Question
In: Accounting
At December 31, 2017, Hawke Company reports the followingresults for its calendar year.Cashsales...
At December 31, 2017, Hawke Company reports the following
results for its calendar year.
| Cash sales | $ | 1,498,600 | |
| Credit sales | 3,827,000 | ||
In addition, its unadjusted trial balance includes the following
items.
| Accounts receivable | $ | 1,159,581 | debit |
| Allowance for doubtful accounts | 13,710 | debit | |
2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2017, balance sheet given the facts in part 1a.
Solutions
Expert Solution
Balance sheet (Partial)
| Assets | |||
| Current assets | |||
| Accounts receivable | 1,159,581 | ||
|
- 13,710 | 1,145,871 |
ekkarill92 answered 2 years agoRelated Solutions
At December 31, 2017, Hawke Company reports the following results for its calendar year.
At December 31, 2017, Hawke Company reports the following results for its calendar year.
Cash sales
$
1,558,750
Credit sales
2,963,000
In addition, its unadjusted trial balance includes the following items.
Accounts receivable
$
897,789
debit
Allowance for doubtful accounts
29,350
debit
At December 31, 2017, Hawke Company reports the following results for its calendar year.
Cash sales
$
1,558,750
Credit...
At December 31, Hawke Company reports the following results for its calendar year. Cash sales $...
At December 31, Hawke Company reports the following results for
its calendar year. Cash sales $ 1,207,450 Credit sales $ 2,804,000
In addition, its unadjusted trial balance includes the following
items. Accounts receivable $ 849,612 debit Allowance for doubtful
accounts $ 15,110 debit
1. Prepare the adjusting entry to record bad
debts under each separate assumption.
Bad debts are estimated to be 2% of credit sales.
Bad debts are estimated to be 1% of total sales.
An aging analysis estimates...
At December 31, Hawke Company reports the following results for its calendar year. Cash sales $...
At December 31, Hawke Company reports the following results for
its calendar year. Cash sales $ 1,987,830 Credit sales $ 3,847,000
In addition, its unadjusted trial balance includes the following
items. Accounts receivable $ 1,165,641 debit Allowance for doubtful
accounts $ 24,060 debit Required: 1. Prepare the adjusting entry to
record bad debts under each separate assumption. Bad debts are
estimated to be 3% of credit sales. Bad debts are estimated to be
2% of total sales. An aging analysis...
At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales...
At December 31, 2018, Hawke Company reports the following
results for its calendar year.
Cash sales
$
1,905,000
Credit sales
5,682,000
In addition, its unadjusted trial balance includes the following
items.
Accounts receivable
$
1,270,100
debit
Allowance for doubtful accounts
16,580
debit
Problem 7-2A Part 2
2. Show how Accounts Receivable and the
Allowance for Doubtful Accounts appear on its December 31, 2018,
balance sheet assuming that bad debts are estimated to be 1.5% of
credit sales.
At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales...
At December 31, Folgeys Coffee Company reports the following
results for its calendar year.
Cash sales
$
919,000
Credit
sales
319,000
Its year-end unadjusted trial balance includes the following
items.
Accounts receivable
$
144,000
debit
Allowance for
doubtful accounts
6,900
debit
Prepare the adjusting entry to record bad debts expense assuming
uncollectibles are estimated to be (a) 6% of credit sales, (b) 4%
of total sales and (c) 9% of year-end accounts receivable.
Record Bad Debts
Expense assuming uncollectibles are...
Required information [The following information applies to the questions displayed below.] At December 31, 2017, Hawke...
Required information
[The following information applies to the questions
displayed below.]
At December 31, 2017, Hawke Company reports the following results
for its calendar year.
Cash sales
$
1,297,780
Credit sales
3,948,000
In addition, its unadjusted trial balance includes the following
items.
Accounts receivable
$
1,196,244
debit
Allowance for doubtful accounts
19,660
debit
Required:
1. Prepare the adjusting entry for this company to
recognize bad debts under each of the following independent
assumptions.
Bad debts are estimated to be 3%...
Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company...
Required information
[The following information applies to the questions
displayed below.]
At December 31, Hawke Company reports the following results for its
calendar year.
Cash sales
$
1,255,520
Credit sales
$
2,859,000
In addition, its unadjusted trial balance includes the following
items.
Accounts receivable
$
866,277
debit
Allowance for doubtful accounts
$
26,980
debit
equired:
1. Prepare the adjusting entry to record bad debts
under each separate assumption.
Bad debts are estimated to be 2% of credit sales.
Bad debts...
The Bleu Company reports a liability for “postretirement benefits” of $14 million on its December 31,...
The Bleu Company reports a liability for “postretirement
benefits” of $14 million on its December 31, Year One, balance
sheet. a. Explain how this obligation was created. b. In
determining this liability of $14 million, company officials worked
their way through two steps. Describe those two steps. c. Some
companies might argue that this liability should not be reported on
a balance sheet. What argument would they use for this
position?
Keisler Corporation reports: 2016 2017 Equipment, December 31 $10,000 $20,000 Accumulated depreciation, December 31 ($5,000) ($7,000)...
Keisler Corporation reports: 2016 2017 Equipment, December 31
$10,000 $20,000 Accumulated depreciation, December 31 ($5,000)
($7,000) Depreciation Expense of Equipment $5,000 Gain on disposal
of Equipment $2,000 During 2017, Keisler sold equipment which has
original cost of $5,000. Additional purchase of equipment in 2017
was paid in cash. No other investing activities are reported in
2017. What is cashflows by investing activities in 2017? Group of
answer choices
$(10,000).
$4,000.
$(8,000).
$(11,000).
Hampton Company reports the following information for its recent calendar year.
Hampton Company reports the following information for its recent calendar year.
Income Statement Data
Selected Year-End Balance Sheet Data
Sales
$
78,000
Accounts receivable increase
$
8,000
Expenses:
Inventory decrease
2,000
Cost of goods sold
38,000
Salaries payable increase
700
Salaries expense
14,000
Depreciation expense
8,000
Net income
$
18,000
Required:Prepare...
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