A few questions, need answers as soon as possible. Thank you.
v (b) On July 8, Cambridge returned merchandise worth $6,900 to Beca. Its original cost was $4,640. The merchandise was restored to inventary. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Amount Titles and Explanation Debit Credlt mm H H | i H H i (To record sales return) MW H H \\ | H H \\ (To record cost of merchandise returned) Brief Exercise 8-3 (Part Level Submission) Record the following transactions on the books of Lawn Ltd., which uses a perpetual inventory system. V (a) Sold $25,800 of merchandise on April 28 to Valez Ltd., terms 2/10, n/30. The goods sold had cost Lawn $17,900. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account 11\"\" and Explanah'on Debit Credit April 28 l M H l | H H l (T 0 record sales) mm H H w l H H i (To record cost of goods sold) Brief Exercise 85 (Part Level Submission) At June 30, Cinrich Ltd. prepared the following aging schedule: 7 (a1) Complete the following aging schedule. Total Estimated Number of Days Accounts Estimated % Uncollected Outstanding. Receivable. Uncollectible. Accounts. 0'45 days\" $700,000 2% $ 4690 days. 227,000 4% Over 90 daYS- 106,000 16% Tom $1,033,000 $ Brief Exercise 8-6 (Part Level Submission) Tri Town Imports prepared the aging schedule below at December 31. Y (a) Complete the following aging schedule. Number of Days Accounts Estimated % Outstanding Receivable Uncollectible 030 days $334,000 1% 3160 days 112,000 4% 6190 days 76,000 10% Over 90 days 36,000 20% We" $558,000 Total Estimated Uncollected Accounts Brief Exercise 8-7 (Part Level Submission) At the end of 2017, Hiroole Corp. has accounts receivable of $491,400 and an allowance for doubtful accounts of $28,200. On January 24, 2018, Hiroole learns that its $10,100 receivable from Hutley Inc. is not collectible. Management authorizes a write off. V (a) Prepare the journal entry to record the write off. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 24 l H H l | H H Brief Exercise 8-12 (Part Level Submission) Kokomo Limited accepts a three-month, 6%, $43,200 note receivable in settlement of an account receivable on April 1, 2018. Interest is due at maturity. V (a) Prepare the journal entries required by Kokorno Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming the note is honoured and that no interest has previously been accrued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Amount Titles and Explanation Debit Credit 'H H H l l H H l l 'H H H l l H H l l H H l Brief Exercise 8-14 (Part Level Submission) Maple Leaf Foods Inc. reported the following selected information (in thousands) for the three years ended December 31, 2015, 2014, and 2013: 2015 2014 2013 Trade receivables (gross) $25,537 $20,498 $37,173 Allowance for doubtful accounts 5 4 80 Sales 3,292,932 3,157,241 2,954,777 V (a) Calculate Maple Leaf 's receivables turnover and average collection period for 2015 and 2014. (Round answers to 1 decimal place, e.g. 52.5.) 2015 2014 Receivables turnover times times Average collection period days days Brief Exercise 8-15 (Part Level Submission) Canfor Corporation reported the following selected information (in millions) for the three years ended December 31, 2015, 2014, and 2013: 2015 2014 2013 Trade receivables (gross) $196.3 $95.0 $115.3 Allowance for doubtful accounts 4.5 3.7 2.7 Net sales 3,925.3 3,347.6 3,194.9 v (a) Calculate Canfor's receivables turnover and average collection period for 2015 and 2014. (Round answers to 1 decimal place, e.g. 52.5.) 2015 2014 Receivables turnover times times Average collection period days days Problem 8-11A (Part Level Submission) The following selected ratios are available for Marx Pets Inc. for the most recent three years: 2018 2017 2016 Current ratio 2.7 :1 2.5 :1 2.3 :1 Receivables turnover 8.9 times 8.2 times 7.5 times Inventory turnover 10.7 times 9.3 times 8.2 times V (3) Calculate the average collection period and days in inventory for each year. (Round answers to 0 decimal places, e.g. 5,275. Use 365 days for calculation.) 2018 2017 2016 Average collection period days days days Days in inventory days days days Expand Your Critical Thinking 8-5 (Part Level Submission) Sam Wong is the controller of Encounter Limited, a publicly traded company He has completed an aging schedule and determined that the allowance for doubtful accounts should be $100,000 at the end of the current year. Sam has noticed that the average age of receivables this year is older than in prior years The president of the company, Suzanne Chen, is nervous because the bank expects the company to maintain a current ratio of 2:1t After recording the adjustment for bad debts this year, the current assets total $2,000,000 while current liabilities total $1,025,000. Suzanne recalls from her accounting studies that estimating uncallectible accounts requires judgement. She has asked that Sam review his estimate percentages to reduce the allowance from $100,000 to $40,000. She believes this will better reect the company 5 real" liquidity. V (C) Does the president's request pose an ethical dilemma for the controller
