Here\'s question 1-3 that it was missing: 1. Amounts due from customers totaled
ID: 2572096 • Letter: H
Question
Here's question 1-3 that it was missing:
1. Amounts due from customers totaled $175,000 at 12/31/2016.
2. In analyzing amounts due from customers at 12/31/2016, Simmons discovers that Coughlan’s has a $6,000 receivable more than 9 months overdue from Jim’s Retail Store. Simmons discovers that Jim’s filed for bankruptcy on 12/02/2016 and determines that it is highly unlikely that Coughlan’s will recover any of the $6,000 and that the amount should be written off.
3. A further analysis and aging of accounts receivable at 12/31/2016 shows approximately $18,000 of potential uncollectible accounts other than the Jim’s Retail Store account.
unaajustea triai baiance December 31, 2016 Dr. Cr. $125,600 300,000 116,200 Cash Investments Accounts receivable, 12/31/15 Allowance for doubtful accounts, 12/31/15 Inventory, 12/31/15 Furniture and Fixtures Accumulated depreciation, Furniture & Fixtures 12/31/15 Accounts payable, 12/31/15 Capital stock, $10 par value Retained earnings, 12/31/15 Sales Notes payable 4%, due 3/31/17 $20,000 62,000 118,200 32,400 42,000 50,000 242,000 1,549,100 200,000 906,600 80,000 262,000 45,000 Purchases Fencing expense Salaries expense Income tax expense Interest expense Insurance expense 6,000 Rent expense Utilities expense Freight in Freight out Travel expense 34,100 34,200 12,600 15,000 17,000 3,000 TOTALS $2,141,500 $2,141,500Explanation / Answer
EXTENDED TRIAL BALANCE
ADJUSTMENTS
INCOME STATEMENT
BALANCE SHEET
DEBIT
CREDIT
DEBIT
CREDIT
DEBIT
CREDIT
DEBIT
CREDIT
CASH
125,600
125600
INVESTMENTS
300,000
300000
ACC REC
116,200
58800
24000
151000
ALLOWANCE FOR B/D
20,000
20000
INVENRTORY
62.000
62000
62000
FURN & FITT
118200
25000
93200
ACC DEP FUR FITT
32400
16000
6900
6900
23300
ACC PAY
42000
906600
918600
54000
CAPITAL STOCK
50000
50000
RETAINED EARN
242000
242000
135330
SALES
1549100
6000
58800
1601900
NOTES PAY
200000
200000
PURCHASES
906600
906600
918600
FENCING EXP
80000
80000
SALARIES
262000
5000
267000
TAX EXP
45000
27870
27870
72800
27870
INTEREST
6000
8000
8000
8000
14000
INSURANCE
34100
25400
25400
8700
RENT
34200
34200
UTILITIES
12600
12600
FREIGHT IN
15000
15000
FRIEGHT OUT
17000
17000
TRAVEL EXP
13000
13000
Bad debts
24000
24000
Closing inv
52000
52000
52000
Closing inv
52000
DISPOSAL FURNITURE
25000
16000
6000
7000
FENCE DEP
2000
2000
ACC DEP FENCE
2000
2000
INSURANCE
40000
40000
INSURANCE LIABILITY
40000
40000
SALARY ACCRUAL
5000
5000
PROFIT FOR YEAR ( AFTER TAX)
135330
810500
813500
EXTENDED TRIAL BALANCE
ADJUSTMENTS
INCOME STATEMENT
BALANCE SHEET
DEBIT
CREDIT
DEBIT
CREDIT
DEBIT
CREDIT
DEBIT
CREDIT
CASH
125,600
125600
INVESTMENTS
300,000
300000
ACC REC
116,200
58800
24000
151000
ALLOWANCE FOR B/D
20,000
20000
INVENRTORY
62.000
62000
62000
FURN & FITT
118200
25000
93200
ACC DEP FUR FITT
32400
16000
6900
6900
23300
ACC PAY
42000
906600
918600
54000
CAPITAL STOCK
50000
50000
RETAINED EARN
242000
242000
135330
SALES
1549100
6000
58800
1601900
NOTES PAY
200000
200000
PURCHASES
906600
906600
918600
FENCING EXP
80000
80000
SALARIES
262000
5000
267000
TAX EXP
45000
27870
27870
72800
27870
INTEREST
6000
8000
8000
8000
14000
INSURANCE
34100
25400
25400
8700
RENT
34200
34200
UTILITIES
12600
12600
FREIGHT IN
15000
15000
FRIEGHT OUT
17000
17000
TRAVEL EXP
13000
13000
Bad debts
24000
24000
Closing inv
52000
52000
52000
Closing inv
52000
DISPOSAL FURNITURE
25000
16000
6000
7000
FENCE DEP
2000
2000
ACC DEP FENCE
2000
2000
INSURANCE
40000
40000
INSURANCE LIABILITY
40000
40000
SALARY ACCRUAL
5000
5000
PROFIT FOR YEAR ( AFTER TAX)
135330
810500
813500
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