Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Question
Chapter 9, Problem 1JC
To determine
The assessment of amount of the allowance for doubtful accounts receivables.
Given information:
Data for Y2
Sales for the Y2 are $370, 00,000.
Total receivables for Y2 are $67,000,000.
In 0-30 days ageing category receivables are $15,000,000 with uncollectible 4%.
In 31-60 days ageing category receivables are $27,000,000 with uncollectible 10%.
In 61-90 days ageing category receivables are $10,000,000 with uncollectible 30%.
In 91-120 days ageing category receivables are $5,000,000 with uncollectible 40%.
In Over 120 days ageing category receivables are $10,000,000 with uncollectible 80%.
Data for Y1
Sales for the Y2 are $420, 00,000.
Total receivables for Y1 are $48,000,000.
In 0-30 days ageing category receivables are $30,000,000 with uncollectible 1%.
In 31-60 days ageing category receivables are $8,000,000 with uncollectible 7.5%.
In 61-90 days ageing category receivables are $4,000,000 with uncollectible 20%.
In 91-120 days ageing category receivables are $2,000,000 with uncollectible 40%.
In Over 120 days ageing category receivables are $4,000,000 with uncollectible 45%.
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Exercise 15-4
Your answer is partially correct. Try again.
Skysong Corporation is a regional company which is an SEC registrant. The corporation's securities are thinly traded on
NASDAQ. Skysong Corp. has issued 14,500 units. Each unit consists of a $725 par, 12% subordinated debenture
and 15 shares of $7 par common stock. The units were sold to outside investors for cash at $1,276 per unit. Prior to this
sale, the 2-week ask price of common stock was $58 per share. Twelve percent is a reasonable mjarket yield for the
debentures, and therefore the par value of the bonds is equal to the fair value.
(a) Prepare the journal entry to record Skysong's transaction, under the following conditions. (Round answers to 0
decimal places, e.g. $38,487. Credit account titles are automatically indented when amount is entered. Do not
indent manually. If…
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TB MC Qu. 7-139 Berry Co. purchases a patent on January 1, 2021...
Berry Co. purchases a patent on January 1, 2021, for $36,000 and the patent has an expected useful
Berry Co. uses the straight-line method, what is the amortization expense for the year ended Decem
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Entries for Issulng Bonds
Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson issued $270,000 of 20-year, 7% bonds on May 1 of the current year
at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.
May 1
Issued the bonds for cash at their face amount.
Nov. 1
Paid the interest on the bonds.
Dec. 31 Recorded accrued interest for two months.
Journalize the entries to record the above selected transactions for the current year. If an amount box does not require an entry, leave it blank.
May 1
Nov. 1
Dec. 31
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Chapter 9 Solutions
Intermediate Accounting (2nd Edition)
Ch. 9 - Prob. 9.1QCh. 9 - Do companies always classify cash as a current...Ch. 9 - Prob. 9.3QCh. 9 - Do accountants typically measure accounts...Ch. 9 - Under the allowance method, will the actual...Ch. 9 - How does an entity record a subsequent recovery of...Ch. 9 - Does the aging of accounts receivable method of...Ch. 9 - What is the difference between pledging accounts...Ch. 9 - How do companies account for receivables that are...Ch. 9 - Is the face value of a note receivable exchanged...
Ch. 9 - What do firms use to record the sales value of a...Ch. 9 - Explain why a company must have highly effective...Ch. 9 - The following are held by YRT Corporation at...Ch. 9 - Fernandez Company had an accounts receivable...Ch. 9 - On its December 31, Year 2, balance sheet, Red...Ch. 9 - Stanberry Company sold 500,000 of net accounts...Ch. 9 - On November 30, Year 1, Derin Corporation agreed...Ch. 9 - Which of the following disclosures about accounts...Ch. 9 - Prob. 9.1BECh. 9 - Prob. 9.2BECh. 9 - Prob. 9.3BECh. 9 - Prob. 9.4BECh. 9 - Prob. 9.5BECh. 9 - Sales Discounts, Most-Likely-Amount Method. On...Ch. 9 - Allowance for Uncollectible Accounts, Write-Off....Ch. 9 - Allowance for Uncollectible Accounts, Write-Off....Ch. 9 - Allowance for Uncollectible Accounts, Recovery....Ch. 9 - Bad Debt Expense, Journal Entry. Paul Anchor...Ch. 9 - Bad Debt Expense. Journal Entry. Paul Anchor,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.14BECh. 9 - Prob. 9.15BECh. 9 - Assigned Receivables. Using the information...Ch. 9 - Factoring Receivables without Recourse. Nicks...Ch. 9 - Prob. 9.18BECh. 9 - Notes Receivable. Welk Associates sold a piece of...Ch. 9 - Prob. 9.20BECh. 9 - Prob. 9.21BECh. 9 - Prob. 9.22BECh. 9 - Internal Controls. Identify whether the following...Ch. 9 - Prob. 9.24BECh. 9 - Prob. 9.25BECh. 9 - Prob. 9.26BECh. 9 - Prob. 9.27BECh. 9 - Prob. 9.28BECh. 9 - Prob. 9.1ECh. 9 - Volume Discounts, Sales Discounts. Sodesta Company...Ch. 9 - Allowance for Uncollectible Accounts, Journal...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Bad Debt Expense, Write-Offs, Journal Entry....Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Percentage of Accounts...Ch. 9 - Prob. 9.9ECh. 9 - Assigning Receivables, Factoring Receivables....Ch. 9 - Prob. 9.11ECh. 9 - Factoring Receivables with and without Recourse....Ch. 9 - Factoring Receivables without Recourse, Factoring...Ch. 9 - Prob. 9.14ECh. 9 - Prob. 9.15ECh. 9 - Notes Receivable with Year-End Interest Accrual,...Ch. 9 - Prob. 9.18ECh. 9 - Allowance for Uncollectible Accounts, Journal...Ch. 9 - Prob. 9.2PCh. 9 - Allowance for Uncollectible Accounts, Aging of...Ch. 9 - Prob. 9.4PCh. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.7PCh. 9 - Prob. 9.8PCh. 9 - Aging of Accounts Receivable, Write-Offs,...Ch. 9 - Disclosure. Using the transactions listed in P9-9,...Ch. 9 - Accounts Receivable Disclosure. Using Kellogg...Ch. 9 - Prob. 1JCCh. 9 - Financial Statement Analysis Case: Revlon The...Ch. 9 - Prob. 1SSCCh. 9 - Surfing the Standards Case 2: Costs Associated...Ch. 9 - Prob. 1BCC
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