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saint MBA560 graded homework 3

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Question;Problem 5-24 Determining account balances: percent of revenue allowance method ofaccounting for uncollectible accountsThe following information pertains to Leslie?s Floor Store sales on account and accountsreceivable.Accounts receivable balance, January 1,2012Allowance for doubtful accounts, January 1,2012Sales on account, 2012Cost of goods sold, 2012Collections of accounts receivable, 2012$52,5004,725925,000615,000835,000After several collection attempts, Leslie?s wrote off $3,100 of accounts that could not becollected. Leslie?s estimates that bad debts expense will be 0.5 percent of sales onaccount.Requireda. Compute the following amounts.(1) Using the allowance method, the amount of uncollectible accountsexpense for 2012.(2) Net realizable value of receivables at the end of 2012.b. Explain why the uncollectible accounts expense amount is different from theamount that was written off as uncollectible.Problem 6-25 Calculating depreciation expense using four different methodsO?Brian Service Company purchased a copier on January 1, 2012, for $17,000 andpaid an additional $200 for delivery charges. The copier was estimated to have a lifeof four years or 800,000 copies. Salvage was estimated at $1,200. The copierproduced 230,000 in 2012 and 250,000 copies in 2013.RequiredCompute the amount of depreciation expense for the copier for calendar year 2012and 2013 using the methods.a. Straight-lineb. Units-of-productionc. Double-declining-balance.

 

Paper#44471 | Written in 18-Jul-2015

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