Business, 20.11.2020 03:30 pinkdolphinc01

On January 1, 2020, Cullumber Company had Accounts Receivable $134,200, Notes Receivable $39,600, and Allowance for Doubtful Accounts $28,200. The note receivable is from Willingham Company. It is a 4-month, 8% note dated December 31, 2019. Cullumber Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $35,600 of merchandise to Sheldon Company, terms n/15.
20 Accepted Sheldon Company’s $35,600, 3-month, 7% note for balance due.
Feb. 18 Sold $23,900 of merchandise to Patwary Company and accepted Patwary’s $23,900, 6-month, 8% note for the amount due.
Apr. 20 Collected Sheldon Company note in full.
30 Received payment in full from Willingham Company on the amount due.
May 25 Accepted Potter Inc.’s $19,800, 3-month, 6% note in settlement of a past-due balance on account.
Aug. 18 Received payment in full from Patwary Company on note due.
25 The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated.
Sept. 1 Sold $13,000 of merchandise to Stanbrough Company and accepted a $13,000, 6-month, 9% note for the amount due.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 18:00

Interpreting the income tax expense footnote the income tax footnote to the financial statements of fedex corporation follows. the components of the provision for income taxes for the years ended may 31 were as follows: ($ millions) 2010 2009 2008 current provision domestic federal $ 36 $ (35) $ 514 state and local 54 18 74 foreign 207 214 242 297 197 830 deferred provisions (benefit) domestic federal 408 327 31 state and local 15 48 (2) foreign (10) 7 32 413 382 61 provision for income taxes $ 710 $ 579 $ 891 (a)what is the amount of income tax expense reported in fedex's 2010, 2009, and 2008 income statements?

Answers: 2

Answer

Business, 22.06.2019 18:00

If you would like to ask a question you will have to spend some points

Answers: 1

Answer

Business, 23.06.2019 00:30

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy.year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.

Answers: 1

Answer

Business, 23.06.2019 10:10

Type the correct answer in the box. spell all words correctly. what could be the cause for robert’s symptoms? every time a project deadline approached, robert became agitated, angry, and suffered from frequent headaches. his manager concluded that he was suffering from .

Answers: 3

Answer

You know the right answer?

On January 1, 2020, Cullumber Company had Accounts Receivable $134,200, Notes Receivable $39,600, an...

Questions