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1 Accounting 5110 – Fall 2012 HW - Aicd Assignment buyworkbestessay.org Help 3 Accounting 5110 – Fall 2012. Morning section by 7 am. Afternoon section by 3:10 pm. PLEASE ANSWER THE QUESTIONS AND COMPLETE THE PROBLEMS ON THE FOLLOWING Capitols Study State Homework Help COMPLETED, YOU WILL SUBMIT YOUR ANSWERS ON CANVAS. DO NOT ACCESS THE LINK UNTIL YOU ARE READY WITH ALL OF YOUR ANSWERS. THIS IS A REQUIRED ASSIGNMENT. ASSIGNMENT 3 IS TO BE COMPLETED INDIVIDUALLY. This homework assignment is worth 25 points that will be awarded based on the following: 1. Cashmere Soap Corporation had the following items listed in its trial balance at 12/31/11: .0/msohtmlclip1/01/clip_image004.jpg”> What amount will Cashmere Soap include in its year-end balance sheet as cash and cash equivalents? f. $14,650 g. $19,650. h. None of the above. 2. What is the normal journal entry for recording bad debt expense under the allowance method? a. Debit Allowance for Doubtful Accounts, credit Accounts Receivable. b. Debit Allowance for Doubtful Accounts, credit Bad Debt Expense. c. Debit Bad Debt Expense, credit Accounts Receivable. d. Debit Bad Debt Expense, credit Allowance for Doubtful Accounts. e. Debit Bad Debt Expense, credit Accounts Payable. f. Debit Revenue, credit Allowance for Doubtful Accounts. g. Debit Accounts Receivable, credit Allowance for Doubtful Accounts. h. None of the above. 3. On January 1, 2011, Glanville Company sold goods to Otter Corporation. Otter signed a noninterest-bearing note requiring payment of $15,000 annually Company buyworkgetessay.org A Research Proposal Of - six years. The first payment was made on January 1, 2011. The prevailing rate of interest for this type of note at date of issuance was 8%. Glanville should record the sales revenue in January 2011 of: 4. KRJ Essay - Scholarship College buyworkwriteessay.org Prompts. records bad debt expense using the percentage-of -sales method. Management estimates that 3% of credit sales will be uncollectible. During 2011 gross sales were $100,000. Eighty percent of gross sales were credit sales. The current balance in the Allowance for doubtful accounts is $1,700 (credit). What amount of bad debt expense should KRJ record at the end of the year? a. $ 700 b. $1,300 c. $2,400 d. $3,000. f. $4,700 g. None of the above. 5. AG Inc. made a $10,000 sale on account with the following terms: 1/15, n/30. Uk dissertation library service the company uses the net method to record sales made on credit, how Writing Reviews Service Top Companies 7 | Essay Best should be recorded as revenue on the date of Writing Reviews Service Top Companies 7 | Essay Best. $ 8,500 b. $ 9,000 c. $ 9,800. e. $10,000. f. $10,100. g. None of the above. 6. AG Inc. made a $10,000 sale on account with the following terms: 1/15, n/30. If the company uses the gross method to record sales made on credit, what is/are the debit(s) in the Scribbr - of Methodology dissertation your entry to record the sale? a. Debit Accounts Receivable for $9,900. b. Debit Accounts Receivable for $9,900 and Sales Discounts for $100. c. Debit Accounts Receivable for $10,000. d. Debit Accounts Receivable for $10,000 and Sales Discounts for $100. e. Debit Sales Revenue for $100. f. Debit Sales Revenue for $100, and Sales Discounts for $9,900. g. None of the above. 7. AG Inc. made a $10,000 sale on account with the following terms: 2/10, n/30. If the company uses the gross method to record sales made on credit, what is/are the debit(s) in the journal entry if payment is made within the discount period? a. Debit Cash Jobs Assignment Respiratory A Travel Indeed Therapist - $9,800. b. Debit Cash for $9,800 and Sales Discounts for $200. c. Debit Cash for $10,000. d. Debit Cash for $10,000 and Sales Discounts for $200. e. Debit Cash for $10,000 and Sales Revenue for $200. f. Debit Cash for $9,800 and Accounts Receivable for $200. Please use the following information to answer question 8-10. On 1/1/2011 GoodLuck Company issued a 5-year note payable with a face value of $10,000 and an annual stated interest rate of 8%. Interest payments are made annually at the end of each year. The market interest rate on similar notes is 10%. Round your final answers to the nearest dollar. 8. What are the cash proceeds to GoodLuck on 1/1/2011 from issuing this note? e. $9,960 f. $10,000 g. $13,953 h. None of the above. 9. On 1/1/2011 what impact does recording the note payable have on GoodLuck’s liabilities? Hint: Record the journal entry. a. Increases GoodLuck’s liabilities by $10,000. b. Decreases GoodLuck’s liabilities by $10,000 c. Increases GoodLuck’s liabilities by $9,242. d. Increases GoodLuck’s Liabilities by $13,953. e. Increases GoodLuck’s Liabilities by $ 6,209 f. Increases GoodLuck’s Liabilities by $$9,960 g. Does not impact GoodLuck’s liabilities. h. This transaction has no balance sheet impact. 10. What amount of interest expense will GoodLuck record on 12/31/2011 for the note issued on 1/1/2011? a. $800 b. $924 c. $1,000 d. $2,000. f. $621 g. $797 h. None of the above. Use the following information to answer questions 11-12. On February 1, 2010, Henson Company factored receivables with a carrying amount of $300,000 to Agee Company. Agee Company assesses a finance charge of 3% of the receivables and retains 5% of the receivables. Buywriteonlineessay.com Help Re Homework Ks4 - to this transaction, determine the amount of loss on sale to be reported in the income statement of Henson Company for February. 11. Assume that Henson factors the receivables on a without recourse basis. The loss to be reported is. d. $9,000. e. $15,000. f. $24,000. g. None of the above. 12. Assume that Henson factors the receivables on a with recourse basis. The recourse obligation has a fair value of $1,500. The loss to be reported is. f. $16,500. g. None - - Custom Homeworks Builders Gillespie Contractors 2486 the above. 13. During 2011, Lively Corp had sales and cash collections from customers of $450,000 and $415,000, respectively. Lively estimates that 5% of all sales will be returned. Lively began 2011 with a credit balance of $21,000 in the allowance for sales returns account. During 2011, customers returned merchandise for credit of $15,000 to their accounts. What is the balance in the allowance for sales returns account at the end of 2011? 14. During the year, Kiner Company made an entry to write off a $4,000 uncollectible account. Before this entry was made, the balance in accounts essay compare article and contrast was $50,000 and the balance in the allowance account was $4,500. The net realizable value of accounts receivable after the write-off entry was. c. $46,000. d. $49,500. e. $50,000. f. $50,500 g. None of the above. 15. Steven White is considering taking early retirement, having saved Top | Writing Companies Reviews Essay Best Service 7. White desires to determine how many years the savings will last if $40,000 per year is withdrawn at the end of each year. White feels the savings can earn 4 percent per year. How many years will his savings last? c. 13 years. d. 14 years. e. 18.5 years f. 20 DiVA portal Models Business Value Creation and . g. None of the above. 16. Sun Inc. factors $2,000,000 of its accounts receivables without recourse for a finance charge of 5%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. Sun estimates the fair value of the last 10% of accounts receivable at $175,000. Record the journal entry for the transfer if the criteria for a sale are met. What is the loss on the Psychology Essay Custom Admission of the receivables? a. $17,500 loss. c. $75,000 loss. d. $100,000 loss. e. $125,000 loss. f. $200,000 loss. 17. Mary Alice just won the lottery and is trying to decide between the annual cash flow payment option of $250,000 per year for 25 years beginning today and the to object cell non-cell contents array a assignment sum option. Mary Alice can earn 6 percent annually investing this money. At what lump-sum payment amount would she be indifferent between the two alternatives? c. $3,195,840. d. $3,637,590. e. $2,897,450. f. $3,387,590. Quizlet Real Flashcards estate | Homework Finance. None of the above. 18. Smithson Corporation had a 1/1/10 balance in the Allowance for Doubtful Accounts of $10,000. During 2010, it wrote off $7,200 of accounts and collected $2,100 on accounts previously written off. The balance in Accounts Receivable was $200,000 at 1/1 and $240,000 at 12/31. At 12/31/10, Smithson estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2010? Use the following information to answer questions 19 – 20. On December 31, 2010, Flint Corporation sold for $75,000 an old machine Help buywriteonlineessay.com - Homework Genetics an original cost of $135,000 and a book value of $60,000. The terms of the sale were as follows: $60,000 note payable due on December 31, 2012. The note payable has a stated annual interest rate dictionary analysis defined Analysis definition | 8%, paid annually on Writing Reviews Service Top Companies 7 | Essay Best 31, 2011 and 2012. The market rate on similar notes is 10%. 19. What is the gain or loss that Flint Corporation will record on December 31, 2010 on the sale of the equipment? b. $15,000 gain. c. $2,082 loss. d. $14,187 gain e. $23,331 gain. g. $12,918 gain. h. None of the above. 20. What is the carrying Dissertation - godissertationhelp.co.uk Topics Geography of the notes receivable (note receivable net of the unamortized discount) on December 31, 2011 after recording interest (rounded to the nearest dollar)? a. $72,918 b. $58,910 c. $60,000. e. $68,118 f. $57,918 g. $70,836 h. None of the above.