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Please look in the attach file, I need all questions answers with in 24 hours. Assignment Week 10 ACC100 Fundamental Accounting Principle American College of

Please look in the attach file, I need all questions answers with in 24 hours.

image text in transcribed Assignment Week 10 ACC100 Fundamental Accounting Principle American College of Commerce & Technology. Solve the following Questions from chapter 9 and 10 QS 92 Direct writeoff method Solstice Company determines on October 1 that it cannot collect $50,000 of its accounts receivable from its customer P. Moore. Apply the direct writeoff method to record this loss as of October 1. QS 93 Recovering a bad debt Solstice Company determines on October 1 that it cannot collect $50,000 of its accounts receivable from its customer P. Moore. It uses the direct writeoff method to record this loss as of October 1. On October 30, P. Moore unexpectedly paid his account in full to Solstice Company. Record Solstice's entry(ies) to reflect recovery of this bad debt. QS 95 Allowance method for bad debts Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer, C. Green. On March 9, it receives a $300 payment from Green. 1 Prepare the journal entry or entries for January 31. 1 Prepare the journal entry or entries for March 9; assume no additional money is expected from Green. QS 96 Percent of accounts receivable method Warner Company's yearend unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $280,000. Uncollectibles are estimated to be 1.5% of accounts receivable. 1 Prepare the December 31 yearend adjusting entry for uncollectibles. 1 What amount would have been used in the yearend adjusting entry if the allowance account had a yearend unadjusted debit balance of $300? QS 97 Percent of sales method Warner Company's yearend unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $280,000. Uncollectibles are estimated to be 0.5% of sales. Prepare the December 31 yearend adjusting entry for uncollectibles. QS 103 Straightline depreciation On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it anticipates performing about 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During year 2015, the band performs 45 concerts. Compute the year 2015 depreciation using the straight line method. QS 104 Unitsofproduction depreciation On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it anticipates performing about 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During year 2015, the band performs 45 concerts. Compute the year 2015 depreciation using the unitsof production method. QS 106 Doubledecliningbalance method P1 A fleet of refrigerated delivery trucks is acquired on January 5, 2015, at a cost of $830,000 with an estimated useful life of eight years and an estimated salvage value of $75,000. Compute the depreciation expense for the first three years using the doubledecliningbalance method. QS 107 Recording plant asset impairment C2 Assume a company's equipment carries a book value of $16,000 ($16,500 cost less $500 accumulated depreciation) and a fair value of $14,750, and that the $1,250 decline in fair value in comparison to the book value meets the twostep impairment test. Prepare the entry to record this $1,250 impairment. QS 1010 Natural resources and depletion P3 Perez Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. The estimated value of the land after the ore is removed is $200,000. 1 Prepare the entry(ies) to record the cost of the ore mine. 1 Prepare the yearend adjusting entry if 180,000 tons of ore are mined and sold the first year

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