Reference no: EM13913749
Situation 1: At the end of 2XXX, Winchester Company had a balance in accounts receivable of $43,500. After aging its receivables Winchester estimated that uncollectable approximated $5,050.
Requirements:
a. Assuming Winchester had a credit balance of $500 in its allowance for uncollectable account. Prepare the appropriate adjusting journal entry.
b. Assuming Winchester had a debit balance of $500 in its allowance for uncollectable account. Prepare the appropriate adjusting journal entry.
Situation 2:
During 2XXX, credit sales for Winchester were $200,000. Winchester estimates, based on past years' experience, that 2.5% of the credit sales will be uncollectible.
Requirements:
a) Assuming Winchester had a credit balance of $500 in its allowance for uncollectable account. Prepare the appropriate adjusting journal entry.
b) Assuming Winchester had a debit balance of $500 in its allowance for uncollectable account. Prepare the appropriate adjusting journal entry.
Situation 3:
Assuming during the year Winchester wrote off a $250 account. Prior to year-end the customer of this account paid Winchester the entire $250.
Requirements:
a) Prepare all the appropriate journal entries related to this situation assuming Winchester uses an allowance method.
b) Prepare all the appropriate journal entries related to this situation assuming Winchester uses the direct write-off method.
|
What is the probability that 1 girl and 2 boys are selected
: In a class, there are 15 boys and 10 girls. Three students are selected at random. What is the probability that 1 girl and 2 boys are selected ?
|
|
What do you think should be done with the dresses
: Your manager points out that standards in South America are not so high and that the deadly dresses could be legally sold in several other countries. What do you think should be done with the dresses?
|
|
Should you withhold federal income taxes on the total gross
: Barbri Company ordinarily pays its employees on a weekly basis. Recently, one of the employees, Bernard Nagle, was sent from the home office on a three-week rip. Nagle has now returned to the office, and you are preparing a single check covering his ..
|
|
Distributed between the firms creditors and shareholders
: In general, how is the increase in the value of the firm produced by a positive net present value project distributed between the firm’s creditors and shareholders?
|
|
Direct write-off method
: Prepare all the appropriate journal entries related to this situation assuming Winchester uses an allowance method.Prepare all the appropriate journal entries related to this situation assuming Winchester uses the direct write-off method.
|
|
About the constant growth valuation
: Boehm Incorporated is expected to pay a $1.30 per share dividend at the end of this year (i.e., D1 = $1.30). The dividend is expected to grow at a constant rate of 4% a year. The required rate of return on the stock, rs, is 15%. What is the value per..
|
|
Statement of cash flows for the fiscal year
: The accountant for Huckleberry Company is preparing the company's statement of cash flows for the fiscal year just ended.
|
|
Rena reynolds one of your firms workers
: Rena Reynolds, one of your firm's workers, has just come into the payroll department and says to you: "I am thinking of amending my Form W-4 so that an additional $10 is withheld each week. That way I will get a fat refund next year."
|
|
Assume market is in equilibrium with required return equal
: Nick's Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $4 at the end of each year. The preferred sells for $45 a share. What is the stock's required rate of return (assume the market is in equilibrium with the required..
|