Acct Part 2

B&B Painting reported the following information for the year ended December 31, 2019. How much was paid out in dividends in 2019? Revenues $2,500,000 Expenses 2,000,000 Retained Earnings at December 31, 2018 100,000 Retained Earnings at December 31, 2019 450,000

150,000

Data for the year ended December 31 are presented below: Sales (credit) $2,500,000 Sales returns and allowances 50,000 Accounts Receivable (December 31) 640,000 Allowance for Doubtful Accounts (Before adjustment at December 31) 20,000 Estimated amount of uncollected accounts based on aging analysis 45,000 If the company uses the aging of accounts receivable approach to estimate its bad debts, what amountwill be reported as bad debt expense?

25,000

The following data are from Accelerated Solutions 's records for the year ended December 31 Accounts receivable--January 1 $350,000 Credit sales during the year 1,200,000 Collections from credit customers during the year 850,000 Customer accounts written off as uncollected during the year 10,000 Allowance for doubtful accounts--January 1 35,000 Estimated uncollected accounts based on an aging analysis 50,000 If the aging method is used to estimate bad debts, what amount should be recorded as bad debt expense?

25,000

Beard Marine reported the following for the year ended December 31, 2019: Net income $100,000 Dividends 6,000 Retained earnings at December 31, 2019 $120,000 What was the balance of Retained Earnings at January 1, 2019?

26,000

The following data are from the company's records for the year ended December 31: Credit sales during the year $2,400,000 Accounts Receivable--December 31 410,000 Allowance for Doubtful Accounts--December 31 55,000 Bad debt expense for the year 70,000 What amount will the company show on its year-end balance sheet for the net realizable value of its accounts receivable?

355,000

Bay Camerareported the following items on its financial statements for the year ended December 31, 2019: On the morning of December 15, the accounts receivable balance was $50,000 and the balance in the allowance for doubtful accounts was $5,000. That day, a $1,000 uncollected account was written-off. The net realizable value of accounts receivable immediately after the write-off is:

45000

Alco Roofing Company's beginning accounts receivable were $200,000 and ending accounts receivable were $270,000. During the period, credit sales totaled $570,000. If the firm has zero accounts receivable write-offs, how much cash was collected from customers?

500,000

A company needs to record 6 months of accrued interest on a 4-year, 12%, $12,000 promissory note payable. How much interest expense should be accrued?

720

Action Co recorded credit sales of $10,000 using the net method. Terms are 2/20, n/30. If the customer pays 10,000 on day 21, how will accounts receivable be affected?

Accounts receivable decreases by $9,800