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Solnce55 [7]
3 years ago
15

Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the ledger of Apex Systems Co. for

the fiscal year ended December 31, 2016, are as follows:
Bart Nesbit, Capital

Dec. 31 91,200 Jan. 1 (2016) 1,340,000

Dec. 31 356,000

Bart Nesbit, Drawing

Mar. 31 22,800 Dec. 31 91,200

June 30 22,800

Sept. 30 22,800

Dec. 31 22,800

Income Summary

Dec. 31 1,437,000 Dec. 31 1,793,000

Dec. 31 356,000


Prepare a statement of owner’s equity for the year. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owner’s equity, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries.
Business
1 answer:
AfilCa [17]3 years ago
6 0

Answer:

Explanation:

The preparation of the statement of stockholders' equity at the end of the year is presented below:

                                          Apex Systems Co.

                             Statement of stockholders' equity  

                            For the fiscal year ended December 31, 2016

Particulars                  Common Stock          

Beginning

Balance                      $1,340,000

Add: Net income       $356,000    

Less:

Bart Nesbit, Drawing  -$91,200

Ending balance          $1,604,800                

                       

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Ingrid Inc. has strict credit policies and only extends credit to customers with outstanding credit history. The company examine
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Answer:

Ingrid Inc.

a. Ingrid's balance in accounts receivable on December 31, 2018, prior to the adjustment is:

= $833,720.

b. Ingrid's balance in allowance for doubtful accounts on December 31, 2018, prior to the adjustment is:

= $6,800.

c. Adjusting Entry:

Debit Bad Debts Expense $3,180

Credit Allowance for Doubtful Accounts $3,180

To record the bad debts expense for the year and bring the balance of the Allowance for Doubtful Accounts to a credit balance of $6,800

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a) Data and Calculations:

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Accounts Receivable $478,000

Allowance for Doubtful Accounts $7,900 (credit)

Accounts Receivable $3,075,000 Sales Revenue $3,075,000

Cash $2,715,000 Accounts Receivable $2,715,000

Allowance for Doubtful Accounts $4,280 Accounts Receivable $4,280

Ending balance:

Allowance for Doubtful Accounts $6,800 (Credit)

T-Accounts

Account Titles                      Debit      Credit

Beginning balance         $478,000

Sales Revenue            $3,075,000

Cash                                               $2,715,000

Allowance for Doubtful Accounts       $4,280

Ending balance                                $833,720

Allowance for Doubtful Accounts

Account Titles                      Debit      Credit

Beginning balance                            $7,900

Accounts Receivable      $4,280

Bad Debts Expense                             3,180

Ending balance               $6,800

6 0
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