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Section 3. Problems 8. Yates Company’s records provide the following information concerning certain account balances and changes in these account balances dur- ing the current year. Transaction information is missing from each item below. INSTRUCTIONS Prepare the ENTRY to record the missing information for each account. (Consider each independently.) 1. Accounts Receivable: Jan. 1, balance $41,000, Dec. 31, balance $50,000, uncollectible accounts written off during the year, $6,000; accounts receivable collected during the year, $134,000. Prepare the entry to record sales. 2. Allowance for Doubtful Accounts: Jan. 1, balance $4,000, Dec. 31, balance $7,500, uncollectible accounts written off during the year, $30,000. Prepare the entry to record bad debt expense. 3. Accounts Payable: Jan. 1, balance $25,000, Dec. 31, balance $34,000, purchases on account for the year, $110,000. Prepare the entry to record payments on account. 4. Interest Receivable: Jan. 1 accrued, $3,000, Dec. 31 accrued, $2,100, earned for the year, $20,000. Prepare the entry to record cash interest received. The following information is available for Renn Corporation’s first year of operations: Payment for merchandise purchases $350,000 Ending merchandise inventory 110,000 Accounts payable (balance at end of year) 60,000 Collections from customers 270,000 The balance in accounts payable relates only to merchandise pur- chases. All merchandise items were marked to sell at 40% above cost. What should be the ending balance in accounts receivable, assuming all accounts are deemed collectible? 9. Presented below is information related to Gregg Company. Retained earnings, December 31, 2003 $ 650,000 Sales 1,600,000 Selling and administrative expenses 240,000 Hurricane loss (pre-tax) on plant (extraordinary item) 250,000 Cash dividends declared on common stock 33,600 Cost of goods sold 960,000 Gain resulting from computation error on depreciation charge in 2002 (pre-tax) 520,000 Other revenue 60,000 Other expenses 50,000 INSTRUCTIONS Prepare in good form a multiple-step income statement for the year 2004. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year.
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