Reference no: EM13849917
EXTRA CREDIT ASSIGNMENT - FALL 2015 - MILLER
Due at the beginning of class Wednesday, October 7th. Must stay for class and sign in on attendance sheet for credit. Will not be accepted later than ten minutes after the hour. Worth a maximum of 10 points. Show all calculations. Journal entries must be in proper format. Staple multiple pages together. Do not use ink. Write your name and class time at the top of each page.
Shamrock Company
Shamrock Company sells their merchandise only on account. The following data are available at December 31, 2014.
Sales $512,000
Sales returns and allowances
Sales discounts 10,000
2,000
Allowance for doubtful accounts at January 1, 2014 (credit balance) 3,500
Accounts receivable, December 31, 2014 200,000
1. Prepare the journal entry necessary on December 31, 2014 if the company estimates that bad debt expense should be 2% of net credit sales.
2. Prepare the journal entry necessary on December 31, 2014 if the company estimates that 5% of accounts receivable will be uncollectible.
3. Assume that the Allowance for Doubtful Accounts at January 1, 2014 has a debit balance of $2,500. Prepare the journal entry necessary on December 31, 2014 if the company estimates that 5% of accounts receivable will be uncollectible.
4. Assume that on March 1, 2015, the company writes off an uncollectible account in the amount of $1,500. Prepare the necessary journal entry on March 1st.
|
Business owner contracts with the government
: Not every business owner contracts with the government. Imagine you are in a purchasing role for the government. Assess the situation and then recommend three to five ways in which you could entice more people to become engaged in contracting with th..
|
|
Compute the total accounts receivable in each age category
: Determining Bad Debt Expense Based on Aging Analysis LO6-3 [The following information applies to the questions displayed below.] Blue Skies Equipment Company uses the aging approach to estimate bad debt expense at the end of each accounting year. Com..
|
|
An essential issue in international business
: An essential issue in international business is determining which components to manufacture in-house and which to outsource to independent suppliers. Is outsourcing a good idea? Explain your answer in a persuasive way.
|
|
Sensors built in to determine
: A company in the United States (U.S.) is relatively new and is creating innovative recyclable garden and landscape products that are more resource efficient. A garden hose for instance that can be laid down between rows of plants and has sensors buil..
|
|
Prepare the journal entry necessary
: Prepare the journal entry necessary on December 31, 2014 if the company estimates that bad debt expense should be 2% of net credit sales.
|
|
Nuanced restaurants
: Nuanced Restaurants* is a national chain of interactive restaurants around the country and expanding rapidly into South America. They are prominent on all the restaurant retailing sites. Their newest venture partners with an Internet company to track..
|
|
Discuss dynamics engineering costing procedures
: Discuss Dynamics Engineering costing procedures. Why does overhead cost increase when direct labor hours increase
|
|
Hr professional in a company
: Assume you are an HR professional in a company that is exploring the possibility of a merger. Identify the specific litigation risks that need to be considered during a merger or acquisition. Describe the role of human resources in each of the major ..
|
|
Assume the company chooses a cash dividend
: The Board of Directors of Oriole Company is debating what type of dividend (or stock split) to give its shareholders. The common stock is currently trading at $34 per share. The following is Oriole's current shareholders' equity
|