Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Wille with the following information, before any adjustment. $ 950,000 Accounts receivable Estimated percentage uncollectible Allowance for uncollectible accounts Operating income Willie's compensation contract states that if the company generates operating income of at least $195,000, he will get a salary bonus early next year. Required: 1. Record the adjusting entry for uncollectible accounts using the accountants estimate of 9% of accounts receivable. 2-a. After the adjusting entry is recorded in requirement 1, what is the revised amount of operating income? 2-b. Will Willie get his salary bonus? 3. Willie instructs the accountant to record the adjusting entry for uncollectible accounts using 6% rather than 9% of accounts receivable. Now will Wille get his salary bonus? 4. By how much would total assets and operating income be misstated using the 6% amount? Complete this question by entering your answers in the tabs below. 94 $ 25,00e (credit) $ 245,000 Reg 1 Req2b Keq 3 Record the adjusting entry for uncollectible accounts using the accountant's estimate of 9% of accounts receivable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account held.) View transa 2 Journal entry worksheet Record the adjusting entry for uncollectible accounts. Reg4 K ces Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Wille with the following information, before any adjustment. Accounts receivable Estimated percentage uncollectible Allowance for uncollectible accounts Operating income Willie's compensation contract states that if the company generates operating income of at least $195,000, he will get a salary bonus early next year. Required: 1. Record the adjusting entry for uncollectible accounts using the accountant's estimate of 9% of accounts receivable. 2-a. After the adjusting entry is recorded in requirement 1, what is the revised amount of operating income? 2-b. Will Willie get his salary bonus? 3. Willie instructs the accountant to record the adjusting entry for uncollectible accounts using 6% rather than 9% of accounts receivable. Now will Willie get his salary bonus? 4. By how much would total assets and operating income be misstated using the 6% amount? Complete this question by entering your answers in the tabs below. Reg 1 $950,000 $ 25,000 (credit) $ 245,000 Reg 2b Reg 3 Req 20 After the adjusting entry is recorded in requirement 1, what is the revised amount of operating income? Revised operating income (1 Red 4 Ayo > Wille Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Wille with the following information, before any adjustment. Accounts receivable Estimated percentage uncollectible Allowance for uncollectible accounts Operating income Willie's compensation contract states that if the company generates operating income of at least $195,000, he will get a salary bonus early next year. Required: 1. Record the adjusting entry for uncollectible accounts using the accountant's estimate of 9% of accounts receivable. 2-a. After the adjusting entry is recorded in requirement 1, what is the revised amount of operating income? 2-b. Will Willie get his salary bonus? 3. Willie instructs the accountant to record the adjusting entry for uncollectible accounts using 6% rather than 9% of accounts receivable. Now will Willie get his salary bonus? 4. By how much would total assets and operating income be misstated using the 6% amount? Complete this question by entering your answers in the tabs below. Req 1 Will Willie get his salary bonus? Will Wilie get his salary bonue? Reg 28 Reg 2b $950,000 99 $ 25,000 (credit) $ 245,000 Reg 3 5 3 ances Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Willie with the following information, before any adjustment. Accounts receivable Estimated percentage uncollectible Allowance for uncollectible accounts Operating Incone 1.950,000 3 $ 25,000 (credit) $ 245,000 Wille's compensation contract states that if the company generates operating income of at least $195,000, he will get a salary bonus early next year. Required: 1. Record the adjusting entry for uncollectible accounts using the accountant's estimate of 9% of accounts receivable 2-a. After the adjusting entry is recorded in requirement 1, what is the revised amount of operating income? 2-b. Will Willie get his salary bonus? 3. Willie instructs the accountant to record the adjusting entry for uncollectible accounts using 6% rather than 9% of accounts receivable. Now will Willie get his salary bonus? 4. By how much would total assets and operating income be misstated using the 6% amount? Complete this question by entering your answers in the tabs below. Reg 1 Ke Za Reg 20 Req 3 Reg 4 Willie instructs the accountant to record the adjusting entry for uncollectible accounts using 6% rather than 9% of accounts receivable. Now will Willie get his salary bonus? Now will Wie get his salary bonus? Reg Reg Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Willie with the following information, before any adjustment. $ 950,000 $ 25,000 $ 245,000 Accounts receivable Estimated percentage uncollectible Allowance for uncollectible accounts Operating income Willie's compensation contract states that if the company generates operating income of at least $195,000, he will get a salary bonus early next year. Required: 1. Record the adjusting entry for uncollectible accounts using the accountant's estimate of 9% of accounts receivable. 2-a. After the adjusting entry is recorded in requirement 1, what is the revised amount of operating income? 2-b. Will Willie get his salary bonus? 3. Willie instructs the accountant to record the adjusting entry for uncollectible accounts using 6% rather than 9% of accounts receivable. Now will Willie get his salary bonus? 4. By how much would total assets and operating income be misstated using the 6% amount? Complete this question by entering your answers in the tabs below. (credit) Reg 1 Reg 3 Reg 4 By how much would total assets and operating income be misstated using the 6% amount? Overstated or Understated Total assets Operating income Reg 2 Req 20 < Amount