Requlred Informatlon[The following information applies to the questions displayed below.]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'saccounting manager provides Willie with the following information, before any adjustment.Accounts receivable$ 920,000Estimated percentage uncollectibleAllowance for uncollectible accountsOperating incone10%22,000 (credit)$ 242, 080Willie's compensation contract states that if the company generates operating income of at least $192,000, he will get a salary bonus early next year.4. By how much would total assets and operating income be misstated using the 7% amount?Total assetsOperating income

Accounts receivable: It is an amount that is received in the future from the person who owned the…

Required Information [The following information applies to the questions displayed below.} 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 $ 920,e00 Estinated percentage uncollectible Allowance for uncollectible accounts 1ex $ 22,000 (credit) 242, 000 Operating incone Willie's compensation contract states that if the company generates operating income of at least $192.000, he will get a salary bonus early next year. 4. By how much would total assets and operating income be misstated using the 7% amount? Total assets Operating income

Required Information [The following information applies to the questions displayed below.} 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 $ 920,e00 Estinated percentage uncollectible Allowance for uncollectible accounts 1ex $ 22,000 (credit) 242, 000 Operating incone Willie's compensation contract states that if the company generates operating income of at least $192.000, he will get a salary bonus early next year. 4. By how much would total assets and operating income be misstated using the 7% amount? Total assets Operating income

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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The company estimates future uncollectible accounts. The company determines $16,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
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Ernie Upshaw is the supervising manager of Sleep Tight Bedding. At the end of the year, the company’s accounting manager provides Ernie with the following information, before any adjustment.Accounts receivable $500,000Estimated percent uncollectible 9%Allowance for uncollectible accounts $20,000 (debit)Operating income $320,000In the previous year, Sleep Tight Bedding reported operating income (after adjustment) of $275,000. Ernie knows that it’s important to report an upward trend in earnings. This is important not only for Ernie’s compensation and employment, but also for the company’s stock price. If investors see a decline in earnings, the stock price could drop significantly, and Ernie owns a large amount of the company’s stock. This has caused Ernie many sleepless nights.Required:1. Record the adjustment for uncollectible accounts using the accounting manager’s estimate of 9% of accounts receivable.2. After the adjustment is recorded in requirement 1, what is the revised amount…
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