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Question 1 An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a – PowerPoint PPT presentation

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Title: ACC 291 GUIDE Education Specialist /acc291guide.com


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ACC 291 GUIDE Education Specialist
/acc291guide.com
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ACC 291 GUIDE Education Specialist
/acc291guide.com
ACC 291 Final Exam Guide (New) FOR MORE CLASSES
VISIT  www.acc291guide.com Question 1 An aging
of a company's accounts receivable indicates that
4,500 are estimated to be uncollectible. If
Allowance for Doubtful Accounts has a 1,200
credit balance, the adjustment to record bad
debts for the period will require a Question 2
The financial statements of the Melton
Manufacturing Company reports net sales of
300,000 and accounts receivable of 50,000 and
30,000 at the beginning of the year and end of
year, respectively. What is the average
collection period for accounts receivable in days?
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ACC 291 GUIDE Education Specialist
/acc291guide.com
ACC 291 Final Exam Guide (New, 100 Score) FOR
MORE CLASSES VISIT  www.acc291guide.com The term
receivables refers to cash to be paid to
debtors. merchandise to be collected from
individuals or companies. cash to be paid to
creditors. amounts due from individuals or
companies. 2. Three accounting issues associated
with accounts receivable are depreciating,
valuing, and collecting. depreciating, returns,
and valuing. accrual, bad debts, and accelerating
collections. recognizing, valuing, and
accelerating collections. 3. When the allowance
method is used to account for uncollectible
accounts Bad Debts Expense is debited when
management estimates the amount of
uncollectibles. a customers account becomes past
due. an account becomes bad and is written off. a
sale is made. 4. Which one of the following is
not a principle of sound accounts receivable
management? Determine a payment period. Determine
to whom to extend credit. Delay cash receipts
from receivables if necessary. Monitor
collections. 5. The accounts receivable turnover
is used to analyze profitability. long-term
solvency. liquidity.
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ACC 291 GUIDE Education Specialist
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ACC 291 Final Exam Guide FOR MORE CLASSES
VISIT www.acc291guide.com we have another New set
of Final Exam Guide which could be found on this
link 1)Hahn Company uses the percentage of sales
method for recording bad debts expense. For the
year, cash sales are 300,000 and credit sales
are 1,200,000. Management estimates that 1 is
the sales percentage to use. What adjusting entry
will Hahn Company make to record the bad debts
expense? 2) Using the percentage of receivables
method for recording bad debts expense, estimated
uncollectible accounts are 15,000. If the
balance of the Allowance for Doubtful Accounts is
3,000 credit before adjustment, what is the
amount of bad debts expense for that period? 3)
Intangible assets 4) Intangible assets are the
rights and privileges that result from ownership
of long-lived assets that 5) The book value of
an asset is equal to the
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 1 Assignment Comparative Analysis
Problem (2 Papers) FOR MORE CLASSES
VISIT www.acc291guide.com This Tutorial contains
Papers Excel Sheet Purpose of Assignment The
purpose of this assignment is to help you
understand the basics of financial statement
analysis using financial ratios on the assets
section of the balance sheet, data
interpretation, and how ratios are used to gain
insight about the management of receivable.
Assignment Steps Resources Financial Accounting
Tools for Business Decision Making Develop an
875-word analysis providing conclusions
concerning the management of accounts receivable
based on the financial statements of Columbia
Sportswear Company presented in Appendix B and
the financial statements of VF Corporation
presented in Appendix C, including the following
Based on the information contained in these
financial statement, compute the following 2014
values for each company What conclusions
concerning the management of accounts receivable
can be drawn from this data?
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ACC 291 GUIDE Education Specialist
/acc291guide.com
ACC 291 Week 1 Wileyplus Assignment E8-4, E8-11,
BYP8-1, and BYP8-2 (New) FOR MORE CLASSES
VISIT www.acc291guide.com Wiley Plus Assignment
Week 1 E8-4, E8-11, BYP8-1, and BYP8-2 in MS
Excel Exercise 8-4 Wainwright Company Exercise
8-11 Fedex Corporation Broadening your
Perspective 8-1 Tootsie Roll Broadening your
Perspective 8-2 Tootsie Roll and Hershey
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 2 - Fordyce and Atwater (New) FOR
MORE CLASSES VISIT www.acc291guide.com P10-5A Ford
yce Electronics issues a 400,000, 8, 10-year
mortgage note on December 31, 2007. The proceeds
from the note are to be used in financing a new
research laboratory. The terms of the note
provide for semiannualinstallment payments,
exclusive of real estate taxes and insurance, of
29,433. Payments are due June 30 and December
31. Complete the installment payments schedule
for the first 2 years. (Round answers to 0
decimal places, e.g. 125. Use rounded amounts for
future calculations.) Prepare the entries for
(1) the loan and (2) the first two installment
payments. (For multiple debit/credit entries,
list amounts from largest to smallest eg 10, 5,
3, 2.) Show how the total mortgage liability
should be reported on the balance sheet at
December 31, 2008.
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 2 Assignment Financial Reporting
Problem, Apple Inc FOR MORE CLASSES
VISIT www.acc291guide.com Purpose of Assignment
The purpose of this assignment is to help you
understand the basics of financial statement
analysis related to the assets section of the
balance sheet, data interpretation, and how
financial information is obtained to understand
how a company accounts for its long-lived assets.
Assignment Steps Resources Financial Accounting
Tools for Business Decision Making Note The
financial statements of Apple, Inc. are presented
in Appendix A of Financial Accounting.
Instructions for accessing and using the
company's complete annual report, including the
notes to the financial statements, are also
provided in Appendix A. Complete a 1,050-word
summary of findings and recommendations from the
following questions
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4,
E8-14, E9-4 FOR MORE CLASSES VISIT www.acc291guide
.com ACC 291 Week 2 Textbook Exercise BE 8-8,
E8-4, E8-14, E9-4 Chapter 8 BE8-8 Determine
maturity dates and compute interest and rates on
notes. E8-4 The ledger of Macarty Company at the
end of the current year shows Accounts Receivable
78,000, Credit Sales 810,000, and Sales Returns
and Allowances 40,000. Instructions (a) If
Macarty uses the direct write-off method to
account for uncollectible accounts, journalize
the adjusting entry at December 31, assuming
Macarty determines that Matisse's 900 balance is
uncollectible. (b) If Allowance for Doubtful
Accounts has a credit balance of 1,100 in the
trial balance, journalize the adjusting entry at
December 31, assuming bad debts are expected to
be 10 of accounts receivable. (c) If Allowance
for Doubtful Accounts has a debit balance of 500
in the trial balance, journalize the adjusting
entry at December 31, assuming bad debts are
expected to be 8 of accounts receivable.
Determine bad debt expense, and prepare the
adjusting entry. Chapter 8 E8-14 Compute ratios
to evaluate a company's receivables balance.
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 2 Wileyplus Assignment P8-3A,
BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A (New) FOR
MORE CLASSES VISIT www.acc291guide.com P8-3A,
BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A. Problem
8-3A Bosworth Company Brief Exercise 9-11 Nike,
Inc. Do It! 9-5 Exercise 9-7 Wang, Co. Exercise
9-8 Cleand Company Broadening Your Perspective
9-1 Tootsie Roll Broadening Your Perspective
9-2 Tootsie Hershey Problem 9-2A Navaro
Corporation
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 3 Assignment The Liabilities Section
of OBrians Balance Sheet FOR MORE CLASSES
VISIT www.acc291guide.com Purpose of Assignment
The purpose of this assignment is to help you
understand the balance sheet presentation for the
liabilities of a company. Assignment Steps
Resources Financial Accounting Tools for
Business Decision Making Prepare the liabilities
section of OBrians balance sheet using the
following information Accounts payable
157,000 Notes payable (due May 1, 2018)
20,000 Bonds payable (due 2021) 900,000
Unearned rent revenue 240,000 Discount on
bonds payable 41,000 FICA taxes payable 7,800
Interest payable (due 2019) 80,000 Income
taxes payable 3,500 Sales taxes payable 1,700
The Liabilities Section of OBrians balance
sheet must be 525 words. Show work on the Week 3
Excel spreadsheet. Note This assignment
requires that you only submit an Excel Workbook
file. There are no written or APA guideline
requirements. Click the Assignment Files tab to
submit your assignment.
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 3 Exercise BE 1-2, BE 10-3, BE 10-4,
BE 10-5, BE 10-14 FOR MORE CLASSES
VISIT www.acc291guide.com BE 1-2, BE 10-3, BE
10-4, BE 10-5, BE 10-14 BRIEF EXERCISES Prepare
entries for an interest-bearing note payable.
BE10-2 Hive Company borrows 90,000 on July 1
from the bank by signing a 90,000, 7, 1-year
note payable. Prepare the journal entries to
record (a) the proceeds of the note and (b)
accrued interest at December 31, assuming
adjusting entries are made only at the end of the
year. Compute and record sales taxes payable.
BE10-3 Greenspan Supply does not segregate sales
and sales taxes at the time of sale. The register
total for March 16 is 10,388. All sales are
subject to a 6 sales tax. Compute sales taxes
payable and make the entry to record sales taxes
payable and sales. Prepare entries for unearned
revenues. BE10-4 Bramble University sells 3,500
season basketball tickets at 80 each for its
10-game home schedule.
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 3 Wileyplus Assignment P9-7A, E10-5,
E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A,
P10-13A, IFRS10-4 (New) FOR MORE CLASSES
VISIT www.acc291guide.com P9-7A, E10-5, E10-8,
E10-13, E10-22, E10-24, BYP10, P10-9A, P10-13A,
IFRS10-4. Exercise 10-5 Olinger Company Exercise
10-8 Ortega Company Exercise 10-13 Romine
Company Exercise 10-22 Cole Corporation Exercise
10-24 Nance, Co. Broadening Your Perspective
10-1 Tootsie Roll Broadening Your Perspective
10-2 Tootsie Hershey Problem 9-7A Farr
Company Problem 10-9A Wempe, Co. Problem
10-13A Grace Herron IFRS10-4 Ratzlaff
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 4 Exercise E11-2, E11-5, E11-7,
E11-13 FOR MORE CLASSES VISIT www.acc291guide.com
Journalize issuance of common stock and preferred
stock and purchase of treasury stock. E11-2 Sagan
Co. had these transactions during the current
period. June 12 Issued 80,000 shares of 1 par
value common stock for cash of 300,000. July 11
Issued 3,000 shares of 100 par value preferred
stock for cash at 106 per share. Nov. 28
Purchased 2,000 shares of treasury stock for
9,000. Prepare correct entries for capital stock
transactions. E11-5 Mesa Corporation recently
hired a new accountant with extensive experience
in accounting for partnerships. Because of the
pressure of the new job, the accountant was
unable to review what he had learned earlier
about corporation accounting. During the first
month, he made the following entries for the
corporation's capital stock. Compare effects of a
stock dividend and a stock split. E11-7 On
October 31, the stockholders' equity section of
Manolo Company's balance sheet consists of common
stock 648,000
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ACC 291 GUIDE Education Specialist
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ACC 291 WEEK 4 Stockholders Equity Section of
the Balance Sheet (Lachlin Corporation Balance
Sheet) FOR MORE CLASSES VISIT www.acc291guide.com
Purpose of Assignment The purpose of this
assignment is to help you become familiar with
examining the stockholders' equity section of the
balance sheet. Assignment Steps Resources
Financial Accounting Tools for Business Decision
Making Answer the following questions in 1,050
words using the Lachlin Corporation Balance Sheet
(partial) below How many shares of common
stock are outstanding? Assuming there is a
stated value, what is the stated value of the
common stock? What is the par value of the
preferred stock? If the annual dividend on
preferred stock is 36,000, what is the dividend
rate on preferred stock? If dividends of
72,000 were in arrears on preferred stock, what
would be the balance reported for retained
earnings?
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ACC 291 GUIDE Education Specialist
/acc291guide.com
ACC 291 Week 4 Wileyplus Assignment Do It! 11-1,
E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A
(New) FOR MORE CLASSES VISIT www.acc291guide.com
Do It! 11-1, E11-5, E11-7, BYP11-1, BYP11-2,
P11-5A, P11-8A. Do It! 11-1 Exercise 11-5 Garcia
Corporation Exercise 11-7 Pele Company Broadening
Your Perspective 11-1 Tootsie Roll Broadening
Your Perspective 11-2 Tootsie Roll
Hershey Problem 11-5A Pringle Corporation Problem
11-8A Everett Corporation
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 5 Assignment Financial Reporting
Problem II FOR MORE CLASSES VISIT www.acc291guide.
com Purpose of Assignment The purpose of this
assignment is to expose you to the basic process
involved in the analysis of the cash flow
statement. Assignment Steps Resources Appendix A
of Financial Accounting Tools for Business
Decision Making Note This is a two part
assignment. Part 1 Answer questions A-F in
problem CT12-1 in Financial Accounting (p. 640).
Provide an 875-word analysis of your findings.
Include conclusions concerning the management of
the company's cash. Part 2 Complete a 1,050-word
summary of findings and recommendations from the
following questions What is the par or stated
value per share of Apple's common stock? What
percentage of Apple's authorized common stock was
issued at September 27, 2014? How many shares
of common stock were outstanding at September 28,
2013, and at September 27, 2014? Calculate the
payout ratio, earnings per share, and return on
common stockholders' equity for 2014. Use the
Week 5 Excel spreadsheet and submit with your
analysis and summary.
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ACC 291 GUIDE Education Specialist
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ACC 291 Week 5 Exercise E12-3, E12-10 FOR MORE
CLASSES VISIT www.acc291guide.com Prepare the
operating activities sectionindirect method.
E12-3 Sosa Company reported net income of
190,000 for 2017. Sosa also reported
depreciation expense of 35,000 and a loss of
5,000 on the disposal of plant assets. The
comparative balance sheets show an increase in
accounts receivable of 15,000 for the year, a
17,000 increase in accounts payable, and a
4,000 increase in prepaid expenses. Instructions
Prepare the operating activities section of the
statement of cash flows for 2017. Use the
indirect method. Compare free cash flow of two
companies. E12-10 Information for two companies
in the same industry, Merrill Corporation and
Wingate Corporation, is presented here. Merrill
Corporation Wingate Corporation Net cash provided
by operating activities 80,000 100,000 Average
current liabilities 50,000 100,000 Net income
200,000 200,000 Capital expenditures 40,000
70,000 Dividends paid 5,000 10,000
Instructions Compute free cash flow for both
companies and compare.
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ACC 291 GUIDE Education Specialist
/acc291guide.com
ACC 291 Week 5 Wileyplus Assignment E7-3, E12-1,
E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1,
P13-2A (New) FOR MORE CLASSES VISIT www.acc291guid
e.com E7-3, E12-1, E12-8, P12-9A, P12-10A,
E13-3, E13-4, IFRS13-1, P13-2A. Exercise
7-3 Exercise 12-1 Exercise 12-8 Problem
12-9A Problem 12-10A Exercise 13-3 Exercise
13-4 International Financial Reporting Standards
13-1 Problem 13-2A
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