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ACC 400 -Final Exam

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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?;E10-13 Cyclone, 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 $5,746.7;Accrued pension liability 1,215.2 Operating leases 1,641.7;Accrued liabilities 1,258.1 Loans payable?long-term 335.6;Bonds payable 1,961.2 Payroll-related liabilities 558.1;Current portion of Short-term borrowings 2,563.6;Long-term debt 1,992.2 Unused operating line of credit 3,337.6;Income taxes payable 235.2 Warranty liability?current 1,417.3;Instructions;Prepare 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 2003;Net Sales $4873.6 $5951.0;Cost of goods sold 3386.6 4323.8;Net income 143.3 151.9;Accounts Receivable 74.6 60.5;Inventory 1274.6 1526.1;Total assets 3301.5 3507.3;Total Common Stockholders? equity 1165.9 1259.7;Instructions: 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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