Cebu Roosevelt Memorial College

what is negative obligation of prestation?

Problem 5-7 (AICPA Adapted) Sigma Company began operations on January 1, 2022. On December 31, 2022 and 2023, the entity provided for mcollectible accounts expense based on 1% of annual credit sales. On January 1, 2023, the entity changed the method of determining the allowance for doubtful accounts by applying certain percentages to the aging of accounts receivable. Days past invoice date 0 31 91 30 90 180 Over 180 Percent uncollectible 152080 In addition, the entity wrote off all accounts receivable that were over 1 year old. The following additional information related to the years ended December 31, 2023 and 2022: 2023 2022 Credit sales 2,915,000 2,800,000 Collections, including recovery 2,400,000 Accounts written off 27,000 none Recovery of accounts previously written off 7,000 or d 0 none Days past invoice date 0 30 31 90 300, 000 80,000 250,000 90,000 60,000 45,000 25,000 15,000 Required: 1. Determine the allowance for doubtful accounts on January 1, 2023. 2. Determine the allowance for doubtful accounts on December 31, 2023 before adjustment. 3. Determine the required allowance on December 31, 2023. 4. Prepare the adjustment to record the doubtful accounts expense for 2023.

Problem 5-7 (AICPA Adapted) Sigma Company began operations on January 1, 2022. On December 31, 2022 and 2023, the entity provided for mcollectible accounts expense based on 1% of annual credit sales. On January 1, 2023, the entity changed the method of determining the allowance for doubtful accounts by applying certain percentages to the aging of accounts receivable. Days past invoice date 0 31 91 30 90 180 Over 180 Percent uncollectible 152080 In addition, the entity wrote off all accounts receivable that were over 1 year old. The following additional information related to the years ended December 31, 2023 and 2022: 2023 2022 Credit sales 2,915,000 2,800,000 Collections, including recovery 2,400,000 Accounts written off 27,000 none Recovery of accounts previously written off 7,000 or d 0 none Days past invoice date 0 30 31 90 80,000 250,000 90,000 91-180 60,000 45,000 Over 180 25,000 15,000 Required: 1. Determine the allowance for doubtful accounts on January 1, 2023. 2. Determine the allowance for doubtful accounts on December 31, 2023 before adjustment. 3. Determine the required allowance on December 31, 2023. 4. Prepare the adjustment to record the doubtful accounts expense for 2023.

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Financial Position for Mount Caramel Company in chapter 3 in financial accounting and reporting

Problem 3.9 Mount Caramel Company financial position in financial accounting and reporting