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. O . 6 Application Assignment X 6 9 C' 6 hwdsb.elearningontario.ca/content/enforced/15948401-EL_SSH_BAT4M192_916579_'l920ELSem2/BAT4MPU02/BAT4MPU02A06/docs/U2A6%20Assignment%201%20%20... '31 o 2 ma M Gmail II YouTube a ME Homepage-0L0... Course Content -... 6 Smart Motorist -... e www.youtube.com J Thedriverofacar... e t e SAMPLE RESPON... Application Assignment PART A Transactions and Journal Entries 1. Perth Construction Company The Perth Construction Company purchased a piece of machinery on June 29, 2013 for $53 000. Freight costs came to $800. It cost $1 700 to install and test the machinery. At this time it was estimated that the machine would be used for six years and would have a residual value of $8 000 at that time. Before recording the 2016 amortization expense, the owners realized that this machinery would last only ve years, and therefore revised the amortization expense calculation. On July 2, 2017, the machine broke down and rather than repair it, the company decided to sell it for $12 000. a) Prepare the journal entry to record the purchase of the machine on June 29, 2013. b) Calculate the amortization charges that would appear on the 2013 and 2014 income statements, using the straight line method of amortization. c) Show the journal entry for the 2013 amortization. d) Show how the machine would appear in the Perth Construction Company Balance Sheet on December 31, 2015, presuming the straight-line method of amortization is used. e) Briey explain why no journal entry would be made to correct previous years' records after the new estimate in 2016 for expected life. Give one GAAP to support your argument. f) Prepare the journal entry for the July 2, 2017 transaction. 2. Miyasawa Mining Company On Feb. 1, 2015, Miyasawa Mining Company purchased a mine for $80 million that is estimated have 250 000 tonnes of ore and a residual value of $3 million. The cost of restoration at the end of the useful life is estimated at $8 million. In 2015, 30 000 tonnes of ore were extracted. a) Calculate the amount of amortization that should be recorded on December 31, 2015. b) Calculate the amount of the restoration liability. c) Show the journal entry for December 31, 2015. 3. MaoDougall Brothers The income statement approach to estimating uncollectible accounts is used by MacDougaIl Brothers. On January 31 the rm had accounts receivable in the amount of $750 000. The Allowance for Doubtful Accounts had a credit balance of $5 250. The controller estimated that the uncollectible accounts expense would Chrome X1+ 949 8 8 100% 47 # FD 17:32 Q DE ... Application Assignment X + C hwdsb.elearningontario.ca/content/enforced/15948401-EL_SSH_BAT4M1-92_916579_1920ELSem2/BAT4MPU02/BAT4MPU02A06/docs/U2A6%20Assignment%201%20-%20... b . . . MA M Gmail YouTube tta @ Homepage - OLC... @ Course Content -... Smart Motorist -... www.youtube.com J The driver of a car... MITHR SAMPLE RESPOND.. > > Application Assignment 1/3 The income statement approach to estimating uncollectible accounts is used by MacDougall Brothers. On January 31 the firm had accounts receivable in the amount of $750 000. The Allowance for Doubtful Accounts had a credit balance of $5 250. The controller estimated that the uncollectible accounts expense would amount to one-half of 1% of the $4 500 000 of net sales made during January. This estimate was entered in the accounts by an adjusting entry on January 31. On February 12, an account receivable from Carlotta Smith n the amount of $4 125 was determined to be worthless and was written off. However, on February 24, Smith won several million dollars in the lottery and immediately paid her $4 125 past-due account. a) Prepare journal entries in general journal form for Jan. 31, Feb. 12, and Feb. 24. 4. Sunrise Products Sunrise Products has 250 accounts receivable accounts. All accounts are due in 30 days. On June 30, an ageing schedule was prepared. The results are summarized below: Total Not Yet 1-30 days 31-60 days 61-90 days Over 90 Que past due past due past due days past due Amounts $345 250 $183 590 $94 680 $43 340 $9 000 $14 640 Two accounts receivable were accidentally omitted from this schedule. The following data is available regarding these accounts + ma the R. Jones owes $4 250 from two invoices: Invoice no. 218, dated March 14, in the amount of $2 980; and Invoice no. 568, dated May 9, in the amount of $1 270. F. Smith owes $3 760 from two invoices: Invoice no. 574, dated May 19, in the amount of $1 350: and Invoice no. 641, dated June 5, in the amount of $2 410.. O . 9 Application Assignment 6 9 C' 6 hwdsb.elearningontario.ca/content/enforced/15948401-EL_SSH_BAT4M192_916579_1920ELSem2/BAT4MPUO2/BAT4MPU02AO6/docs/U2A6%20Assignment%201%20%20... '31 o 2 ma M Gmail II YouTube a ME Homepage-0L0... Course Content -... 6 Smart Motorist -... e www.ycutube.ccm J Thedriverofacar... e t e SAMPLE RESPON... Application Assignment 4. Sunrise Products Sunrise Products has 250 accounts receivable accounts. All accounts are due in 30 days. On June 30, an ageing schedule was prepared. The results are summarized below: Total Not Yet 1-30 days 31 -60 days 61 -90 days Over 90 Due past due past due past due days past due Amounts $345 250 $183 590 $94 680 $43 340 $9 000 $14 640 Two accounts receivable were accidentally omitted from this schedule. The following data is available regarding these accounts: ' R. Jones owes $4 250 from two invoices: Invoice no. 218, dated March 14, in the amount of $2 980; and Invoice no. 568, dated May 9, in the amount of $1 270. - F. Smith owes $3 760 from two invoices: Invoice no. 574, dated May 19, in the amount of $1 350: and Invoice no. 641, dated June 5, in the amount of $2 410. a) Complete the ageing chart as of June 30 by adding to the column subtotals an ageing of the accounts of Jones and Smith. b) Calculate the estimated portion of each age group that will prove uncollectible and the required balance in the Allowance for Doubtful Accounts. The following percentages of each age group are estimated to be uncollectible: Not yet due, 1%; 1-30 days, 4%; 31-60 days, 10%; 61-90 days, 30%; over 90 days, 50%. c) Prepare the joumal entry to adjust the Allowance for Doubtful Accounts account at June 30. Prior to making this adjustment, the account has a credit balance of $13 800. 5. Noodle Hut Restaurant The Noodle Hut restaurant does a brisk business. Joumalize the following three transactions from their lunchtime crowd on May 16, 2015. The following service fees apply: $0.15 per transaction for debit card; 2.5% for MasterCard and Visa; 3.5% for American Express. a) A lunch bill for $34.00 was paid with a debit card. b) A lunch bill for $25.00 was paid with a MasterCard. c) A lunch bill for $55.00 was paid with an American Express. Chrome X1+ 4049 Q 100% 47 # FD 17:32 Q DE .. . Application Assignment X + C hwdsb.elearningontario.ca/content/enforced/15948401-EL_SSH_BAT4M1-92_916579_1920ELSem2/BAT4MPU02/BAT4MPU02A06/docs/U2A6%20Assignment%201%20-%20... . .. A M Gmail YouTube tta @ Homepage - OLC... Course Content -... Smart Motorist -... www.youtube.com J The driver of a car... WITH SAMPLE RESPOND.. > > F. Smith owes $3 760 from two invoices: Invoice no. 574, dated May 19, in the amount of $1 350: and Invoice no. 641, dated June 5, in the amount of $2 410. a) Complete the ageing chart as of June 30 by adding to the column subtotals an ageing of the accounts of Jones and Smith. b) Calculate the estimated portion of each age group that will prove uncollectible and the required balance in the Allowance for Doubtful Accounts. The following percentages of each age group are estimated to be uncollectible: Not yet due, 1%; 1-30 days, 4%; 31-60 days, 10%; 61-90 days, 30%; over 90 days, 50%. c) Prepare the journal entry to adjust the Allowance for Doubtful Accounts account at June 30. Prior to making this adjustment, the account has a credit balance of $13 800 5. Noodle Hut Restaurant The Noodle Hut restaurant does a brisk business. Journalize the following three transactions from their lunchtime crowd on May 16, 2015. The following service fees apply: $0. 15 per transaction for debit card; 2.5% for MasterCard and Visa; 3.5% for American Express. a) A lunch bill for $34.00 was paid with a debit card. b) A lunch bill for $25.00 was paid with a MasterCard. c) A lunch bill for $55.00 was paid with an American Express. 6. Ranjeet Jewellers Ranjeet Jewellers is a jewellery wholesaler. They mostly sell to retailers. Joe's Fine Jewellery n outstanding account with Ranjeet Jewellers for $9 750 that is several months past due. On April 1, Ranjeet Jewellers accepts a promissory note for the total amount with 5% annual interest for a term of three months ending June 30, 2015. Record the following independent journal entries: b ) The journal entry to record the acceptance of the note by Ranjeet Jewellers. The journal entry to record the receipt of payment of the note, plus interest on June 30, 2015. c) The journal entry to record the failure of Joe's Fine Jewellery to pay their note on July 1, 2015. ma the
