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 1 year 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)
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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...
The following information is available for Elwes Company for the year ended December 31, 2017: Accounts...
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
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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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Repairs and maintenance—factory 13,100 Marketing expenses 146,450
General and administrative expenses 87,050 Materials inventory $
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an...
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The following data pertain to the Marie Manufacturing Company for the year ended December 31, 2004....
The following data pertain to the Marie Manufacturing
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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
Variable selling and
administrative expenses
171,600
178,200
-6,600
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$1,060,800
$1,053,000
$7,800
Contribution margin
$624,000
$599,400
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15,600
16,200
Per unit:
Sales price
$108
$102
Variable cost of goods
sold
57
54
Variable selling and
administrative expenses
11
11
Prepare an...
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Selling expenses
$
215,000
Purchases of raw materials
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Direct labor
?
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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