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[answered] Assignment Week 10 Solve the following Questions from chapt


QS 9-2

Direct write-off method

Solstice Company determines on October 1 that it cannot collect $50,000 of its accounts receivable from its customer P. Moore. Apply the direct write-off method to record this loss as of October 1.

QS 9-3

Recovering a bad debt

Solstice Company determines on October 1 that it cannot collect $50,000 of its accounts receivable from its customer P. Moore. It uses the direct write-off method to record this loss as of October 1. On October 30, P. Moore unexpectedly paid his account in full to Solstice Company. Record Solstice's entry(ies) to reflect recovery of this bad debt.

QS 9-5

Allowance method for bad debts

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer, C. Green. On March 9, it receives a $300 payment from Green.

Prepare the journal entry or entries for January 31.

Prepare the journal entry or entries for March 9; assume no additional money is expected from Green.

QS 9-6

Percent of accounts receivable method

Warner Company's year-end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $280,000. Uncollectibles are estimated to be 1.5% of accounts receivable.

Prepare the December 31 year-end adjusting entry for uncollectibles.

What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $300?

QS 9-7

Percent of sales method

Warner Company's year-end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $280,000. Uncollectibles are estimated to be 0.5% of sales. Prepare the December 31 year-end adjusting entry for uncollectibles.

QS 10-3

Straight-line depreciation

On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it anticipates performing about 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During year 2015, the band performs 45 concerts. Compute the year 2015 depreciation using the straight-line method.

QS 10-4

Units-of-production depreciation

On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it anticipates performing about 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During year 2015, the band performs 45 concerts. Compute the year 2015 depreciation using the units-of-production method.

QS 10-6

Double-declining-balance method P1

A fleet of refrigerated delivery trucks is acquired on January 5, 2015, at a cost of $830,000 with an estimated useful life of eight years and an estimated salvage value of $75,000. Compute the depreciation expense for the first three years using the double-declining-balance method.

QS 10-7

Recording plant asset impairment C2

Assume a company's equipment carries a book value of $16,000 ($16,500 cost less $500 accumulated depreciation) and a fair value of $14,750, and that the $1,250 decline in fair value in comparison to the book value meets the two-step impairment test. Prepare the entry to record this $1,250 impairment.

QS 10-10

Natural resources and depletion P3

Perez Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. The estimated value of the land after the ore is removed is $200,000.

Prepare the entry(ies) to record the cost of the ore mine.

Prepare the year-end adjusting entry if 180,000 tons of ore are mined and sold the first year.


Assignment Week 10 Solve the following Questions from chapter 9 and 10

 

QS 9?2

 

Direct write?off method Solstice Company determines on October 1 that it cannot collect $50,000 of its accounts receivable from its customer P. Moore. Apply the direct write?off method to record this loss as of October 1. QS 9?3

 

Recovering a bad debt Solstice Company determines on October 1 that it cannot collect $50,000 of its accounts receivable from its customer P. Moore. It uses the direct write?off method to record this loss as of October 1. On October 30, P. Moore unexpectedly paid his account in full to Solstice Company. Record Solstice's entry(ies) to reflect recovery of this bad debt.

 

QS 9?5

 

Allowance method for bad debts Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer, C. Green. On March 9, it receives a $300 payment from Green.

 

1 Prepare the journal entry or entries for January 31.

 

1 Prepare the journal entry or entries for March 9; assume no additional money is expected from Green.

 

QS 9?6

 

Percent of accounts receivable method Warner Company's year?end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $280,000. Uncollectibles are estimated to be 1.5% of accounts receivable.

 

1 Prepare the December 31 year?end adjusting entry for uncollectibles.

 

1 What amount would have been used in the year?end adjusting entry if the allowance account had a year?end unadjusted debit balance of $300?

 

QS 9?7

 

Percent of sales method Warner Company's year?end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $280,000. Uncollectibles are estimated to be 0.5% of sales. Prepare the December 31 year?end adjusting entry for uncollectibles. QS 10?3

 

Straight?line depreciation On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it anticipates performing about 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During year 2015, the band performs 45 concerts. Compute the year 2015 depreciation using the straight?

 

line method.

 

QS 10?4

 

Units?of?production depreciation On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it anticipates performing about 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During year 2015, the band performs 45 concerts. Compute the year 2015 depreciation using the units?of?

 

production method. QS 10?6

 

Double?declining?balance method P1 A fleet of refrigerated delivery trucks is acquired on January 5, 2015, at a cost of $830,000 with an estimated useful life of eight years and an estimated salvage value of $75,000. Compute the depreciation expense for the first three years using the double?declining?balance method.

 

QS 10?7

 

Recording plant asset impairment C2 Assume a company's equipment carries a book value of $16,000 ($16,500 cost less $500 accumulated depreciation) and a fair value of $14,750, and that the $1,250 decline in fair value in comparison to the book value meets the two?step impairment test. Prepare the entry to record this $1,250 impairment.

 

QS 10?10

 

Natural resources and depletion P3 Perez Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. The estimated value of the land after the ore is removed is $200,000.

 

1 Prepare the entry(ies) to record the cost of the ore mine.

 

1 Prepare the year?end adjusting entry if 180,000 tons of ore are mined and sold the first year.

 


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