Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please see attached word document and assist with the accounting question. Question 1 The following information regarding cash for Alpha Company is provided for the

Please see attached word document and assist with the accounting question.

image text in transcribed Question 1 The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016: Item Amount Ending Cash per Bank Statement $1,484 Ending Cash per Company Books $1,681 Bank Service Charges $11 Deposits in Transit $317 Outstanding Cheques $221 Customer Cheque returned NSF $90 What is the adjusted cash balance based on the completed bank reconciliation? Question 2 One January 2, 2016, Alpha Company purchased 10,500 shares of Bravo Company stock, as trading securities, for $10 per share. On July 3, 2016 the securities were trading on the open market for $12.50 per share. On December 31, 2016, the closing market price for these securities was $9.50 per share. What value should the trading securities be reported for Alpha Company's FY 2016 balance sheet? Question 3 1 2 3 4 Alpha Company sells goods to customers who use Worldwide Express nonbank credit cards. Credit card sales on July 15, 2016 amounted to $25,000 and were subject to a 5.5% credit card company collection fee. Alpha Company collected payment from Worldwide Express on July 21. What amounts should be recorded for the following accounts for the July 21 collection? Cash Sales Service Charge Accounts Receivable Question 4 Alpha Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $100,000 120 days old 10% The current unadjusted Allowance for Uncollectable Accounts balance is a credit balance of $1,500 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the: 1. Accounts Receivable 2. Allowance for Doubtful Accounts 3. Bad Debt Expense Question 5 1 2 Alpha Company used the percentage of sales method, with an historical rate of 2% for determining their bad debt expense. During 2016, sales were $1,600,000, and the January 1 Allowance for Doubtful Accounts had a normal balance of $15,000. $17,500 of accounts were written off during the year. What are the year end dollar amounts for: Charged to the Bad Debt Expense account Balance for Allowance for Doubtful Accounts Question 6 Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal): Alpha Company December 31 Accounts Accounts Receivable 2016 2015 $42,500 $36,000 Merchandise Inventory 57,000 50,000 Office Supplies 25,000 20,000 Credit Sales Interest Income 980,000 740,000 25,000 20,000 Cost of Goods Sold 460,000 385,000 1. What is the FY 2016 accounts receivable turnover ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word times. (Example 1.123 would be entered 1.1 times) 2. What is the FY 2016 days outstanding for accounts receivable ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word days. (Example 1.123 would be entered 1.1 days)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Financial Accounting

Authors: Charles T Horngren, Gary L Sundem

10th Edition

136122973, 978-0136122975

More Books

Students also viewed these Accounting questions

Question

What is meant by organisational theory ?

Answered: 1 week ago

Question

What is meant by decentralisation of authority ?

Answered: 1 week ago

Question

Briefly explain the qualities of an able supervisor

Answered: 1 week ago

Question

Define policy making?

Answered: 1 week ago

Question

Define co-ordination?

Answered: 1 week ago

Question

6. How can hidden knowledge guide our actions?

Answered: 1 week ago

Question

7. How can the models we use have a detrimental effect on others?

Answered: 1 week ago