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Orange Aid, is a leading worldwide integrated brand owner, bottler, and distributor of nonalcoholic beverages. The following represents selected data from recent financial statements of Orange Aid (dollars in millions): December 31, 20x2 ORANGEAID Consolidated Balance Sheets (partial) December (in millions) 31, 20x3 Assets Current assets: Cash and cash equivalents $223 Accounts receivable (net of allowances of $19 and $26, respectively) 529 $ 65 543 Consolidated Statements of Income (partial) For the Year Ended December 31 (in millions) 20x3 20x2 20x1 Net sales $ 5,640 $ 5,516 $ 5,514 Net income $ 1,052 $ 845 $ 735 The company also reported bad debt expense of $8 million in 20x3, $14 million in 20x2, and $10 million in 20x1. Required: 1. Record the company's write-offs of uncollectible accounts for 20x3. 2. Assuming all sales were on credit, what amount of cash did Orange Aid collect from customers in 20x3? 3. Compute the company's net profit margin for the three years presented. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the company's write-offs of uncollectible accounts for 20x3. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the company's write-offs of uncollectible accounts for 20x3. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Assets Current assets: Cash and cash equivalents Accounts receivable (net of allowances of $19 and $26, respectively) $223 $ 65 529 543 Consolidated Statements of Income (partial) For the Year Ended December 31 (in millions) 20x3 20x2 20x1 Net sales $ 5,640 $ 5,516 $ 5,514 Net income $ 1,052 $ 845 $ 735 The company also reported bad debt expense of $8 million in 20x3, $14 million in 20x2, and $10 million in 20x1. Required: 1. Record the company's write-offs of uncollectible accounts for 20x3. 2. Assuming all sales were on credit, what amount of cash did Orange Aid collect from customers in 20x3? 3. Compute the company's net profit margin for the three years presented. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assuming all sales were on credit, what amount of cash did Orange Aid collect from customers in 20x37 (Enter your answer in millions.) Cash collections for 20x3 million Consolidated Statements of Income (partial) For the Year Ended December 31 (in millions) 20x3 20x2 20x1 Net sales $ 5,640 $ 5,516 $ 5,514 Net income $ 1,052 $ 845 $ 735 The company also reported bad debt expense of $8 million in 20x3. $14 million in 20x2. and $10 million in 20x1. Required: 1. Record the company's write offs of uncollectible accounts for 20x3. 2. Assuming all sales were on credit, what amount of cash did Orange Aid collect from customers in 20x3? 3. Compute the company's net profit margin for the three years presented. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the company's net profit margin for the three years presented. (Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34).) Net Profit Margin % 20x3 20x2 % 20x1 % Samuda Enterprises uses the aging approach to estimate bad debt expense. At the end of the current year, Samuda reported a balance in accounts receivable of $624,000 and estimated that $13,300 of its accounts receivable would likely be uncollectible. The allowance for doubtful accounts has a $1,500 debit balance at year-end (that is, more was written off during the year than the balance in the account). Required: 1. What amount of bad debt expense should be recorded for the current year? 2. What amount will be reported on the current year's balance sheet for accounts receivable? Bad debt expense of current year Accounts receivable (net) of current year At the end of the current year, the unadjusted trial balance of Branco, Inc., indicated $5,837,000 in Accounts Receivable, a credit balance of $10,100 in Allowance for Doubtful Accounts, and Sales Revenue (all on credit) of $160,380,000. Based on knowledge that the current economy is in distress, Branco increased its bad debt rate estimate to 0.3 percent of credit sales. Required: 1. What amount of bad debt expense should be recorded for the current year? 2. What amount will be reported on the current year's balance sheet for accounts receivable? Bad debt expense of current year Accounts receivable of current year Tompkins Company reports the following inventory record for November: Date November 1 November 4 INVENTORY Activity Beginning balance Purchase Sale (@ $59 per unit) Purchase Sale (@ $59 per unit) # of Units 145 335 210 Cost/Unit $15 16 November 7 November 13 November 22 18 505 560 Selling, administrative, and depreciation expenses for the month were $14,100. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $17.70 per unit, what would Tompkins report on the balance sheet for inventory? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had market replacement value of $19.50 per unit, what would Tompkins report on the balance sheet for inventory? Selling, administrative, and depreciation expenses for the month were $14,100. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $17.70 per unit, what would Tompkins report on the balance sheet for inventory? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: (Do not round intermediate calculations.) Ending Inventory Cost of Goods Sold a. b First-in, first-out Last-in, first out Weighted average . Selling, administrative, and depreciation expenses for the month were $14,100. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $17.70 per unit, what would Tompkins report on the balance sheet for inventory? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 a. What is the gross profit percentage under the FIFO method? (Round your percentage answer to 2 decimal places (i.e. 0.1234 should be entered as 12.34).) b. What is net income under the LIFO method? 2-a. Gross profit percentage under FIFO 2-b Net income under LIFO % Selling, administrative, and depreciation expenses for the month were $14,100. Tompkins's effective tax rate is 40 percent Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $1770 per unit, what would Tompkins report on the balance sheet for inventory? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $19.50 per unit, what would Tompkins report on the balance sheet for inventory? Cost of ending inventory Sanders Company purchased the following on January 1, 2019: Office equipment at a cost of $48,000 with an estimated useful life to the company of three years and a residual value of $14.400. The company uses the double declining-balance method of depreciation for the equipment. Factory equipment at an invoice price of $757,000 plus shipping costs of $20,000. The equipment has an estimated useful life of 105,000 hours and no residual value. The company uses the units-of-production method of depreciation for the equipment. A patent at a cost of $432,000 with an estimated useful life of 12 years. The company uses the straight-line method of amortization for intangible assets with no residual value. The company's year ends on December 31. Required: 1-a. Prepare a partial depreciation schedule of office equipment for 2019, 2020, and 2021. 1-b. Prepare a partial depreciation schedule of factory equipment. The company used the equipment for 8,900 hours in 2019, 10,100 hours in 2020, and 9,800 hours in 2021. 2. On January 1, 2022. Sanders altered its corporate strategy dramatically. The company sold the factory equipment for $642,120 in cash. Record the entry related to the sale of the factory equipment. 3. On January 1, 2022, when the company changed its corporate strategy, its patent had estimated future cash flows of $294,000 and a fair value of $273,000. What would the company report on the income statement (account and amount) regarding the patent on January 1, 2022? Complete this question by entering your answers in the tabs below. Req la Req 1b Req 2 Reg 3 Prepare a partial depreciation schedule of office equipment for 2019, 2020, and 2021. (Do not round intermediate calculations.) Year Depreciation Finanse Accumulated Danreciation Net Book Value Required: 1-a. Prepare a partial depreciation schedule of office equipment for 2019 2020 and 2021. 1-b. Prepare a partial-depreciation schedule of factory equipment. The company used the equipment for 8,900 hours in 2019, 10,100 hours in 2020, and 9.800 hours in 2021. 2. On January 1, 2022, Sanders altered its corporate strategy dramatically. The company sold the factory equipment for $642,120 in cash. Record the entry related to the sale of the factory equipment. 3. On January 1, 2022, when the company changed its corporate strategy, its patent had estimated future cash flows of $294.000 and a fair value of $273,000. What would the company report on the income statement (account and amount) regarding the patent on January 1, 2022? Complete this question by entering your answers in the tabs below. Req la Req 1b Req 2 Reg 3 Prepare a partial depreciation schedule of office equipment for 2019, 2020, and 2021. (Do not round intermediate calculations.) Year Depreciation Expense Accumulated Depreciation Net Book Value 2019 2020 2021 Required: 1-a. Prepare a partial depreciation schedule of office equipment for 2019, 2020, and 2021. 1-b. Prepare a partial-depreciation schedule of factory equipment. The company used the equipment for 8,900 hours in 2019, 10,100 hours in 2020, and 9.800 hours in 2021. 2. On January 1, 2022. Sanders altered its corporate strategy dramatically. The company sold the factory equipment for $642,120 in cash. Record the entry related to the sale of the factory equipment. 3. On January 1, 2022, when the company changed its corporate strategy. Its patent had estimated future cash flows of $294.000 and a fair value of $273,000. What would the company report on the income statement (account and amount) regarding the patent on January 1, 2022? Complete this question by entering your answers in the tabs below. Req la Req 1b Reg 2 Req 3 Prepare a partial depreciation schedule of factory equipment. The company used the equipment for 8,900 hours in 2019, 10,100 hours in 2020, and 9,800 hours in 2021. (Do not round intermediate calculations.) Year Depreciation Expense Accumulated Depreciation Net Book Value 2019 2020 2021 Req la Reg 1b Reg 2 Reg 3 On January 1, 2022, Sanders altered its corporate strategy dramatically. The company sold the factory equipment for $642,120 in cash. Record the entry related to the sale of the factory equipment. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the entry related to the sale of the factory equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Required: 1-a. Prepare a partial depreciation schedule of office equipment for 2019, 2020, and 2021. 1-b. Prepare a partial depreciation schedule of factory equipment. The company used the equipment for 8,900 hours in 2019. 10.100 hours in 2020, and 9.800 hours in 2021. 2. On January 1, 2022. Sanders altered its corporate strategy dramatically. The company sold the factory equipment for $642,120 in cash. Record the entry related to the sale of the factory equipment 3. On January 1, 2022, when the company changed its corporate strategy, its patent had estimated future cash flows of $294.000 and a fair value of $273.000. What would the company report on the income statement (account and amount) regarding the patent on January 1, 2022? Complete this question by entering your answers in the tabs below. Reg 1a Req 1b Reg 2 Reg 3 On January 1, 2022, when the company changed its corporate strategy, its patent had estimated future cash flows of $294,000 and a fair value of $273,000. What would the company report on the income statement (account and amount) regarding the patent on January 1, 2022