On January 1,2024, the general ledger of 3D Family Fireworks includes the following account balances:...

50.1K

Verified Solution

Question

Accounting

On January 1,2024, the general ledger of 3D Family Fireworks includes the following account balances: Assessment Tool iFrame
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Using the information from the requirements above, complete the 'Analysis' tab.
Note: Enter your Accounts receivable turnover ratio in 1 decimal place and Ratio of allowance for uncollectible accounts in
whole percentage.
Accounts Debit Credit
Cash $ 26,700
Accounts Receivable 14,200
Allowance for Uncollectible Accounts $ 1,900
Supplies 3,400
Notes Receivable (6%, due in 2 years)27,200
Land 51,900
Accounts Payable 5,200
Common Stock 69,300
Retained Earnings 47,000
Totals $ 123,400 $ 123,400
During January 2024, the following transactions occur:
1. January 2 Provide services to customers for cash, $28,200.
2. January 6 Provide services to customers on account, $68,100.
3. January 15 Write off accounts receivable as uncollectible, $1,000.
4. January 20 Pay cash for salaries, $31,100.
5. January 22 Receive cash on accounts receivable, $69,300.
6. January 25 Pay cash on accounts payable, $3,800.
7. January 30 Pay cash for utilities during January, $9,900.
The following information is available on January 31,2024.
At the end of January, $3,600 of accounts receivable are past due, and the company estimates that 20% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. The note receivable of $27,200 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts.
Supplies at the end of January total $750.
Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
Unpaid salaries at the end of January are $28,100.
I need help with the turnover. I also got 5.4 from another expert and it is incorrect. I also need assistance with the balanc Pref
sheet as of January 31,2024. Choose the appropriate accounts to complete the company's baland
The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.
Adjustede sheet.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students