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Accounting 23rd Edition Carl S. Warren - Solutions

=+Nov.30. Wrote off the following accounts as uncollectible (record as one journal entry):Don O’Leary $2,000 Kim Snider 1,500 Jennifer Kerlin 900 Tracy Lane 1,250 Lynn Fuqua 450
=+EX 9-12 Entry for uncollectible accounts obj. 4 The following selected transactions were taken from the records of Lights of the West Company for the first year of its operations ending December 31, 2010:Jan. 24. Wrote off account of J. Huntley, $3,000.Feb. 17. Received $1,500 as partial payment
=+EX 9-11 Estimating doubtful accounts obj. 4 Using the data in Exercise 9-11, assume that the allowance for doubtful accounts for Fonda Bikes Co. had a debit balance of $4,145 as of December 31, 2010.Journalize the adjusting entry for uncollectible accounts as of December 31, 2010.
=+Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31, 2010.
=+✔ AAA Pickup Shop, 62 days 426 Chapter 9 Receivables Fonda Bikes Co. is a wholesaler of motorcycle supplies. An aging of the company’s accounts receivable on December 31, 2010, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows:Percent
=+Determine the number of days each account is past due.obj. 4
=+EX 9-10 Adjustment for uncollectible accounts obj. 4 Account Due Date Amount AAA Pickup Shop May 30 $6,000 Best Auto July 14 3,000 Downtown Repair March 18 2,000 Luke’s Auto Repair June l 5,000 New or Used Auto June 18 750 Sally’s April 12 2,800 Trident Auto May 31 1,500 Washburn Repair & Tow
=+EX 9-9 Estimating allowance for doubtful accounts obj. 4✔ $77,800 Using data in Exercise 9-8, assume that the allowance for doubtful accounts for Summit Industries has a credit balance of $16,175 before adjustment on November 30. Journalize the adjusting entry for uncollectible accounts as of
=+Customer Balance Days Past Due A B CD E F G EX 9-8 Aging of receivables schedule obj. 4
=+b. Complete the aging-of-receivables schedule by including the omitted accounts.1 23 45 21 22 Abbott Brothers Inc.Alonso Company Ziel Company Subtotals 2,000 1,500 5,000 807,500 31,700 5,000 78,500 2,000 475,000 1,500 180,000 42,300 1–30 31–60 61–90 Not Due Past 90 Over
=+a. Determine the number of days past due for each of the preceding accounts.
=+✔a. 19.9%Chapter 9 Receivables 425 The accounts receivable clerk for Summit Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:The following accounts were unintentionally omitted from the aging schedule and not included
=+b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable as of December 31, 2006, for Johnson & Johnson.c. Discuss possible reasons for the difference in the two ratios computed in(a) and (b).obj. 2
=+a. Compute the percentage of the allowance for doubtful accounts to the accounts and notes receivable as of December 31, 2006, for The MGM Mirage.
=+EX 9-7 Number of days past due Johnson & Johnson manufactures and sells a wide range of health care products including Band-Aids and Tylenol. As of December 31, 2006, Johnson & Johnson reported accounts receivable of $8,872,000,000 and allowance for doubtful accounts of$160,000,000.
=+Bubba’s Auto Supply distributes new and used automobile parts to local dealers throughout the Southeast. Bubba’s credit terms are n/30. As of the end of business on July 31, the following accounts receivable were past due:
=+EX 9-6 Providing for doubtful accounts obj. 4✔a. $23,500✔b. $24,800
=+. The allowance account before adjustment has a debit balance of $6,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $49,500.
=+c. The allowance account before adjustment has a debit balance of $6,000. Bad debt expense is estimated at 1/2 of 1% of net sales.
=+b. The allowance account before adjustment has a credit balance of $11,200. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $36,000.
=+a. The allowance account before adjustment has a credit balance of $11,200. Bad debt expense is estimated at 1/4 of 1% of net sales.
=+EX 9-5 Entries to write off accounts receivable objs. 3, 4 At the end of the current year, the accounts receivable account has a debit balance of$825,000 and net sales for the year total $9,400,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the
=+Tech Savvy, a computer consulting firm, has decided to write off the $8,375 balance of an account owed by a customer, Nick Wadle. Journalize the entry to record the writeoff, assuming that (a) the direct write-off method is used and (b) the allowance method is used.
=+Sept. 3. Reinstated the account of Wings Co. that had been written off on March 31 and received $8,200 cash in full payment.
=+Mar. 31. Received $5,000 from Wings Co. and wrote off the remainder owed on the sale of January 18 as uncollectible.
=+Jan. 18. Sold merchandise on account to Wings Co., $13,200. The cost of the merchandise sold was $9,500.
=+Journalize the following transactions in the accounts of Food Unlimited Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:
=+Dec. 2. Reinstated the account of Dr. Judith Salazar that had been written off on May 10 and received $31,500 cash in full payment.
=+May 10. Received $10,000 from Dr. Judith Salazar and wrote off the remainder owed on the sale of February 23 as uncollectible.
=+Journalize the following transactions in the accounts of Laser Tech Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:Feb. 23. Sold merchandise on account to Dr. Judith Salazar, $41,500. The cost of the merchandise sold was $22,300.
=+EX 9-2 Nature of uncollectible accounts 424 Chapter 9 Receivables
=+EE 9-3 p. 405 The MGM Mirage owns and operates casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of December 31, 2007, the MGM Mirage reported accounts and notes receivable of $452,945,000 and allowance for doubtful accounts of $90,024,000.
=+PE 9-4A Analysis of receivables method obj. 4 EE 9-4 p. 407 Determine (1) the amount of the adjusting entry for uncollectible accounts; (2) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and (3) the net realizable value of accounts receivable.
=+PE 9-5A Note receivable obj. 6 EE 9-5 p. 413 At the end of the current year, Accounts Receivable has a balance of $1,400,000;Allowance for Doubtful Accounts has a debit balance of $2,250; and net sales for the year total $9,500,000. Using the aging method, the balance of Allowance for Doubtful
=+Boeing is one of the world’s major aerospace firms, with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and information and battle management systems. As of December 31, 2007, Boeing had $2,838 million of receivables involving U.S. government
=+Cannondale Supply Company received a 120-day, 9% note for $200,000, dated March 13 from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c. Journalize the entry to record the receipt of the payment of the note at maturity.
=+At the end of the current year, Accounts Receivable has a balance of $1,400,000; Allowance for Doubtful Accounts has a debit balance of $2,250; and net sales for the year total $9,500,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $24,000. Determine
=+At the end of the current year, Accounts Receivable has a balance of $750,000; Allowance for Doubtful Accounts has a credit balance of $11,250; and net sales for the year total $4,100,000. Bad debt expense is estimated at 1 /2 of 1% of net sales.
=+At the end of the current year, Accounts Receivable has a balance of $1,400,000; Allowance for Doubtful Accounts has a debit balance of $2,250; and net sales for the year total $9,500,000. Bad debt expense is estimated at 1 /4 of 1% of net sales. Determine (1) the amount of the adjusting entry
=+16. Under what section should accounts receivable be reported on the balance sheet?
=+15. The note receivable dishonored in Eye Opener 14 is paid on July 30 by the maker, plus interest for 30 days, 10%. What entry should be made to record the receipt of the payment?
=+to record the dishonored note receivable?
=+14. The maker of a $10,000, 8%, 90-day note receivable failed to pay the note on the due date of June 30. What accounts should be debited and credited by the payee
=+7%, will the interest amount to $6,300? Explain.
=+13. If a note provides for payment of principal of $90,000 and interest at the rate of
=+(b) What is the title of the account used by Tucker Company in recording the note?
=+12. Blanchard Company issued a note receivable to Tucker Company. (a) Who is the payee?
=+11. For a business, what are the advantages of a note receivable in comparison to an account receivable?
=+10. Which of the two methods of estimating uncollectibles provides for the most accurate estimate of the current net realizable value of the receivables?
=+8. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $298,150 and Allowance for Doubtful Accounts has a balance of $31,200. Describe how the accounts receivable and the allowance for doubtful accounts are reported on the balance sheet.
=+7. What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit?
=+6. Which of the two methods of accounting for uncollectible accounts provides for the recognition of the expense at the earlier date?
=+few customers that are allowed to carry accounts receivable are long-time residents of Willow Creek and have a history of doing business at Gallatin Hardware. What method of accounting for uncollectible receivables should Gallatin Hardware use?Why?
=+5. Gallatin Hardware is a small hardware store in the rural township of Willow Creek that rarely extends credit to its customers in the form of an account receivable. The
=+4. Give two examples of other receivables.
=+3. In what section of the balance sheet should a note receivable be listed if its term is (a) 90 days, (b) six years?
=+2. What types of transactions give rise to accounts receivable?
=+1. What are the three classifications of receivables?
=+5. When a note receivable is dishonored, Accounts Receivable is debited for what amount?A. The face value of the note B. The maturity value of the note C. The maturity value of the note less accrued interest D. The maturity value of the note plus accrued interest
=+4. What is the due date of a $12,000, 90-day, 8% note receivable dated August 5?A. October 31 C. November 3 B. November 2 D. November 4
=+. What is the maturity value of a 90-day, 12% note for $10,000?A. $8,800 C. $10,300 B. $10,000 D. $11,200
=+2. At the end of the fiscal year, Accounts Receivable has a balance of $100,000 and Allowance for Doubtful Accounts has a balance of $7,000. The expected net realizable value of the accounts receivable is:A. $7,000. C. $100,000.B. $93,000. D. $107,000.
=+1. At the end of the fiscal year, before the accounts are adjusted, Accounts Receivable has a balance of $200,000 and Allowance for Doubtful Accounts has a credit balance of $2,500. If the estimate of uncollectible accounts determined by aging the receivables is $8,500, the amount of bad debt
=+2. Journalize the adjusting entry to record the accrued interest on December 31 on the Global Company note.
=+31. It is estimated that 3% of the credit sales of $1,375,000 for the year ended December 31 will be uncollectible.Instructions 1. Journalize the transactions.
=+Dec. 16. Accepted a 60-day, 12% note for $12,000 from Global Company on account.
=+19. Received from Jill Klein the amount owed on the dishonored note, plus interest for 30 days at 15%, computed on the maturity value of the note.
=+Aug. 12. Received from Ames Co. the amount due on its note of May 14.
=+June 13. Reinstated the account of Dorset Co., written off on April 9, and received$2,500 in full payment.July 20. Jill Klein dishonored her note.
=+21. Loaned $7,500 cash to Jill Klein, receiving a 90-day, 14% note.May 14. Received the interest due from Ames Co. and a new 90-day, 14% note as a renewal of the loan. (Record both the debit and the credit to the notes receivable account.)
=+Feb. 1. Sold merchandise on account to Ames Co., $8,000. The cost of the merchandise sold was $4,500.Mar. 15. Accepted a 60-day, 12% note for $8,000 from Ames Co. on account.Apr. 9. Wrote off a $2,500 account from Dorset Co. as uncollectible.
=+Ditzler Company, a construction supply company, uses the allowance method of accounting for uncollectible accounts receivable. Selected transactions completed by Ditzler Company are as follows:
=+d. Is Chrysler LLC a public company?
=+c. Describe the membership structure of Chrysler LLC.
=+b. When was Chrysler LLC formed?
=+a. Briefly describe the business of Chrysler LLC.
=+SA 12-4 Partnership agreement In an assigned group or individually (if so assigned), go to the Web site for Chrysler LLC at http://www.chryslerllc.com. Using this Web site and other Internet information about Chrysler LLC, answer the following questions:
=+If you were providing Kelly Herron counsel, what might you suggest in forming the final agreement?
=+Kelly Herron has agreed to invest $200,000 into an LLC with Michelle Moss and Dan Kim. Moss and Kim will not invest any money, but will provide effort and expertise to the LLC. Moss and Kim have agreed that the net income of the LLC should be divided so that Herron is to receive a 10% preferred
=+b. Interpret the differences between the firms in terms of your answer in (a) and the table information.Chapter 12 Accounting for Partnerships and Limited Liability Companies 573
=+. Determine the revenue per partner and revenue per professional staff for each firm.Round to the nearest dollar.
=+SA 12-3 Revenue per employee U.S. Net No. of Revenues No. of Professional(in millions) Partners Staff Deloitte & Touche $9,850 2,758 29,725 Ernst & Young 7,561 2,300 20,200 PricewaterhouseCoopers 7,464 2,151 22,541 KPMG LLP 5,357 1,715 15,164 Source: The 2008 Accounting Today Top 100 Firms.
=+SA 12-2 Dividing partnership income The following table shows key operating statistics for the four largest public accounting firms:
=+How would you advise the partners in developing a method for dividing income?
=+the partners should divide income in the ratio of 7:3, favoring Becker, since Becker provides the majority of the capital. Morrow believes the income should be divided 7:3, favoring Morrow, since Morrow provides the majority of effort in running the partnership business.
=+ 12-1 Partnership agreement Rahmel Becker and Heather Morrow decide to form a partnership. Becker will contribute $300,000 to the partnership, while Morrow will contribute only $30,000.However, Morrow will be responsible for running the day-to-day operations of the partnership, which are
=+Discuss whether Hayes is acting in an ethical manner. How could Edwards renegotiate the partnership agreement to avoid this dispute?
=+Edwards: I’ve noticed that your patient load has dropped over the last couple of months. When we formed our partnership, we were seeing about the same number of patients per week. However, now our patient records show that you have been seeing about half as many patients as I have. Are there
=+3. Present a balance sheet for the new partnership as of May 1, 2010.572 Chapter 12 Accounting for Partnerships and Limited Liability Companies Special Activities Dustin Edwards, M.D., and Daylan Hayes, M.D., are sole owners of two medical practices that operate in the same medical building. The
=+2. Journalize the additional entries to record the remaining transactions relating to the formation of the new partnership. Assume that all transactions occur on May 1.
=+1. Journalize the entries as of April 30 to record the revaluations, using a temporary account entitled Asset Revaluations. The balance in the accumulated depreciation account is to be eliminated.
=+c. The income-sharing ratio of Rao, Sails, and Hancock is to be 2:1:1.The post-closing trial balance of Rao and Sails as of April 30 is as follows:Rao and Sails Post-Closing Trial Balance April 30, 2010 Debit Credit Balances Balances Cash 7,500 Accounts Receivable 38,400 Allowance for Doubtful
=+PR 12-6B Statement of partnership liquidation obj. 4b. Hancock is to purchase $55,000 of the ownership interest of Sails for $60,000 cash and to contribute another $30,000 cash to the partnership for a total ownership equity of $85,000.
=+b. All of the noncash assets are sold for $85,000 in cash, the creditors are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners.
=+a. All of the noncash assets are sold for $195,000 in cash, the creditors are paid, and the remaining cash is distributed to the partners.
=+1. Prepare a statement of partnership liquidation, covering the period October 1–30 2010, for each of the following independent assumptions:
=+PR 12-5B Statement of partnership liquidation obj. 4 On October 1, 2010, the firm of Orson, Dorr, and Killough decided to liquidate their partnership. The partners have capital balances of $48,000, $63,000, and $11,000, respectively. The cash balance is $9,000, the book values of noncash assets
=+PR 12-4B Admitting new partner obj. 3✔ 3. Total assets,$333,000 Chapter 12 Accounting for Partnerships and Limited Liability Companies 571 After the accounts are closed on July 3, 2010, prior to liquidating the partnership, the capital accounts of Whitney Lacy, Eli Oliver, and Alberto Diaz are
=+• Equipment is to be valued at $194,000.
=+• Merchandise inventory is to be valued at $65,480.

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