , s 2 2 =0.93 s22=0.93 , H a : σ 2 1 ≠σ 2 2 Ha: σ12≠σ22 , α=0.1 α=0.1 Step 1 of 2: Determine the critical value(s) of the test statistic. If the test is two-tailed, separate the values with a comma. Round your answer(s) to four decimal places.

Question