Question
I have these two question and i need help asap.. please i only have 20 mins left to submit my assignment... thanks in advance.. HVB
I have these two question and i need help asap.. please i only have 20 mins left to submit my assignment... thanks in advance..
HVB Corp. had the following situations during the last 4 years of operation: i. The Allowance for Uncollectible Accounts has a $2,300 credit balance prior to adjustment. Net credit sales during 2011 are $600,000 and 5% are estimated to be uncollectible. Accounts Receivable has a balance of $110,000 on Dec 31, 2011. ii. The Allowance for Uncollectible Accounts has a $1200 debit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2012, $17,900 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $104,000 on Dec 31, 2012. iii. The Allowance for Uncollectible Accounts has a $1,200 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2013, $28,000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $87,000 on Dec 31, 2013. iv. The Allowance for Uncollectible Accounts has a $650 debit balance prior to adjustment. Net credit sales during 2014 are $800,000 and 2% are estimated to be uncollectible. Accounts Receivable has a balance of $135,000 on Dec 31, 2014.
*******Prepare the adjusting journal entries needed for these years
Question #4 On January 3, 2014, Jim's Excavating Company purchased a bulldozer for $160,000. In addition to the basic purchase price, the company paid sales tax of $8,000 and freight charges of $9,000. The bulldozer will be used for 36,000 machine hours. Jim estimates that the bulldozer will have a useful life of 5 years and no residual value. Required: I. Compute the cost of the asset. II. Compute the depreciation expense for 2014 and 2015 using the: i. straight-line method ii. units-of-production method assuming the bulldozer was used 5,000 machine hours in 2014 and 20,000 machine hours in 2015. iii. double declining balance methodStep by Step Solution
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