Reference no: EM132706008
Questions -
Q1. The following selected account balances were taken from TnI-6J Company's general ledger at January 1, 2022 and December 31, 2022:
|
|
January 1
|
December 31
|
|
Accounts receivable
|
46,000
|
16,000
|
|
Short-term notes payable
|
80,000
|
68,000
|
|
Investments
|
22,000
|
60,000
|
|
Retained earnings
|
34,000
|
51,000
|
|
Mortgage payable
|
126,000
|
165,000
|
|
Unearned revenue
|
11,000
|
23,000
|
|
Common stock
|
100,000
|
185,000
|
During 2022, TnI-6J Company reported a net income of $47,000 and purchased investments for $38,000 cash.
Calculate the net cash flow from financing activities for 2022. If your answer is negative, place a minus sign in front of your answer with no spaces in between (e.g., -1234).
Q2. At January 1, 2021, Vy6r3 Company had accounts receivable of $250,000 and an allowance for doubtful accounts with a $17,000 credit balance.
During 2021, Vy6r3 Company reported the following information:
Write-offs of uncollectible accounts $35,260
Cash collections from credit customers $194,210
Net credit sales $363,560
Recoveries of previously written-off accounts $16,680
Vy6r3 Company estimates bad debt expense using the net credit sales method and has estimated that 5% of its net credit sales will be uncollectible.
Calculate Vy6r3 Company's net realizable value at December 31, 2021.
Q3. Hk-8aQ Company reported the following information for 2020:
accounts receivable $39,000
sales discounts 1,300
purchase returns 3,800
gross profit 25,000
freight-in 6,700
bad debt expense 13,000
sales revenue 84,000
beginning inventory 24,000
purchases 87,400
freight-out 11,800
sales returns & allowances 3,700
purchase discounts 1,700
Calculate Hk-8aQ Company's ending inventory for 2020.