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
50,000
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...
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
December 31, 2017:
Accounts payable
$ 3,800
Accumulated depreciation-equipment
4,000
Common stock
5,000
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
8,800
Long-term investments
5,700
Instructions
Use the above
information to prepare a classified balance sheet in good format
for the year ended December 31, 2017.
The FOllowing information from the accounts of kesha Ltd for the year ended December 31, 2009...
The
FOllowing information from the accounts of kesha Ltd for the year
ended December 31, 2009 has been provided to you:
Net icome................................2,090,000
Amortization of intangible assert.............120,000
Proceeds from issue of ord. share...........1,030,000
Increase in
inventory...............................180,000
Sale of building at shs 100,000 gain........850,000
Increase in accounts payable...........150,000
Purchase of computer equipment........1,250,000
Payments of cash dividends..............240,000
Depreciation expense...................350,000
Increase in accounts receivable...........230,000
Payment of mortagage.................520,000
Decrease in short-term notes payable.......80,000
Sale of land at shs 50,000 loss............260,000
Purchase of delivery truck.................330,000...
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.
Required:
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
year ended December 31: Prior December 31 Current December 31
Purchases of materials $ 182,500 Direct labor 122,750 Indirect
labor 48,500 Factory insurance 8,700 Depreciation—factory 34,750
Repairs and maintenance—factory 13,100 Marketing expenses 146,450
General and administrative expenses 87,050 Materials inventory $
26,500 60,250 Work-in-Process inventory 14,750 17,400 Finished
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Required: Prepare a schedule of cost of goods manufactured and
an...
The following data has been summarized for the year ended December 31, 2021: Cost Retail Inventory,...
The following data has been summarized for the year ended
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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
Company for the year ended December 31, 2004. The company
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Beginning direct material
inventory
$ 42,000
Ending direct material inventory 48,000
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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Indirect material used in production 4,000
Factory supplies used 6,200
Depreciation on the factory 60,000
Depreciation on the sales office 4,000
Depreciation...
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
$32,400
Less:
Variable cost of goods
sold
$889,200
$874,800
$14,400
Variable selling and
administrative expenses
171,600
178,200
-6,600
Total variable costs
$1,060,800
$1,053,000
$7,800
Contribution margin
$624,000
$599,400
$24,600
Number of units sold
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...
Question 1:-Superior Company provided the following data for the year ended December 31 (all raw materials...
Question 1:-Superior Company provided the following data for the
year ended December 31 (all raw materials are used in production as
direct materials):
Selling expenses$214,000Purchases of raw
materials$269,000Direct labor ?Administrative
expenses$152,000Manufacturing overhead applied to work in
process$368,000Actual manufacturing overhead cost$351,000
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The total manufacturing costs for the year were $675,000; the
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Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended
December 31 (all raw materials are used in production as direct
materials):
Selling expenses
$
215,000
Purchases of raw materials
$
267,000
Direct labor
?
Administrative expenses
$
150,000
Manufacturing overhead applied to work in process
$
367,000
Actual manufacturing overhead cost
$
351,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of Year
End of Year
Raw materials
$
54,000
$
33,000
Work...
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