Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
1st Edition
ISBN: 9780134047430
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 9, Problem 2JC
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 16-11
On January 1, 2018, Sandhill Inc. granted stock options to officers and key employees for the purchase of 21,000 shares of
the company's $10 par common stock at $24 per share. The options were exercisable within a 5-year period beginning
January 1, 2020, by grantees still in the employ of the company, and expiring December 31, 2024. The service period for this
award is 2 years. Assume that the fair value option-pricing model determines total compensation expense to be $361,400.
On April 1, 2019, 2,100 options were terminated when the employees resigned from the company. The market price of the
common stock was $35 per share on this date.
On March 31, 2020, 12,600 options were exercised when the market price of the common stock was $41 per share.
Prepare journal entries to record issuance of the…
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Journalize the following transactions for Batson Co.:
Sept. 1 Batson Co. purchased 1,200 of the 100,000 outstanding shares of Michael Corp. stock for $20.75 per
share plus a $70 commission.
Dec. 31 Michael Corp.'s total earnings for the period are $84,000.
31 Michael Corp. paid a total of $40,000 in cash dividends to shareholders of record.
If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not
require an entry, leave it blank.
Sept. 1
Dec. 31
Dec. 31
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Sophie Sue Breeders has the following voluntary withholdings to remit:
AFLAC payable: $600.00
401(k) payable: $1,320.00
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Garnishments payable: $439.00
United Way contributions payable: $280.00
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Required:
Create the General Journal entry on June 11, 2021, for the remittance of these withheld amounts. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
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Chapter 9 Solutions
Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value 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 - Prob. 9.8QCh. 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 - Prob. 9.13BECh. 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 - Prob. 9.19BECh. 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 - Prob. 9.3ECh. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Prob. 9.5ECh. 9 - Prob. 9.6ECh. 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 - Prob. 9.16ECh. 9 - Prob. 9.18ECh. 9 - Prob. 9.1PCh. 9 - Prob. 9.2PCh. 9 - Prob. 9.3PCh. 9 - Prob. 9.4PCh. 9 - Prob. 9.5PCh. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.7PCh. 9 - Prob. 9.8PCh. 9 - Prob. 9.9PCh. 9 - Prob. 9.10PCh. 9 - Prob. 9.11PCh. 9 - Prob. 1JCCh. 9 - Prob. 2JCCh. 9 - Prob. 1FSACCh. 9 - Prob. 1SSCCh. 9 - Prob. 2SSCCh. 9 - Prob. 1BCC
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