Hello, please let me know if you will help me with the attached assignment.

Thanks,

Todd

Exercise 7-7 Riverbed Company reports the following financial information before adjustments. Dr. Accounts Receivable $140,500 Allowance for Doubtful Accounts $3,730 Sales Revenue (all on credit) Sales Returns and Allowances Cr. 816,400 53,360 Prepare the journal entry to record bad debt expense assuming Riverbed Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,540 debit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No Account Titles and . Explanation Debit Credit (a) (b) Exercise 7-12 Presented below is information related to Blue Corp., which sells merchandise with terms 2/10, net/60. Blue Corp. records its sales and receivables net. July 1 Blue Corp. sold to Warren Harding Co. merchandise having a sales price of $16,000. 5 Accounts receivable of $14,800 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 9%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the discount period.) 9 Specific accounts receivable of $14,800 (gross) are pledged to Alf Landon Credit Corp. as security for a loan of $6,600 at a finance charge of 7% of the amount of the loan. The finance company will make the collections. (All the accounts receivable are past the discount period.) Dec. 29 Warren Harding Co. notifies Blue that it is bankrupt and will pay only 20% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable on July 11 when the discount period passed.) Prepare all necessary entries in general journal form for Blue Corp. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation 7/5 (To record discount forfeited) 7/9 (To record notes payable) Problem 7-2 Debit Credit Presented below are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Metlock Company's unadjusted trial balance at December 31, 2017, included the following accounts. Debit Accounts receivable Credit $50,400 Allowance for doubtful accounts $6,000 Net sales $1,276,000 Metlock Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2017. $ Bad debt expense for 2017 2. An analysis and aging of Bonita Corp. accounts receivable at December 31, 2017, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $ 183,880 1,792,200 129,100 What is the net realizable value of Bonita's receivables at December 31, 2017? $ The net realizable value 3. Windsor Co. provides for doubtful accounts based on 3% of gross accounts receivable, The following data are available for 2017. Credit sales during 2017 Bad debt expense Allowance for doubtful accounts 1/1/17 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2017 $448,000 58,020 17,340 8,290 29,650 What is the balance in Allowance for Doubtful Accounts at December 31, 2017? $ The balance in Allowance for Doubtful Accounts 4. At the end of its first year of operations, December 31, 2017, Sheridan Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts $1,035,100 Customer accounts written off as uncollectible during 2017 Bad debt expense for 2017 22,380 76,380 What should be the balance in accounts receivable at December 31, 2017, before subtracting the allowance for doubtful accounts? $ Accounts receivable, before deducting allowance for doubtful accounts 5. The following accounts were taken from Skysong Inc.'s trial balance at December 31, 2017. Debit Credit Net credit sales $756,000 Allowance for doubtful accounts $13,950 Accounts receivable 336,100 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2017. $ The bad debt expense, as adjusted Problem 7-9 Vaughn Inc. had the following long-term receivable account balances at December 31, 2016. Note receivable from sale of division Note receivable from officer $900,000 448,000 Transactions during 2017 and other information relating to Vaughn's long-term receivables were as follows. 1 The $900,000 note receivable is dated May 1, 2016, bears interest at 9%, and represents the . balance of the consideration received from the sale of Vaughn's electronics division to New York Company. Principal payments of $300,000 plus appropriate interest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment was made on May 1, 2017. Collection of the note installments is reasonably assured. 2 The $448,000 note receivable is dated December 31, 2016, bears interest at 8%, and is due . on December 31, 2019. The note is due from Sean May, president of Vaughn Inc. and is collateralized by 11,200 shares of Vaughn's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2017. The quoted market price of Vaughn's common stock was $46 per share on December 31, 2017. 3 On April 1, 2017, Vaughn sold a patent to Pennsylvania Company in exchange for a . $113,000 zero-interest-bearing note due on April 1, 2019. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note of this type at April 1, 2017, was 12%. The present value of $1 for two periods at 12% is 0.797 (use this factor). The patent had a carrying value of $45,200 at January 1, 2017, and the amortization for the year ended December 31, 2017, would have been $9,040. The collection of the note receivable from Pennsylvania is reasonably assured. 4 On July 1, 2017, Vaughn sold a parcel of land to Splinter Company for $200,100 under an . installment sale contract. Splinter made a $60,030 cash down payment on July 1, 2017, and signed a 4-year 11% note for the $140,070 balance. The equal annual payments of principal and interest on the note will be $42,489 payable on July 1, 2018, through July 1, 2021. The land could have been sold at an established cash price of $200,100. The cost of the land to Vaughn was $150,100. Circumstances are such that the collection of the installments on the note is reasonably assured. Prepare the long-term receivables section of Vaughn's balance sheet at December 31, 2017. (Round answers to 0 decimal places, e.g. 5,125.) VAUGHN INC. Long-Term Receivables Section of Balance Sheet $ $ LINK TO TEXT Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Vaughn's balance sheet at December 31, 2017. (Round answers to 0 decimal places, e.g. 5,125.) VAUGHN INC. Selected Balance Sheet Balances $ $ $ $ LINK TO TEXT Prepare a schedule showing interest revenue from the long-term receivables that would appear on Vaughn's income statement for the year ended December 31, 2017. (Round answers to 0 decimal places, e.g. 5,125.) VAUGHN INC. Interest Revenue from Long-Term Receivables $ $