Scribd Logo
Upload

Welcome to Scribd!

  • Problem 12-1 Anne Company: Doubtful Accounts 900,000.00 Loss On Claim Receivable 400,000.00

    Uploaded by

    Gellie Real
    26 views1 page
    The document contains accounting information for four companies. Anne Company recorded $900,000 in doubtful accounts and $400,000 loss on a claim receivable for total adjusting entries of $1,300,000. Norway Company recorded a $3,000,000 litigation loss and $3,150,000 in bad debt expense for total adjusting entries of $6,150,000. Elaine Company had $9,000,000 in gross income, $3,000,000 in damages and $6,000,000 in income before taxes. Marian Company recorded $3,500,000 in agreed money to pay and $3,500,000 in accrued liability.

    Original Description:

    Original Title

    Untitled

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document contains accounting information for four companies. Anne Company recorded $900,000 in doubtful accounts and $400,000 loss on a claim receivable for total adjusting entries of $1,300,000. Norway Company recorded a $3,000,000 litigation loss and $3,150,000 in bad debt expense for total adjusting entries of $6,150,000. Elaine Company had $9,000,000 in gross income, $3,000,000 in damages and $6,000,000 in income before taxes. Marian Company recorded $3,500,000 in agreed money to pay and $3,500,000 in accrued liability.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    26 views1 page

    Problem 12-1 Anne Company: Doubtful Accounts 900,000.00 Loss On Claim Receivable 400,000.00

    Uploaded by

    Gellie Real
    The document contains accounting information for four companies. Anne Company recorded $900,000 in doubtful accounts and $400,000 loss on a claim receivable for total adjusting entries of $1,300,000. Norway Company recorded a $3,000,000 litigation loss and $3,150,000 in bad debt expense for total adjusting entries of $6,150,000. Elaine Company had $9,000,000 in gross income, $3,000,000 in damages and $6,000,000 in income before taxes. Marian Company recorded $3,500,000 in agreed money to pay and $3,500,000 in accrued liability.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    PROBLEM 12-1 ANNE COMPANY

    DOUBTFUL ACCOUNTS 900,000.00


    LOSS ON CLAIM RECEIVABLE 400,000.00
    TOTAL ADJUSTING ENTRIES 1,300,000.00

    PROBLEM 12-2 NORWAY COMPANY

    LITIGATION LOSS 3,000,000.00


    BAD DEBT EXPENSE
    (3,500,000 X 90%) 3,150,000.00
    TOTAL ADJUSTING ENTRIES 6,150,000.00

    PROBLEM 12-3 ELAINE COMPANY

    GROSS INCOME 9,000,000.00


    DAMAGE (3,000,000.00)
    INCOME BEFORE TAX 6,000,000.00

    PROBLEM 12-4 MARIAN COMPANY

    AGREED MONEY TO PAY 3,500,000.00


    ACCRUED LIABILITY 3,500,000.00

    You might also like