Kim and Kim Company’s balance sheet at December 31, 2017, reported the following:

Accounts receivable............................................................... $2,000,000

Allowance for uncollectible accounts.....................................$20,000 DR

Requirements:

1. What was the net realizable value of these receivables at December 31, 2017?

2. Journalize, without explanations, 2018 entries for Super Duper:

a. Total credit sales for 2018 were $1,200,000; 2% of sales were estimated to be uncollectible. Super-Duper received cash payments on account during 2018 of $780,000.

b. Accounts receivable identified to be uncollectible totaled $38,000.

c. December 31, 2018, aging of receivables indicates that $43,000 of the receivables is uncollectible (target balance).

3. Post the transactions to the Accounts receivable and the Allowance for uncollectible accounts T-accounts. Calculate and report Super Duper’s receivables and related allowance on the December 31, 2018 balance sheet.

4. What is the net realizable value of receivables at December 31, 2018?

5. How much is the uncollectible account expense for 2018?

Problem 17-5

Lincoln Industries adopted a defined benefit pension plan on March 19, 2017. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. A consulting firm, engaged as actuary, recommends 4% as the appropriate discount rate. The service cost is $125,000 for 2017 and $260,000 for 2018. Actual rate of return on plan assets is 10% in both 2017 and 2018. Year-end funding is $140,000 for 2017 and $150,000 for 2018. There were no plan amendments, changes in actuarial estimates, and assumptions regarding the PBO in 2017. On January 1, 2018, the company amended the pension formula and made the change retroactive, creating a prior service cost of $55,000. Amortization of prior service cost for 2018 is $2,500. No retiree benefits were paid in 2017, but $15,000 was paid to retirees in 2018.

Required:

Prepare ALL necessary 2018 journal entries to record pension activity.

i am doing financial report but not sure for 2 items.

the balance sheet date 30/06/2018. there are 2 items are review on 10/07/2018. should i adjust them to which statement? or disclose them on notes?

the current balance at 30/06/2018: allowance for DD: 2,350,000

A review by the chief accountant on 10 July 2018 revealed the following:

On 5 July 2018 the company received $94,000 from New Ltd . This was for commissions from sales made by New Ltd up to 30 June 2018. No balance date adjustment has been made in relation to this. ?

The company estimates the allowance for doubtful debts based on the ageing method. However the chief accountant has noticed that the allowance for doubtful debts in the trial balance seemed high. This had been calculated by the assistant accountant who advised that they had incorrectly based this allowance on a percentage of credit sales. The chief accountant determined that the balance of this allowance at 30 June 2018 should be $652,000.

Go to the Australian Bureau of Statistics website and find the latest (December 2018)figures for output. In particular, find the percentage change in Trend GDP from the September Quarter 2018 to December Quarter 2018; and the December Quarter 2017 to December Quarter 2018; and the percentage change in Seasonally Adjusted GDP over the same two periods.b)Do the same for the December 2017 figures.(1mark)c)Explain whether, based on the GDP data and all else equal, you would prefer to be incumbent Government running for re-election this time last yearor now.d)Now find the ABS data for the Consumer Price Index, specifically report the figures for the December 2018 and December 2017 All Groups CPI and the Seasonally Adjusted CPI.(3marks)e)What are the categories that experienced the most significantprice rises and falls? Discuss whether, given your usual consumption bundle, you were likely better or worse off in December 2018 compared to September 2018.

a) Go to the Australian Bureau of Statistics website and find the latest (December 2018) figures for output. In particular, find the percentage change in Trend GDP from the September Quarter 2018 to December Quarter 2018; and the December Quarter 2017 to December Quarter 2018; and the percentage change in Seasonally Adjusted GDP over the same two periods. b) Do the same for the December 2017 figures. (1 mark) c) Explain whether, based on the GDP data and all else equal, you would prefer to be incumbent Government running for re-election this time last year or now. d) Now find the ABS data for the Consumer Price Index, specifically report the figures for the December 2018 and December 2017 All Groups CPI and the Seasonally Adjusted CPI. e) What are the categories that experienced the most significant price rises and falls? Discuss whether, given your usual consumption bundle, you were likely better or worse off in December 2018 compared to September 2018.

Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $160,000 on January 1, 2018, and obtained significant influence. The purchase price of the shares was equal to their book value. During 2018, the following information is available for Crowell:

Mar. 31 Declared and paid a cash dividend of $50,000.
June 30 Reported semiannual earnings of $120,000 for the first half of 2018.
Sept. 30 Declared and paid a cash dividend of $50,000.
Dec. 31 Reported semiannual earnings of $140,000 for the second half of 2018.

Required:

1. Prepare journal entries for Miller to reflect the preceding information. Refer to the Chart of Accounts provided for the exact wording of the answer choices for text entries.
2. What is the balance in Miller’s investment account on December 31, 2018?

Prepare journal entries for Miller to reflect the 2018 transactions. Refer to the Chart of Accounts provided for the exact wording of the answer choices for text entries. (10 Accounts in the entry)

What is the balance in Miller’s investment account on December 31, 2018? ______________

Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $160,000 on January 1, 2018, and obtained significant influence. The purchase price of the shares was equal to their book value. During 2018, the following information is available for Crowell: Mar. 31 Declared and paid a cash dividend of $50,000. June 30 Reported semiannual earnings of $120,000 for the first half of 2018. Sept. 30 Declared and paid a cash dividend of $50,000. Dec. 31 Reported semiannual earnings of $140,000 for the second half of 2018. Required: 1. Prepare journal entries for Miller to reflect the preceding information. Refer to the Chart of Accounts provided for the exact wording of the answer choices for text entries. 2. What is the balance in Miller’s investment account on December 31, 2018?

PART A: Prepare journal entries for Miller to reflect the 2018 transactions. Refer to the Chart of Accounts provided for the exact wording of the answer choices for text entries.

PART B: What is the balance in Miller’s investment account on December 31, 2018? __________________

The following events occur for The Underwood Corporation during 2018 and 2019, its first two years of operations.
  
  

June 12, 2018   Provide services to customers on account for $29,000.
September 17, 2018   Receive $15,000 from customers on account.
December 31, 2018   Estimate that 40% of accounts receivable at the end of the year will not be received.
March 4, 2019   Provide services to customers on account for $44,000.
May 20, 2019   Receive $10,000 from customers for services provided in 2018.
July 2, 2019   Write off the remaining amounts owed from services provided in 2018.
October 19, 2019   Receive $35,000 from customers for services provided in 2019.
December 31, 2019   Estimate that 40% of accounts receivable at the end of the year will not be received.

1. Record transactions for each date.

2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.

3. Calculate the net realizable value of accounts receivable at the end of 2018 and 2019.

Horizontal and Vertical Analysis

Selected data from the financial statements of Jones Hardware Company follows.

Required:

1. Calculate by how much accounts receivable, merchandise inventory, total assets, net sales, and cost of goods sold increased or decreased in dollar terms from 2018 to 2019.

2. Indicate what happened from 2018 to 2019 to accounts receivable and merchandise inventory as a percentage of total assets. Round to the nearest whole percent.

Indicate what happened from 2018 to 2019 to cost of goods sold as a percentage of net sales (rounded to the nearest whole percent).

Cost of goods sold   from % in 2018 to % in 2019.

Tangshang Industries production budget from the 2nd quarter of 2018, projected the following amounts of units to be produced: April 1,100 units May 1,250 units June 1,300 units Each unit requires 2 parts of component A and 3 parts of component B. Component A cost is $1.15 per unit and component B cost is $.85 per unit. 7. Calculate the Direct Material budgeted cost for May 2018 8. Calculate the Direct Material budgeted cost for the quarter April - June 2018 9. The raw materials inventory policy is 0 ending inventory, 0 beginning inventory. How much inventory of component A is required in April 2018? Each unit requires the following labor: 2 hours in the processing department 1 hour in the assembly department Processing department labor rate is $5/hour Assembly department labor rate is $7/hour Using the information from the production budget of Tangshang Industries 10. Calculate Total Direct Labor Cost in the processing department for the quarter April – June 2018. 11. Calculate Total Direct Labor Cost for June 2018. 12. Calculate Total Direct Labor Cost for the quarter April – June 2018. Variable Factory overhead is $.60 per unit Fixed Factory overhead is $1,000 monthly Using the information from the production budget of Tangshang Industries 13. Calculate total variable overhead cost for May 2018 14. Calculate total variable overhead cost for the quarter April - June 2018 15. Calculate total overhead cost for the quarter April - June 2018 16. Calculate total product cost for the quarter April - June 2018 17. Calculate total product cost per unit for the quarter April - June 2018 18. If the sale price is $34.00, what will be the Gross Profit per unit? 19. If the sale price is $34.00 for the units produced during the quarter, what will be the Total Gross Profit?