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final exam acc 400




Question;E8-3 At the beginning of the current period, Huang Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $3,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period.Instructions (a) Prepare the entries to record sales and collections during the period.(b) Prepare the entry to record the write-off of uncollectible accounts during the period.(c) Prepare the entries to record the recovery of the uncollectible account during the(d) Prepare the entry to record bad debts expense for the period.(e) Determine the ending balances in Accounts Receivable and Allowance for DoubtfulAccounts.(f) What is the net realizable value of the receivables at the end of the period?E10-13Cyclone, Inc. reports the following liabilities (in thousands) on its January 31, 2010, balance sheet and notes to the financial statements.Accounts payable $3,263.9 Notes payable?long-term $5,746.7Accrued pension liability 1,215.2 Operating leases 1,641.7Accrued liabilities 1,258.1 Loans payable?long-term 335.6Bonds payable 1,961.2 Payroll-related liabilities 558.1Current portion of Short-term borrowings 2,563.6Long-term debt 1,992.2 Unused operating line of credit 3,337.6Income taxes payable 235.2 Warranty liability?current 1,417.3InstructionsPrepare the liabilities section of Cyclone?s balance sheet as of January 31, 2010.13-10 Selected comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of December 31 (in millions).2004 2003Net Sales $4873.6 $5951.0Cost of goods sold 3386.6 4323.8Net income 143.3 151.9Accounts Receivable 74.6 60.5Inventory 1274.6 1526.1Total assets 3301.5 3507.3Total Common Stockholders? equity 1165.9 1259.7Instructions: Compute the following ratios for 2004.(a) Profit margin(b) Asset turnover(c) Return on assets(d) Return on common stockholder's equity(e) Gross profit rate


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