Business
Business, 06.10.2019 02:30, pum9roseslump

Accounts debit credit cash $ 27,100 accounts receivable 15,200 allowance for uncollectible accounts $ 4,000 supplies 4,100 notes receivable (6%, due in 2 years) 20,000 land 80,500 4,000 accounts payable 8,900 common stock 100,000 retained earnings 34,000 totals $ 146,900 $ 146,900 during january 2018, the following transactions occur: january 2 provide services to customers for cash, $51,100.january 6 provide services to customers on account, $88,400.january 15 write off accounts receivable as uncollectible, $3,700.january 20 pay cash for salaries, $33,000.january 22 receive cash on accounts receivable, $86,000.january 25 pay cash on accounts payable, $7,100.january 30 pay cash for utilities during january, $15,300.part 2a. at the end of january, $4,500 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 $20,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts. b. supplies at the end of january total $750.c. accrued interest revenue on notes receivable for january. interest is expected to be received each december 31.d. unpaid salaries at the end of january are $35,100.2. record adjusting entries on january 31 for the above transactions. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)3. prepare an adjusted trial balance as of january 31, 2018. 4. prepare an income statement for the period ended january 31, 2018.5. prepare a classified balance sheet as of january 31, 2018. (deductible amount should be indicated with by a minus sign.)6. record closing entries. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)7. analyze how well 3d family fireworks manages its receivables: a-1. calculate the receivables turnover ratio for the month of january (hint: for the numerator, use total services provided to customers on account). (round your final answer to 1 decimal place.) a-2. if the industry average of the receivables turnover ratios for the month of january is 5.0 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? more correctb-1. calculate the ratio of allowance for uncollectible accounts to accounts receivable at the end of january. (round your final answer to 1 decimal place.) b-2. based on a comparison of this ratio to the same ratio at the beginning of january, does the company expect an improvement or worsening in cash collections from customers on credit sales?

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