Hecter Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total $190,000 Accounts receivable Percent uncollectible 0 $132,000 1% 1 to 30 $30,000 2% 31 to 60 $12,000 4% 61 to 90 $6,000 7% Over 90 $10,000 12% a. On February 1 of the next period, the company determined that $1,900 in customer accounts is uncollectible; specifically, $400 for Oxford Co. and $1,500 for Brookes Co. Prepare the journal entry to write of those accounts. (Omit the "S" sign in your response.) Debit Credit Date Feb 1 General Journal (Click to select) (Click to select) (Click to select) b. On June 5 of that next period, the company unexpectedly received a $400 payment on a customer account, Oxford Company, that had previously been written off in part a. Prepare the entries necessary to reinstate the account and to record the cash received. (Omit the "$" sign in your response.) Debit Credit Date June 5 General Journal (Click to select) (Click to select) June 5 (Click to select) (Click to select) 4. value: 10.00 points Farha Co. purchases a machine for $11,500, terms 2/10, n/60, FOB shipping point. The seller prepaid the $260 freight charges, adding the amount to the invoice and bringing its total to $11,760. The machine requires special steel mounting and power connections costing $795. Another $375 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting, $190 in damages occurred. Materials costing $30 are used in adjusting the machine to produce a satisfactory product. The adjustments are normal for this machine and are not the result of the damages. Compute the cost recorded for this machine. (Farha pays for this machine within the cash discount period.) (Omit the "$" sign in your response.) Cost recorded Ming Yue Company pays $368,250 for real estate plus $19,600 in closing costs. The real estate consists of land appraised at $166,320; land improvements appraised at $55,440; and a building appraised at $174,240. 5. value: 10.00 points Allocate the total cost among the three purchased assets. (Round your percentage answers to a whole to the nearest dollar amount. Omit the "S" and "%" signs in your response.) Appraised value Percent of Total Apportioned cost Land % $ Land improvements Building Totals 7. value 10.00 points In early January 2015, Lab Tech purchases computer equipment for $147,000 to use in operating activities for the next four years. It estimates the equipment's residual value at $30,000. Prepare a table showing depreciation and carrying amount for each of the four years assuming double- declining-balance depreciation. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" and "%" signs in your response.) Depreciation Beginning-year Carrying Amount $ Annual Depreciation $ Year-End Carrying Amount % Year 2015 2016 2017 2018 Total value: 10.00 points Feng Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $42,300. The machine's useful life is estimated at 10 years, or 363,000 units of product, with a $6,000 residual value. During its second year, the machine produces 35,000 units of product. Determine the machine's second-year depreciation under the straight-line method. (Omit the "$" sign in your response.) Second year depreciation $ 9. value: 10.00 points Feng Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $42,300. The machine's useful life is estimated at 10 years, or 363,000 units of product, with a $6,000 residual value. During its second year, the machine produces 35,000 units of product. Determine the machine's second-year depreciation using the units-of-production method. (Omit the "$" sign in your response.) Second year depreciation $
