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I think I have the majority of these questions right (I hope) but can someone check my answers and help me with the ones I
I think I have the majority of these questions right (I hope) but can someone check my answers and help me with the ones I missed?
ATIVE REVIEW PROBLEM: CHAPTER 10 CUMULATIVI of this problem is to protvide an opportunity to revienu both neve concepts in the current . This cumulative reviete should assist you in this p The purpose ter and major concepts in previous chapters integrating accounting concepts and preparing for exams. REQUIRED: Answer each of the following eleven questions: Use the following data for the next four questions On December 31, 2011, the unadjusted trial balance of Alex Inc., included the followinog accounts: Debit Credit $900,000 Sales (90% represent credit sales) Accounts Receivable Allowance for Doubtful Accounts $300,000 300 I. Assume Alex estimates bad debts expense as 1% of credit sales. Prepare the adjusting entry for bad debts on December 31, 2011. 2, INSTEAD of #1, Assume Alex estimates bad debts expense as 3% of year-end gross accounts receivable. Prepare the adjusting entry for bad debts on December 31, 2011. 3. Based on your answer in #2, Assume Alex estimates bad debts expense as 3% of year-end gross accounts receivable. After the adjusting entry, the net realizable value of Alex's accounts receivable in the December 31, 2011 balance sheet is: $ 4. Based on your answer in #2, Alex writes off an uncollectible customer accouit on Jan. nt go1a im the amount of so0. Prepare the journal entry to write off the uncollectible accoy s receivable Based on your answer in #4. After the entry to write off the account receivable 2012 the net realizable value of Alex's accounts receivables in the January 8, 2012 balane s 5. eet Use the following data for the next five questions: y Inc, has an inventory of calculators on January 1 and purchases of this item du as follows: 300 units @ $3.00 900 units @ $4.00 1,000 units $5.00 500 units $7.00 Beginning inventory Purchase Purchase Purchase Jan. 1 Mar. 5 Sept. 3 Nov. 4 During 2011, Peachy sold 1,200 calculators at $10.00 each. Assume Peachy uses a Perior Inventory System. 6. Compute the total cost of Goods Available For Sale on December 31, 2011. s Using FIFO, compute the cost of the ending inventory on December 31, 2011. S 8. Using LIFO, compute the Gross Margin on the income statement for the year ended Use the following data for the next three questions. (Round all calculations to the nearest On July 1, 2011 Dawn Company purchased a delivery truck for $95,000. The estimated useful December 31, 2011. S whole dollar!) life of the truck is five years, during which time it will be driven about 200,000 miles. Estimated residual value is $5,000. 9. If Dawn Company uses the sum-of-the-years'-digits method of depreciation, the depreciation expense for 2012 will be: 10. If Dawn Company uses the double-declining-balance method of depreciation, the accumulated depreciation balance at December 31, 2011 (after adjusting entries) will be: December 31, 2013, (after adjusting entries), will be: Acc Rec Acc Rec #3 s 3911000? Acc eec 4 5 390,200 2 47 33. 500 H1 45, 000
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