Homework Answers
Ans : $116000
the cummulative effect of charging the estimated bad debt rate = $116000.
Shelfield company would not report any cummulative effect.
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Question 13 View Policies Current Attempt in Progress Sheffield Company has recorded bad debt expense in...
Send to Gradebook < Prev Next Question 6 View Policies Current Attempt in Progress Sheffield Company...
Send to Gradebook < Prev Next Question 6 View Policies Current Attempt in Progress Sheffield Company purchased equipment for $237,200 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $14,000. Estimated production is 36,000 units and estimated working hours are 20,0 During 2020, Sheffield uses the equipment for 500 hours and the equipment produces 1,000 units. Compute depreciation expense under each of the following methods. Sheffield...
Send to Gradebook < Prev Next > Question 20 --/1 View Policies Current Attempt in Progress...
Send to Gradebook < Prev Next > Question 20 --/1 View Policies Current Attempt in Progress An aging of a company's accounts receivable indicates that $14400 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1160 credit balance, the adjustment to record bad debts for the period will require a O debit to Allowance for Doubtful Accounts for $13240. O credit to Allowance for Doubtful Accounts for $14400. O debit to Bad Debt Expense for $14400. debit...
Send to Gradebook < Prev Next > Question 21 --/1 View Policies Current Attempt in Progress...
Send to Gradebook < Prev Next > Question 21 --/1 View Policies Current Attempt in Progress port An aging of a company's accounts receivable indicates that $15500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1180 credit balance, the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $14320 O credit to Allowance for Doubtful Accounts for $15500. Odebit to Bad Debt Expense for $14320. debit to...
Question 9 View Policies Current Attempt in Progress When the allowance method of recognizing bad debt...
Question 9 View Policies Current Attempt in Progress When the allowance method of recognizing bad debt expense is used, the entries at the time of collection of a small account previously written off would Have no effect on the allowance for doubtful accounts. Decrease the allowance for doubtful accounts. Increase the allowance for doubtful accounts. Increase net income.
Question 7 View Policies Current Attempt in Progress The following information is available for Swifty Corporation...
Question 7 View Policies Current Attempt in Progress The following information is available for Swifty Corporation Allowance for doubtful accounts at December 31, 2019 $23000 Credit sales during 2020 1110000 Accounts receivable deemed worthless and written off during 2020 28900 As a result of a review and aging of accounts receivable in early January 2021. It has been determined that an allowance for doubtful accounts of $16700 is needed at December 31, 2020. What amount should Swifty record as "bad...
Question 10 View Policies Current Attempt in Progress The following are a series of unrelated situations....
Question 10 View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Pronghorn Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7.790 $1,279,500 Pronghorn Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense...
Question 4 /1 View Policies Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co....
Question 4 /1 View Policies Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,265 at the end of that time. Assume straight-line depreciation (a)...
Question 5 --/1.5 View Policies Current Attempt in Progress Oriole Company has been in business several...
Question 5 --/1.5 View Policies Current Attempt in Progress Oriole Company has been in business several years. At the end of the current year, the unadjusted balances show: Accounts Receivable Sales Revenue Allowance for Doubtful Accounts $300,000 2,321,700 5,355 Bad debts are estimated to be 8% of receivables. Record adjustment to Allowance for Doubtful Accounts in a tabular summary. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities +...
Question 10 of 1B 72 View Policies Current Attempt in Progress On July 7, 2020, Sheffield...
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0.1 Question 4 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $70,200...
0.1 Question 4 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the er of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with salvage value of $5,265 at the end of that time. Assume straight-line...
Send to Gradebook < Prev Next Question 6 View Policies Current Attempt in Progress Sheffield Company purchased equipment for $237,200 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $14,000. Estimated production is 36,000 units and estimated working hours are 20,0 During 2020, Sheffield uses the equipment for 500 hours and the equipment produces 1,000 units. Compute depreciation expense under each of the following methods. Sheffield...
Send to Gradebook < Prev Next > Question 20 --/1 View Policies Current Attempt in Progress An aging of a company's accounts receivable indicates that $14400 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1160 credit balance, the adjustment to record bad debts for the period will require a O debit to Allowance for Doubtful Accounts for $13240. O credit to Allowance for Doubtful Accounts for $14400. O debit to Bad Debt Expense for $14400. debit...
Send to Gradebook < Prev Next > Question 21 --/1 View Policies Current Attempt in Progress port An aging of a company's accounts receivable indicates that $15500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1180 credit balance, the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $14320 O credit to Allowance for Doubtful Accounts for $15500. Odebit to Bad Debt Expense for $14320. debit to...
Question 9 View Policies Current Attempt in Progress When the allowance method of recognizing bad debt expense is used, the entries at the time of collection of a small account previously written off would Have no effect on the allowance for doubtful accounts. Decrease the allowance for doubtful accounts. Increase the allowance for doubtful accounts. Increase net income.
Question 7 View Policies Current Attempt in Progress The following information is available for Swifty Corporation Allowance for doubtful accounts at December 31, 2019 $23000 Credit sales during 2020 1110000 Accounts receivable deemed worthless and written off during 2020 28900 As a result of a review and aging of accounts receivable in early January 2021. It has been determined that an allowance for doubtful accounts of $16700 is needed at December 31, 2020. What amount should Swifty record as "bad...
Question 10 View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Pronghorn Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7.790 $1,279,500 Pronghorn Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense...
Question 4 /1 View Policies Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,265 at the end of that time. Assume straight-line depreciation (a)...
Question 5 --/1.5 View Policies Current Attempt in Progress Oriole Company has been in business several years. At the end of the current year, the unadjusted balances show: Accounts Receivable Sales Revenue Allowance for Doubtful Accounts $300,000 2,321,700 5,355 Bad debts are estimated to be 8% of receivables. Record adjustment to Allowance for Doubtful Accounts in a tabular summary. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities +...
Question 10 of 1B 72 View Policies Current Attempt in Progress On July 7, 2020, Sheffield Realty Co performed cash services of $1710 The entry to record this transaction would include O a credit to Accounts Payable of $1710, O a debit to Service Revenue of $1710 O a credit to Accounts Receivable of $1710 a debit to Cash of $1710 Save for Attempts: 0 of 1 used
0.1 Question 4 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the er of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with salvage value of $5,265 at the end of that time. Assume straight-line...
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