Acc/291

In: Business and Management

Submitted By jahlove
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Pages 8
1. An aging of a company’s accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for doubtful accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $3,300.
2. The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? 48.7
Explanation: ACP = 365 x (80,000 / 2) / 300,000
3. Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer. They paid S400 for shipping and sales tax of $3,000. Stine estimates that the machinery will have a useful life of 10 years and a residual value of $20,000. If Stine uses straight-line depreciation, annual depreciation will be $4,100
Explanation: Depreciable Cost = (64000 * 0.9) + 400 + 3000 = 61000
Annual Depreciation = (61000 – 20000) / 10 = 4100
4. On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? $28,800 5. As a recent graduate of State University you’re aware that IFRS requires component depredation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation? The method that requires that significant parts of a plant asset with different useful lives be depreciated separately.
6. Given the following account balances at year end, compute the total intangible assets on the balance sheet of Janssen Enterprises.
Cash $1,500,000
Accounts Receivable…...

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B. Bad Debts Expense 12000 Allowances for Doubtful Accounts 12000
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2) 2) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period?
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A. should be reported under the heading Property, Plant, and Equipment
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D. are not reported on the balance sheet because they lack physical substance

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 A. must be generated internally
 B. are depletable natural resources
 C. do not have physical substance 
D. have been exchanged at a gain

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