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Please write a clear answers and Cash Flow Statement is excluded You have to answer from...

Please write a clear answers and l account Recovered method was used). Paid cash for land. that was previously written off (assume direct write direct write-off id cash for other operating expenses. m 7-26B Comprekensive accounting cycle problem (ases percent of revee erms problem allowance method) rial balance was prepared for Village Cycle Sales and Service on December 31, Year . LO 7-1,7-5,7-6 her the closing entries were posted: Account Title Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Accounts Payable Common Stock Retained Earnings $46,200 21,300 ible. 1350 85,600 28,000 80,000 s, using a e, and NA not affect $153.100 $153.100 Totals Village Cycle had the following transactions in Year 2 1. Purchased merchandise on account for $260,000. 2. Sold merchandise that cost $243,000 on account for $340,.000. 3. Performed $80,000 of services for cash. h Flow FACash Flow Statement is excluded412 Chapter 7 se cost $41,250. The handi Gr 4. Sold merchandise for $60,000 to credit card customers. The merchandise cost $41.2 card company charges a 5 percent fee. 5. Collected $348,000 cash from accounts receivable. 6. Paid S265,000 cash on accounts payable. 7. Paid S115,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4) 9. Loaned $50,000 to Lee Supply. The note had a 9 percent interest rate and a one-year term to maturitny 10. Wrote off $830 of accounts as uncollectible. 11. Made the following adjusting entries: (a) Recorded three months interest on the note at December 31, Year 2 (see item 9). (b) Estimated uncollectible accounts expense to be 5 percent of sales on account. Required Prepare general journal entries for these transactions, and post the entries to T-accounts. Also, prepare an income statement, a statement of changes in stockholders equity, a balance sheet, and a statement of cash flows for Year 2 ANALYZE, THINK, COMMUNICATE ATC 7-1 Business Applications Case Required Obtain the Ta Understanding real-world annual reports arget Corporations annual report at http://investors.target.com using the instructions in Appendix B, and use it to answer the following questions: e who has shopped at Target knows that many of its customers use a credit card to pay for is even a Target brand credit card. However, Target did not report any accounts receivables or credit card reo

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l account Recovered method was used). Paid cash for land. that was previously written off (assume direct write direct write-off id cash for other operating expenses. m 7-26B Comprekensive accounting cycle problem (ases percent of revee erms problem allowance method) rial balance was prepared for Village Cycle Sales and Service on December 31, Year . LO 7-1,7-5,7-6 her the closing entries were posted: Account Title Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Accounts Payable Common Stock Retained Earnings $46,200 21,300 ible. 1350 85,600 28,000 80,000 s, using a e, and NA not affect $153.100 $153.100 Totals Village Cycle had the following transactions in Year 2 1. Purchased merchandise on account for $260,000. 2. Sold merchandise that cost $243,000 on account for $340,.000. 3. Performed $80,000 of services for cash. h Flow FA
412 Chapter 7 se cost $41,250. The handi Gr 4. Sold merchandise for $60,000 to credit card customers. The merchandise cost $41.2 card company charges a 5 percent fee. 5. Collected $348,000 cash from accounts receivable. 6. Paid S265,000 cash on accounts payable. 7. Paid S115,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4) 9. Loaned $50,000 to Lee Supply. The note had a 9 percent interest rate and a one-year term to maturitny 10. Wrote off $830 of accounts as uncollectible. 11. Made the following adjusting entries: (a) Recorded three months' interest on the note at December 31, Year 2 (see item 9). (b) Estimated uncollectible accounts expense to be 5 percent of sales on account. Required Prepare general journal entries for these transactions, and post the entries to T-accounts. Also, prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2 ANALYZE, THINK, COMMUNICATE ATC 7-1 Business Applications Case Required Obtain the Ta Understanding real-world annual reports arget Corporation's annual report at http://investors.target.com using the instructions in Appendix B, and use it to answer the following questions: e who has shopped at Target knows that many of its customers use a credit card to pay for is even a Target brand credit card. However, Target did not report any accounts receivables or credit card reo
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Journal in in Date Particulars Debit Credit Inventory Accounts Payable To record Inventory purchased on account) 2,60,000 2,60,000 Accounts Receivable Sales To record sales made on account) 3,40,000 3,40,000 Cost of Goods sold Inventory To record cost of goods sold) 2,43,000 2,43,000 Cash Services income To record receipt of cash from services) 80,000 80,000 4Accounts Receivable (60000-3000) 57,000 3,000 Bank Charges (60000*5%) Sales To record sales made credit card customers) 60,000 Cost of Goods sold Inventory To record cost of goods sold) 41,250 41,250 Cash Accounts Receivable To record receipt of cash from customer on account) 5 3,48,000 3,48,000 Accounts Payable Cash To record payment to creditors on account) 6 2,65,000 2,65,000Ledgers Cash (in $) (in $) Balance Date Item Debit Credit Debit 46,200 Credit Balance b/d Service Income Accounts Receivable Accounts Receivable Accounts Payable Selling and Administrative expenses Loan to Lee Supply 80,000 3,48,000 57,000 1,26,200 4,74,200 5,31,200 2,66,200 1,51,200 1,01,200 2,65,000 1,15,000 50,000 Balance c/d 1,01,200 Accounts Receivable (in $) (in $) Balance Debit 21,300 Date Item Debit Credit Credit Balance b/d 3,40,000 57,000 Sales Sales Cash Cash Allowance to Doubtful Accounts 3,48,000 57,000 830 3,61,300 4,18,300 70,300 13,300 12,470 Balance c/d 12,470Allowance to Doubtful Accounts (in $) (in $) Balance Date Item Debit Credit Debit Credit Balance b/d 1,350 Accounts Receivable 830 520 1,700 2,220 2,220 (in $) Credit Uncollectible Account expenses Balance c/d Inventory (in $) Balance Debit Credit Debit 85,600 Date Item Balance b/d Accounts Payable Cost of Goods sold Cost of Goods sold 2,60,000 2,43,000 41,250 3,45,600 1,02,600 61,350 Balance c/d 61,350 Interest Receivable (in $) (in $) Balance Date Item Debit Credit Debit Credit Balance b/d Interest Receivable 1,125 1,125 Balance c/d 1,125Loan to Lee Su (in $) (in $) Balance Date Item Debit Credit Debit Credit Balance b/d Cash 50,000 50,000 Balance c/d 50,000 Accounts Pavable (in $) (in $) Balance Date Item Debit Credit Debit Credit 28,000 Balance b/d 2,60,000 2,88,000 Inventory Cash 2,65,000 23,000 23,000 (in $) Credit Balance c/d Common Stock (in $) Balance Date Item Debit Credit Debit Balance b/d 80,000 Balance c/d 80,000 Retained Earnin (in $) (in $) Balance Credit Debit Credit 43,750 Date Item Debit Balance b/d Balance c/d 43,750Sales (in $) (in $) Balance Date Item Debit Credit Debit Credit Balance b/d Accounts Receivable Accounts Receivable Bank Charges 3,40,000 57,000 3,000 3,40,000 3,97,000 4,00,000 Balance c/d 4,00,000 (in S) (in $) Service Income Balance Date Item Debit Credit Debit Credit Balance b/d Cash 80,000 80,000 80,000 (in $) Credit Balance c/d Interest Income (in $) Balance Date Item Debit Credit Debit Balance b/d Cash 1,125 1,125 Balance c/d 1,125Cost of Goods sold (in $) (in $) Balance Date Item Debit Credit Debit Credit Balance b/d Invento Invento Balance c/d 2,43,000 41,250 2,43,000 2,84,250 2,84,250 Selling and Administrative expenses (in $) (in $) Balance Date Item Debit Credit Debit Credit Balance b/d 1,15,000 1,15,000 (in $) Debit Cash 1,15,000 Balance c/d Bank Charges (in $) Balance Date Item Debit Credit Credit Balance b/d Sales 3,000 3,000 Balance c/d 3,000 Uncollectible Account expenses (in $) (in $) Balance Date Item Debit Credit Debit Credit Balance b/d Allowance to Doubtful Accounts 1,700 1,700 Balance c/d 1,700Income Statement (Single-Step) for the year 2 Particulars Sales Service Income Interest Income 4,00,000 80,000 1,125 Total Revenue 4,81,125 (-) Expenses Cost of goods sold Selling and Administrative Expenses Bank Charges Uncollectible Accounts expenses 2,84,250 1,15,000 3,000 1,700 Total Expenses 4,03,950 Net Income 77,175 Statement of Owners Equit Particulars Common Stock Retained Earning:s Total Opening Balance 80,000 43,750 1,23,750 (+) Increase (Net Profit for the year) (-) Deductions 77,175 77,175 Closing Balance 80,000 1,20,925 2,00,925Balance Sheet as at end of Year 2 Particulars Assets Cash Accounts Receivable (-) Allowance to Doubtful Accounts Inventory Interest Receivable Loan to Lee Supply 1,01,200 12,470 2,220 10,250 61,350 1,125 50,000 2,23,925 Total Assets Liabilities Accounts Payable Total Liabilities 23,000 23,000 Owners Equity 2,00,925 Total Liabilities and Owners Equity 2,23,925

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