Homework Answers
| Temper company - Part a | |||
| Journal Entry | |||
| Allowance for doubtful debts | 18400 | ||
| Accounts receivable | 18400 | ||
| Aging schedule | |||
| Totals | Allowance % | Allowance needed | |
| Not yet due | 620000 | 1.05% | 6510 |
| 1- 30 days | 248000 | 1.80% | 4464 |
| 31 - 60 days | 49600 | 6.30% | 3124.8 |
| 61-90 | 24800 | 31.75% | 7874 |
| Over 90 days | 4960 | 66% | 3273.6 |
| 25246.4 | |||
| Allowance for doubtful debts | |||
| Wrote off | 18400 | 21400 | Dec.31. 2009 |
| 3000 | Unadj. Dec. 31 bal. | ||
| 22246.4 | Adjustment | ||
| 25246.4 | Adjusted balance | ||
| Adjusting entry | |||
| Bad debt exp. | 22246.4 | ||
| Allowance for doubtful debts | 22246.4 | ||
| Temper company - Part b | |||
| Bad debt exp.( 3.1 million * 1%) | 31000 | ||
| Allowance for doubtful debts | 31000 | ||
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4. Temper Company has credit sales of $3.10 million for calendar year 2010. Temper estimates that...
4. Temper Company has credit sales of $3.10 million for year 2010. Temper estimates that 0.9%...
4. Temper Company has credit sales of $3.10 million for year 2010. Temper estimates that 0.9% of the credit sales will not be collected. On December 31, 2010, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $2,222. Temper prepares a schedule of its December 31, 2010, accounts receivable by age. Based on past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here: 25 points December...
3. City Developers purchased a neighborhood company for $4,500,000 cash, on 6/15/2018, acquiring the following assets...
3. City Developers purchased a neighborhood company for $4,500,000 cash, on 6/15/2018, acquiring the following assets in the package. Cash for assets exchange was made on the contract date. Seller's Book Value Fair Market valuation Land $872,000 $950,000 Building $2,350,000 $2,100,000 Production equipment $456,000 $420,000 Motor vehicles $83,000 80,000 Office equipment $41.000 35,000 Totals $3,802.000 $3.585,000 Required: Prepare the journal necessary to record these assets, at allocated costs, in the books of City Developers. General Journal Date Accounts Dr. Cr....
Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales...
Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,500,000 for year 2017. On December 31, 2017, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $16,960. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts...
Reynolds Company has credit sale of $4,500,000 for the year 2018. At December 31, 2018, the...
Reynolds Company has credit sale of $4,500,000 for the year 2018. At December 31, 2018, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $3,400. Reynolds prepares a schedule of its December 31, 2018 accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized as follows: DECEMBER 31, 2018 AGE OF EXPECTED PERCENT ACCOUNTS RECEIVABLE ACCOUNTS RECEIVABLE UNCOLLECTIBLE $396,400...
Jarden Company has credit sales of $2,300,000 for year 2017. On December 31, 2017, the company’s...
Jarden Company has credit sales of $2,300,000 for year 2017. On December 31, 2017, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $18,370. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 460,000 Not...
Hovak Company has credit sales of $4,500,000 for year 2017. At December 31, 2017, the company's...
Hovak Company has credit sales of $4,500,000 for year 2017. At December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted debit balance of $3,400. Hovak prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. Expected Percent Uncollectible December Age of 31, 2017, Accounts Receivable Accounts Receivable $396,400 Not yet...
Jarden Company has credit sales of $2,300,000 for year 2017. On December 31, 2017, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $18,370
Jarden Company has credit sales of $2,300,000 for year 2017. On December 31, 2017, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $18,370. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 460,000 Not...
The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000...
The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,359. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable $...
Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales...
Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,066. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts...
Required Information [The following information applies to the questions displayed below.) Jarden Company has credit sales...
Required Information [The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000 for year 2018. On December 31, 2018, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,659. Jarden prepares a schedule of its December 31, 2018 accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2018 Accounts...
4. Temper Company has credit sales of $3.10 million for year 2010. Temper estimates that 0.9% of the credit sales will not be collected. On December 31, 2010, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $2,222. Temper prepares a schedule of its December 31, 2010, accounts receivable by age. Based on past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here: 25 points December...
3. City Developers purchased a neighborhood company for $4,500,000 cash, on 6/15/2018, acquiring the following assets in the package. Cash for assets exchange was made on the contract date. Seller's Book Value Fair Market valuation Land $872,000 $950,000 Building $2,350,000 $2,100,000 Production equipment $456,000 $420,000 Motor vehicles $83,000 80,000 Office equipment $41.000 35,000 Totals $3,802.000 $3.585,000 Required: Prepare the journal necessary to record these assets, at allocated costs, in the books of City Developers. General Journal Date Accounts Dr. Cr....
Hovak Company has credit sales of $4,500,000 for year 2017. At December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted debit balance of $3,400. Hovak prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. Expected Percent Uncollectible December Age of 31, 2017, Accounts Receivable Accounts Receivable $396,400 Not yet...
The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,359. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable $...
Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,600,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,066. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts...
Required Information [The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000 for year 2018. On December 31, 2018, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,659. Jarden prepares a schedule of its December 31, 2018 accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2018 Accounts...
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