Swifty Corporation, having recently issued a $20,120,000, 15-year bond issue, is committed to make annual sinking fund depositsof $606,200. The deposits are made on the last day of each year and yield a return of 10%.Click here to view factor tablesDetermine the amount of deficiency. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g.458,581.)Deficiency $

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Answered: Determine the amount of deficiency.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For April 8 ($11,416) and April 20 ($8,827), the values are incorrect. What are the correct values and how would you go about solving them?
Solve for the unknown. Round decimals to hundredths and percents to the nearest tenth. 3,600 decreased by 18.8%
Complete the aging schedule. Number of Days Accounts Outstanding Receivable Estimated % Uncollectible 0-45 days $ $734,000 2% 46-90 days 265,000 5% Over 90 days 106,000 15% Total $1,105,000 +A $ Total Estimated Uncollectible Acco
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $8,710. Line Item Description Amount Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $973,000 for the year. Line Item Description Amount Amount added $fill in the blank 3 Ending balance $fill in the blank 4
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uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work Amount
The business made a sale of OMR 21000 ( cost was OR 18000), on credit basis. The effect on Account Receivable will be : Select one: a. Account Receivable will decrease by OMR 18000 b. Account Receivable will increase by OMR 21000 c. Account Receivable will decrease by OMR 21000 d. Account Receivable will increase by OMR 18000
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4G Vo) .l i 15:42 u. ♡ LTE2 7, 15% 40 แบบฝึกหัดท้ายบท 3. H : Required 1. Use the preceding analysis to compute the estimated amount of uncollectible receivables. 2. Prepare the journal entry to record Nana Company estimated uncollectibles, assuming the balance in the Allowance for Doubtful Accounts prior to adjustment is: a. 0 b. $3,000 (Debit) c. $2,800 (Credit) da 8 (Estimating Bad Debts from Receivables Balances) The following information is extracted from the accounting records of the Shelton Corporation at the beginning of 2012: Accounts Receivable $63,000 Allowance for Doubtful Accounts 1,400 (Credit) During 2012 sales on credit amounted to $575,000, $557,400 was collected on outstanding receivables, and $2,600 of receivables were written off as uncollectible. On December 31, 2012, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. Required 1. Prepare the journal entry to record Shelton's estimate of bad debt expense for 2012. 2.…

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Determine the amount of deficiency. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581) Deficiency $