User Account

All Pages

What is the net realizable value of the accounts receivable

Assignment Help Accounting Basics
Reference no: EM13929255

Shimi Inc. experienced the following transactions for 2013, its first year of operations:

1. Issued common stock for $60,000 cash. 
2. Purchased $135,000 of merchandise on account. 
3. Sold merchandise that cost $97,000 for $280,000 on account.
4. Collected $255,000 cash from accounts receivable. 
5. Paid $122,000 on accounts payable. 
6. Paid $47,000 of salaries expense for the year. 
7. Paid other operating expenses of $21,000. 
8. Shimi adjusted the accounts using the following information from an accounts receivable aging schedule:

2171_264-B-A-C-R (1713) (1).png

Required:

 a. Record the above transactions in general journal form and post to T-accounts. 

b. Prepare the income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for Shimi Inc. for 2013. 

c. What is the net realizable value of the accounts receivable at December 31,2013? 

 

Reference no: EM13929255

Questions Cloud

Major categories of psychological tests : Identify and describe the five major categories of psychological tests as described in the Week 1 course materials.
How do compare and contrast this matrix of choice to bcg : Choose a matrix from those found in the text, and explain this matrix' advantage and disadvantage, How do you compare and contrast this matrix of choice to BCG?
Direct and indirect presentation of cash flows : Write 350-word response regarding the differences between the direct and indirect presentation of cash flows. Why does the Financial Accounting Standards Board allow both methods? Which do you prefer? Why?
Determine the effect of global competition : What did you find to be the most challenging concept covered during ECO/365?
What is the net realizable value of the accounts receivable : What is the net realizable value of the accounts receivable at December 31,2013?
Why companies required to prepare a statement of cash flows : Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?
Define the outcomes of power compliance and involvement : Define the outcomes of power: (a) compliance and involvement, and (b) conflict. Detail at least three key bases of conflict and how this might impact the company you work for or one you previously worked for. Give examples and provide references. ..
Conducting a hypothesis test : Fifteen randomly chosen teenagers were asked how many hours per week they spend on the phone. The sample mean was 4.75 hours with a sample standard deviation of 2.0. Conduct a hypothesis test. The null and alternative hypotheses are:
Compare various market structures and their characteristics. : Determine profit-maximizing strategies based on market structure analysis.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Straight line method of amortization is pretty straight

Straight line method of amortization is pretty straight forward

  Not-for-profit resources-inflows and outflows

The not-for-profit organization Save the Wolves Foundation is dedicated to research the state of the wolf population in the United States and Canada, educate the public about wolves, and prevent further endangerment of them. The following transact..

  The customer hopes to rent apartments at the beginning of

nair corp. enters into a contract with a customer to build an apartment building for 1000000. the customer hopes to

  Bob smith a professional basketball player raises black

bob smith a professional basketball player raises black angus cattle under circumstances that would indicate that the

  Accounting for inventory orders purchases sales returns

Accounting for Inventory Orders, Purchases, Sales, Returns, and Discounts

  Governmental activities journal

Equipment in general governmental service that had been acquired several years ago by a capital projects fund at a cost of $30,000 was sold for $11,000 cash. Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to..

  Flexible budgets give different information than static

flexible budgets provide different information than static budgets. discuss some of these differences. is a flexible

  Calculate the value of direct material and variable

calculate the value of direct material and variable overheads per unit from the details below assuming variable

  Statement of changes in net assets

Which of the following characteristics does the proposed statement of changes in net assets available to stockholders exclude?

  Calculate the predetermined overhead application rate that

deckhand accessories inc. manufactures womens boating shoes. manufacturing overhead is assigned to production on a

  Relevant measure of the value of equipment

When the balance sheet was prepared, the value of the equipment later rose to $22,000. What is the relevant measure of the value of the equipment?

  Maria gonzalez opened a veterinary business in nashville

maria gonzalez opened a veterinary business in nashville tennessee on august 1. on august 31 the balance sheet showed

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd