Maurice Tutor

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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 12.00

Calico Company

During 2010 Calico Company experienced the following accounting events.

1. Provided $120,000 of services on account.

2. Collected $85,000 cash from accounts receivable.

3. Wrote off $1,800 of accounts receivable that were uncollectible.

4. Loaned $3,000 to an individual, Emma Gardner, in exchange for a note receivable.

5. Paid $90,500 cash for operating expenses.

6. Estimated that uncollectible accounts expense would be 2 percent of credit sales. Recorded the year-end adjusting entry.

7. Recorded the year-end adjusting entry for accrued interest on the note receivable (see Event 4). Calico made the loan on August 1. It had a six-month term and a 6 percent rate of interest.

         

Assets

        

=

Liab.

+

  

Equity

  

Event
No.

Cash

+

Accts. Rec.

-

Allow.

+

Notes Rec.

+

Int. Rec.

=

    

Com. Stk.

+

Ret. Earn.

Bal.

12,000

  

18,000

  

2,200

+

NA

+

NA

=

NA

+

20,000

+

7,800

Required

a. Record the 2010 events in ledger accounts using the horizontal format shown above.

b. Determine net income for 2010.

c. Determine net cash flow from operating activities for 2010.

d. Determine the net realizable value of accounts receivable at December 31, 2010.

e. What amount of interest revenue will Calico recognize on its note receivable in 2011?

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 08:07 PM My Price 12.00

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