Unit 4 Discussion
More questions from Anne Marie. Please share key details, concepts and examples to help her understand the material.
1. What are accounts receivable? Is it something good? Provide a detailed response with examples. Utilize Anne’s financial information attached below to support and explain your response.
2. How do my financial statements show customers who aren’t paying me? Are they still a good asset? What is the term for the report accountants use to monitor accounts receivables? Provide your supported response including key details and examples.
Please respond in your own words to each of these questions? See Anne Fin Statements.docx Anne Fin Statements.docx – Alternative Formats Documents Please respond in your own words to each of these questions with details and examples that are supported and defended. Don’t forget to credit your sources. See the discussion board rubric, you are graded using it so ensure you fulfill the requirements needed to earn the grade desired.
Original response due by Wednesday.
Unit 4 Discussion More questions from Anne Marie. Please share key details, concepts and examples to help her understand the material. 1. What are accounts receivable? Is it something good? Provi
Anne’s Beauty Salon, Inc Income Statement For the Year 20XX Sales (Revenue) $125,000.00 Cost of Goods Sold 25,000.00 Gross Profit 100,000.00 Payroll Expense 67,500.00 Sales, General, Administrative Expense 5,000.00 Rent Expense 1,400.00 Utilities Expense 1,670.00 Insurance Expense 500.00 Depreciation Expense 2,500.00 Total Operating Expense 78,570.00 Total Operating Income 21,430.00 Income Taxes 6,430.00 Net Income $15,000.00 Anne’s Beauty Salon, Inc Statement of Retained Earnings For the Month Ending December 31, 20XX Retained Earnings, December 1 $5,000.00 Add: Net Income 15,000.00 Subtract: Dividends (2,402.50) Retained Earnings, December 31 $17,597.50 Anne’s Beauty Salon, Inc Balance Sheet At December 31, 20XX Assets Liabilities Current Assets Current Liabilities Cash $949.50 Accounts Payable $5,000.00 Accounts Receivable 11,948.00 Unearned Revenue 200.00 Supplies 20,500.00 Total Current Liabilities 5,200.00 Prepaid Rent 8,400.00 Prepaid Insurance 6,000.00 Total Current Assets 47,797.50 Note Payable 15,000.00 Equipment $25,000.00 Total Liabilities 20,200.00 Less: Accumulated Stockholders’ Equity Depreciation (5,000.00) 20,000.00 Common Stock 30,000.00 Total Long-Term Assets Retained Earnings 17,597.50 Total Assets $67,797.50 Total Liabilities and $67,797.50 Stockholders’ Equity Copyright Post University 2022, All Rights Reserved