Question
In: Accounting
13. Accelerated Solutions has the following data for the year ended December 31, Year 1: Accounts...
13. Accelerated Solutions has the following data for the year
ended December 31, Year 1:
|
Accounts receivable (January 1, Year 1) |
$ 350,000 |
|
Credit sales |
1,200,000 |
|
Collections from credit customers |
850,000 |
|
Customer accounts written off as uncollected |
10,000 |
|
Allowance for doubtful accounts (January 1, Year 1) |
35,000 |
|
Estimated uncollected accounts based on an aging analysis (December 31, Year 1) |
50,000 |
Refer to Accelerated Solutions. If the aging approach is used to estimate bad debts, what is the balance in the allowance for doubtful accounts after the bad debt expense adjustment?
|
|
a. |
$10,000 |
|
|
b. |
$15,000 |
|
|
c. |
$25,000 |
|
|
d. |
$50,000 |
|
14. MicroScan Technologies reported the following
information:
|
||||||||||||
|
Refer to MicroScan Technologies. How much cash was received for interest during Year 2?
|
||||||||||||
|
15. AT&U Company has the following data for the year ended
December 31, Year 1:
|
||||||||||||
|
Refer to AT&U Company. If the company estimates its bad debt to be 2% of net credit sales, what will be the balance in the allowance for doubtful accounts after the adjustment for bad debt expense?
|
|
Solutions
Expert Solution
| 13) | Correct Option :d.$50000 | |||||
| Estimated uncollected accounts based on an aging analysis (December 31, Year 1) is $50000 | ||||||
| The allownace for doubtful account should show balance be $50000. | ||||||
| 14) | cash was received for interest during Year 2 | |||||
| Interest receivable, December 31, Year 1 | $ 11,500 | |||||
| Add: Interest Revenue | $ 16,000 | |||||
| Less:Interest receivable, December 31, Year 2 | $ 8,000 | |||||
| Cash Received | $ 19,500 | |||||
| Correct Option : d.19500 | ||||||
| 15) | ||||||
| Sales | $ 2,500,000 | |||||
| Less: | ||||||
| Sales return and allowances | $ -50,000 | |||||
| Net Sales | $ 2,450,000 | |||||
| Estimated Bad Debts = 2% of net sales | ||||||
| Which is = $2450000*2% | ||||||
| =$49000 | ||||||
| Therefore allowance balance should be $49000 | ||||||
| Correct Option : C.$49000 | ||||||
| 16) | Straight line method depreciation rate =1/5 =20% | |||||
| Double declsing method = 20%* 2 =40% | ||||||
| Depeciation expenses for year 1 =$80000*40% | ||||||
| =$32000 | ||||||
| Correct Option : d.32000 | ||||||
| Please upvote. | ||||||
ekkarill92 answered 2 years agoRelated Solutions
15. AT&U Company has the following data for the year ended December 31, Year 1: Sales...
15. AT&U Company has the following data for the year ended
December 31, Year 1:
Sales (credit)
$2,500,000
Sales returns and allowances
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Accounts receivable (December 31, Year 1)
640,000
Allowance for doubtful accounts
(before adjustment at December 31, Year
1)
20,000
Estimated amount of uncollected accounts based on aging analysis
(December 31, Year 1)
45,000
Refer to AT&U Company. If the company estimates its bad debt
to be 2% of net credit sales, what will be the balance...
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The following information is available
for Elwes Company for the year ended
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Common stock
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Retain earnings
4,300
Intangible assets
2,300
Notes payable (due in 5 years)
5,000
Accounts receivable
1,500
Cash
2,800
Short-term investments
1,000
Equipment
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Long-term investments
5,700
Instructions
Use the above
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The FOllowing information from the accounts of kesha Ltd for the year ended December 31, 2009...
The
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Amortization of intangible assert.............120,000
Proceeds from issue of ord. share...........1,030,000
Increase in
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Sale of building at shs 100,000 gain........850,000
Increase in accounts payable...........150,000
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Payments of cash dividends..............240,000
Depreciation expense...................350,000
Increase in accounts receivable...........230,000
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The following data pertain to Babor Company for the fiscal year ended December 31: Prior December...
The following data pertain to Babor Company for the fiscal year
ended December 31:
Prior December 31
Current December 31
Purchases of materials
$
200,000
Direct labor
131,500
Indirect labor
52,000
Factory insurance
9,400
Depreciation—factory
36,500
Repairs and maintenance—factory
15,200
Marketing expenses
148,900
General and administrative expenses
88,100
Materials inventory
$
30,000
65,500
Work-in-Process inventory
16,500
18,800
Finished Goods inventory
18,400
24,400
Sales in the current year were $668,000.
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Prepare a schedule of cost of goods manufactured and an...
The following data pertain to Bobland Company for the fiscal year ended December 31: Prior December...
The following data pertain to Bobland Company for the fiscal
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Purchases of materials $ 182,500 Direct labor 122,750 Indirect
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General and administrative expenses 87,050 Materials inventory $
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an...
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Beginning direct material
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$ 42,000
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Beginning work-in-process inventory 84,000
Ending work-in-process inventory 93,000
Beginning finished goods inventory 124,000
Ending finished goods inventory 133,000
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The following data for Gardot Products Inc. are available: For the Year Ended December 31 Actual...
The following data for Gardot Products Inc. are available:
For the Year Ended December 31
Actual
Planned
Difference—Increase or
(Decrease)
Sales
$1,684,800
$1,652,400
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Less:
Variable cost of goods
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$889,200
$874,800
$14,400
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administrative expenses
171,600
178,200
-6,600
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$1,060,800
$1,053,000
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Contribution margin
$624,000
$599,400
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16,200
Per unit:
Sales price
$108
$102
Variable cost of goods
sold
57
54
Variable selling and
administrative expenses
11
11
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Question 1:-Superior Company provided the following data for the year ended December 31 (all raw materials...
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Selling expenses
$
215,000
Purchases of raw materials
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?
Administrative expenses
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Actual manufacturing overhead cost
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End of Year
Raw materials
$
54,000
$
33,000
Work...
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