QUESTIONS ABOUT FINANCIAL ACCOUNTING -- Attached. Thank you so much for your help! :-)

\fQuestion 1 The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000. Correct. If Hixson uses the direct writeoff method to account for uncollectible accounts, journalize the adjusting entry at December 31, as $1,400 balance is uncollectible. Date Account/Description Dec. 31 SHOW ANSWER Your answer is partially correct. Try again. If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December to be (1) 1% of net sales, and (2) 10% of accounts receivable. Date Account/Description (1) Dec. 31 (2) Dec. 31 Your answer is partially correct. Try again. If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize the adjusting entry at December 31 to be (1) 0.75% of net sales and (2) 6% of accounts receivable. Date Account/Description (1) Dec. 31 (2) Dec. 31 Click here if you would like to Show Work for this question Question 1 The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000. Correct. If Hixson uses the direct writeoff method to account for uncollectible accounts, journalize the adjusting entry at December 31, as $1,400 balance is uncollectible. Date Account/Description Dec. 31 SHOW ANSWER Your answer is partially correct. Try again. If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December to be (1) 1% of net sales, and (2) 10% of accounts receivable. Date Account/Description (1) Dec. 31 (2) Dec. 31 Your answer is partially correct. Try again. If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize the adjusting entry at December 31 to be (1) 0.75% of net sales and (2) 6% of accounts receivable. Date Account/Description (1) Dec. 31 (2) Dec. 31 Click here if you would like to Show Work for this question Question 2 Your answer is partially correct. Try again. Information related to plant assets, natural resources, and intangibles at the end of 2011 for Spain Company is as follows: buildings $1,100,000; accumulated depreciationbuildings $650,000; goodwill $410,000; coal mine $500,000; accumulated depletioncoal mine $108,000. Complete the partial balance sheet of Spain Company for these items. (List assets with smallest net book value first. Enter all amounts as positive amounts and subtract where necessary.) SPAIN COMPANY Balance Sheet (Partial) December 31, 2011 Property, plant, and equipment Less: $ $ Less: Total property, plant, and equipment $ Intangible assets Click here if you would like to Show Work for this question LINK TO TEXT Question 3 Correct. Match the statement with the term most directly associated with it. Goodwill Intangible assets Research and development costs 1. Amortization Franchise Rights, privileges, and competitive advantages that result from the ownership of longlived assets that do not possess physical substance. The allocation of the cost of an intangible asset to expense in a rational and systematic manner. A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area. Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred. The excess of the cost of a company over the fair market value of the net assets acquired. 2. 3. 4. 5. Click here if you would like to Show Work for this question Question 4 Your answer is partially correct. Try again. Presented below are selected transactions at Ingles Company for 2011. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2001. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value. (Assume depreciation is up to date as of December 31, 2010.) June 30 Sold a computer that was purchased on January 1, 2008. The computer cost $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2007. The truck cost $39,000. It was depreciated based on a 6year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ingles Company uses straightline depreciation.(For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Account/Description Debit Jan. 1 June 30 (To update depreciation) June 30 Credit Dec. 31 (To update depreciation) Dec.31 Click here if you would like to Show Work for this question Question 5 Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straightline method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations. Your answer is partially correct. Try again. Sold for $28,000 on January 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest Account/Description Your answer is partially correct. Try again. Sold for $28,000 on May 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest eg Account/Description (To update depreciation) Your answer is partially correct. Try again. Sold for $11,000 on January 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest Account/Description Your answer is partially correct. Try again. Sold for $11,000 on October 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest Account/Description (To update depreciation) Click here if you would like to Show Work for this question Question 6 At December 31, 2011, Jimenez Company reported the following as plant assets. Land Buildings Less: Accumulated depreciationequipment 43,000,000 Equipment $4,000,000 48,000,000 5,000,000 Less: Accumulated depreciationbuildings $28,500,000 12,100,000 $63,400,000 Total plant assets 16,400,000 During 2012, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,130,000. Sold equipment that cost $780,000 when purchased on January 1, 2008. The equipment was sold for $450,000. Sold land purchased on June 1, 2002, for $1,500,000. The land cost $400,000. Purchased equipment for $2,000,000. Retired equipment that cost $500,000 when purchased on December 31, 2002. No salvage value was received. Your answer is partially correct. Try again. Journalize the above transactions. The company uses straightline depreciation for buildings and equipment. The a 50year life and no salvage value. The equipment is estimated to have a 10year useful life and no salvage valu assets disposed of at the time of sale or retirement. Date Account/Description Apr. 1 May 1 (To record depreciation.) May 1 June 1 (To record sale of equipment.) July 1 Dec. 31 Dec. 31 (To record depreciation.) (To record retirement of equipment.) Correct. Record adjusting entries for depreciation for 2012. Date Account/Description Dec. 31 (To record building depreciation.) Dec. 31 (To record equipment depreciation.) SHOW SOLUTION SHOW ANSWER Your answer is partially correct. Try again. Complete the plant assets section of Jimenez's balance sheet at December 31, 2012. presented in the problem. Enter all amounts as positive amounts and subtract wh JIMENEZ COMPANY Balance Sheet (Partial) December 31, 2012 Plant Assets Less: Less: Total plant assets Question 1 The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000. Correct. If Hixson uses the direct writeoff method to account for uncollectible accounts, journalize the adjusting entry at December 31, as $1,400 balance is uncollectible. Date Account/Description Dec. 31 SHOW ANSWER Your answer is partially correct. Try again. If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December to be (1) 1% of net sales, and (2) 10% of accounts receivable. Date Account/Description (1) Dec. 31 (2) Dec. 31 Your answer is partially correct. Try again. If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize the adjusting entry at December 31 to be (1) 0.75% of net sales and (2) 6% of accounts receivable. Date Account/Description (1) Dec. 31 (2) Dec. 31 Click here if you would like to Show Work for this