Based on the information that was given what numbers do I input for the financial statements?

All of the information has been added.

I need help.

1.200 Unadi Bal Adjusting Journal Entry Information: A) Compass Corporation uses the percentage of receivables method to estimate uncollectible receivables, using the analysis of receivables method. (the T-account is provided to assist you in your calculations, the official ledger is on the following page.) Allowance for Doubtful Accounts Compass Corporation Schedule of Accounts Receivable by Age For the Year Ended December 31, 2017 Total Percent Dollars AR Aged Category Amount Uncollectible Uncollectible 800 Not Past Due 40,000 2% 4% 17,250 690 1 - 30 Days Past Due 31-60 Days Past Due 10,100 10% 1,010 35% 61-90 Days Past Due 5,000 1.750 50% 2,500 1.250 Over 90 Days Past Due Total 74,850 5,500 B) Prepare the adjusting journal entry to record the accrual of interest as of 12/31/2017 for Note Receivable #1 based on the following information: Issued date of note = 10/2/2017 Face amount of note = $40,000 Term of note, in days = 120 Annual interest rate = 6% # days to accrue interest? 91 Accrued interest through 12/31 606.67 Total interest on notes 800 1. PREPARE THE REQUIRED JOURNAL ENTRIES Date Description Post Ref Debit Credit Adjusting Entries A) 12/31/17 Bad Debt Expense 607 Allowance for dobtful account 111 4,300 B) 606.67 12/31/17 Interest Receivable Intresest Revenue 116 700 606.67 b) Assuming that Compass Corporation uses the percentage of sales method to estimate the bad debts, what amount would be used in the adjusting journal entry to record the uncollectible receivables based on the information below? $4.725 Compass Corporation Net Credit Sales Method For the Year Ended December 31, 2017 Information regarding sales for year ended December 31, 2017 Net credit sales for the year Estimated % of uncollectible sales Estimated bad debts at 12/31/2017 630,000 0.75% 4.725 Amount c) If the company had used the percentage of sales method instead of the percentage receivables method when preparing the financial statements, how would it effect the following: +/-/NIA Total Revenue Total Expenses Net Income Total Assets Total Liabilities Stockholders' Equity $ $ $ $ $ $ d) What is the due date of the note receivable? e) What is the maturity value of the note receivable? f) What is the journal entry the company will record when payment on the note receivable is received in full on its due date? Description Debit Credit 9) Calculate the following ratios: Accounts receivable turnover times Net Sales Average Accounts Receivable, net days Days' Sales in Receivables Ending Accounts Receivable, net Net Sales/365 h) What conclusions can you draw about the collection of receivables by Compass Corporation based on the ratio calculations you made in g) above? 2 POST ADJUSTING ENTRIES A) AND C) AND UPDATE BALANCES IN THE TACCOUNTS Compass Corporation General Ledger December 31, 2017 #315 Beg Bee Cash 6100 16 BOO 653 150 629 690 40 260 Accur Deprec #151 Beg Balance 5.000 Ama activity 5.000 Unadi Balance 10,000 Beg Balance Arruelty Una B Dividends 0 5.000 5,000 Sales Salaries Exp 1500 Beg Ben 0 Annectivity 80.800 Una Bwana 80.800 Una 8805 Sales Gay Gala Accounts Receivable #110 73.000 Amusly 637 740 635 890 Und Bean 74,850 Accounts Payable 9200 2.300 175,000 174 300 1.600 14.00 0 637 740 637.740 Beg Balance Annual Ured Balance Deprec. Exp-Store Beg Bio Annual 5000 Una Blanca 5.000 Activity Unad Bence 3507 Notes Pay - Current #201 5,000 Allow For Doubt Accts #111 1.200 0 1.200 4.300 3.100 Beg Balance Annual activity Unadj Balance Sales Returns & Allo 1410 0 Beg Balance Annual activity 1,990 Unai Balance 1.990 Beg B Annual activy Unad Balance AH Ad Ba Bad Debt Expense 0 0 0 4.300 5.000 4300 A Ad Da 1415 #115 Notes Receivable 40.000 Notes Payable #220 35,000 10 000 25,000 Beg Balance Annual activity Unadi Balance Sales Discounts 0 5.750 5.750 Beg Balance Annualac Unad Balance Beg Ben Insurance Expense #622 O 30.000 30.000 Beg Balance Annual activity Urade Und Bene 40.000 #500 #116 Interest Receivable 0 0 Common Stock #300 100,000 25,000 125.000 Beg Balance Anual activity Cost of Goods Sold 0 Beg Balance Annual activity 450 490 Unad Balance 450.490 Office Utilities Exp 4630 0 20 740 20,740 Beg Radiance Amruth Una Balance 607 608 2635 #310 Retained Earnings 45,300 Rent Expense 0 15,500 Advertising Expense #501 D 17460 17,460 Beg Balance Andy Uradi Balance Beg Balance Amual activity Unad Balance Beg Balance Merch Inventory 2120 40.000 438 490 450 499 28.000 15.500 Beg Balance 45,300 Unad Balance #700 150 Store Equipment 24.000 31.000 55 000 Beg Balance Annunci Unad Balance Interest Revenue 0 0 0 607 807 Beg Balance Annual activity Unad Balance ad Ad Bal ACC 211 3. COMPLETE FINANCIAL STATEMENTS CHALLENGE AS Name Compass Corporation Income Statement Less 637,740 1.990 5,750 7,740 $ 630,000 450,490 179,510 $ $ Revenue from sales: Sales Sales returns and allowances Sales discounts Net sales Cost of goods sold Gross profit Operating expenses Selling expenses: Sales salaries expense Advertising expense Depreciation expense - store equip Total selling expenses Administrative expenses: Insurance expense Office utilities expense Rent Expense Bad debt expense Total administrative epxenses Total operating expenses Income from operations Other income and expenses: Interest revenue Net income 60,800 17,460 5,000 83,260 30,000 20,740 15,500 Compass Corporation Retained Earnings Statement Retained earnings Net income Less dividends Increase in retained earnings Retained earnings ACC 211 CHALLENGE #S Name Compass Corporation Balance Sheet Assets Liabilities 40,260 Current liabilities: Accounts payable $ 1,800 Current assets: Cash Accounts receivable Less: allowance for doubtful accounts Notes receivable 74,850 40,000 28,000 25,000 Merchandise inventory Total current assets Plant assets Store Equipment Less: accumulated depreciation Total plant assets Total assets N/P. current portion 5,000 Total current liabilities Long-term liabilities: Notes payable 25,000 Total long-term liabilities Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 55,000 10,000 Compass Corporation Statement of Cash Flows 628 150 (408,690) (175,000) (31,000) Cash flows from operating activities: Cash received from customers Deduct cash payments for Expenses Creditors Net cash flow operating activities Cash flows from investing activities: Less: Cash paid for purchase of equipment Net cash flow investing activities Cash flows from financing activities: Cash received from issuing stock Less Cash paid for notes payable $ Cash paid for dividends Net cash flow financing activities in cash Cash at the beginning of the year 25,000 (10,000) (5,000) 1.200 Unadi Bal Adjusting Journal Entry Information: A) Compass Corporation uses the percentage of receivables method to estimate uncollectible receivables, using the analysis of receivables method. (the T-account is provided to assist you in your calculations, the official ledger is on the following page.) Allowance for Doubtful Accounts Compass Corporation Schedule of Accounts Receivable by Age For the Year Ended December 31, 2017 Total Percent Dollars AR Aged Category Amount Uncollectible Uncollectible 800 Not Past Due 40,000 2% 4% 17,250 690 1 - 30 Days Past Due 31-60 Days Past Due 10,100 10% 1,010 35% 61-90 Days Past Due 5,000 1.750 50% 2,500 1.250 Over 90 Days Past Due Total 74,850 5,500 B) Prepare the adjusting journal entry to record the accrual of interest as of 12/31/2017 for Note Receivable #1 based on the following information: Issued date of note = 10/2/2017 Face amount of note = $40,000 Term of note, in days = 120 Annual interest rate = 6% # days to accrue interest? 91 Accrued interest through 12/31 606.67 Total interest on notes 800 1. PREPARE THE REQUIRED JOURNAL ENTRIES Date Description Post Ref Debit Credit Adjusting Entries A) 12/31/17 Bad Debt Expense 607 Allowance for dobtful account 111 4,300 B) 606.67 12/31/17 Interest Receivable Intresest Revenue 116 700 606.67 b) Assuming that Compass Corporation uses the percentage of sales method to estimate the bad debts, what amount would be used in the adjusting journal entry to record the uncollectible receivables based on the information below? $4.725 Compass Corporation Net Credit Sales Method For the Year Ended December 31, 2017 Information regarding sales for year ended December 31, 2017 Net credit sales for the year Estimated % of uncollectible sales Estimated bad debts at 12/31/2017 630,000 0.75% 4.725 Amount c) If the company had used the percentage of sales method instead of the percentage receivables method when preparing the financial statements, how would it effect the following: +/-/NIA Total Revenue Total Expenses Net Income Total Assets Total Liabilities Stockholders' Equity $ $ $ $ $ $ d) What is the due date of the note receivable? e) What is the maturity value of the note receivable? f) What is the journal entry the company will record when payment on the note receivable is received in full on its due date? Description Debit Credit 9) Calculate the following ratios: Accounts receivable turnover times Net Sales Average Accounts Receivable, net days Days' Sales in Receivables Ending Accounts Receivable, net Net Sales/365 h) What conclusions can you draw about the collection of receivables by Compass Corporation based on the ratio calculations you made in g) above? 2 POST ADJUSTING ENTRIES A) AND C) AND UPDATE BALANCES IN THE TACCOUNTS Compass Corporation General Ledger December 31, 2017 #315 Beg Bee Cash 6100 16 BOO 653 150 629 690 40 260 Accur Deprec #151 Beg Balance 5.000 Ama activity 5.000 Unadi Balance 10,000 Beg Balance Arruelty Una B Dividends 0 5.000 5,000 Sales Salaries Exp 1500 Beg Ben 0 Annectivity 80.800 Una Bwana 80.800 Una 8805 Sales Gay Gala Accounts Receivable #110 73.000 Amusly 637 740 635 890 Und Bean 74,850 Accounts Payable 9200 2.300 175,000 174 300 1.600 14.00 0 637 740 637.740 Beg Balance Annual Ured Balance Deprec. Exp-Store Beg Bio Annual 5000 Una Blanca 5.000 Activity Unad Bence 3507 Notes Pay - Current #201 5,000 Allow For Doubt Accts #111 1.200 0 1.200 4.300 3.100 Beg Balance Annual activity Unadj Balance Sales Returns & Allo 1410 0 Beg Balance Annual activity 1,990 Unai Balance 1.990 Beg B Annual activy Unad Balance AH Ad Ba Bad Debt Expense 0 0 0 4.300 5.000 4300 A Ad Da 1415 #115 Notes Receivable 40.000 Notes Payable #220 35,000 10 000 25,000 Beg Balance Annual activity Unadi Balance Sales Discounts 0 5.750 5.750 Beg Balance Annualac Unad Balance Beg Ben Insurance Expense #622 O 30.000 30.000 Beg Balance Annual activity Urade Und Bene 40.000 #500 #116 Interest Receivable 0 0 Common Stock #300 100,000 25,000 125.000 Beg Balance Anual activity Cost of Goods Sold 0 Beg Balance Annual activity 450 490 Unad Balance 450.490 Office Utilities Exp 4630 0 20 740 20,740 Beg Radiance Amruth Una Balance 607 608 2635 #310 Retained Earnings 45,300 Rent Expense 0 15,500 Advertising Expense #501 D 17460 17,460 Beg Balance Andy Uradi Balance Beg Balance Amual activity Unad Balance Beg Balance Merch Inventory 2120 40.000 438 490 450 499 28.000 15.500 Beg Balance 45,300 Unad Balance #700 150 Store Equipment 24.000 31.000 55 000 Beg Balance Annunci Unad Balance Interest Revenue 0 0 0 607 807 Beg Balance Annual activity Unad Balance ad Ad Bal ACC 211 3. COMPLETE FINANCIAL STATEMENTS CHALLENGE AS Name Compass Corporation Income Statement Less 637,740 1.990 5,750 7,740 $ 630,000 450,490 179,510 $ $ Revenue from sales: Sales Sales returns and allowances Sales discounts Net sales Cost of goods sold Gross profit Operating expenses Selling expenses: Sales salaries expense Advertising expense Depreciation expense - store equip Total selling expenses Administrative expenses: Insurance expense Office utilities expense Rent Expense Bad debt expense Total administrative epxenses Total operating expenses Income from operations Other income and expenses: Interest revenue Net income 60,800 17,460 5,000 83,260 30,000 20,740 15,500 Compass Corporation Retained Earnings Statement Retained earnings Net income Less dividends Increase in retained earnings Retained earnings ACC 211 CHALLENGE #S Name Compass Corporation Balance Sheet Assets Liabilities 40,260 Current liabilities: Accounts payable $ 1,800 Current assets: Cash Accounts receivable Less: allowance for doubtful accounts Notes receivable 74,850 40,000 28,000 25,000 Merchandise inventory Total current assets Plant assets Store Equipment Less: accumulated depreciation Total plant assets Total assets N/P. current portion 5,000 Total current liabilities Long-term liabilities: Notes payable 25,000 Total long-term liabilities Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 55,000 10,000 Compass Corporation Statement of Cash Flows 628 150 (408,690) (175,000) (31,000) Cash flows from operating activities: Cash received from customers Deduct cash payments for Expenses Creditors Net cash flow operating activities Cash flows from investing activities: Less: Cash paid for purchase of equipment Net cash flow investing activities Cash flows from financing activities: Cash received from issuing stock Less Cash paid for notes payable $ Cash paid for dividends Net cash flow financing activities in cash Cash at the beginning of the year 25,000 (10,000) (5,000)