Acc281wk3HW - $(3,500) $26,500 Jan. 1 Accumulated...

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(a) Dec. 31 Bad Debts Expense 1,400 Accounts Recievable--Fell's 1,400 (b) 1 Dec. 31 Bad Debts Expense 8,100 [($840,000-$30,000) X1%] Allowance for Doubtful Accounts 8,100 2 Dec. 31 Bad Debts Expense 9,900 Allowance for Doubtful Accounts [($120,000 X 10%)-$2100] 9,900 (c) 1 Dec. 31 Bad Debts Expense 6,075 [($840,000-$30000)*.75%] Allowance for Doubtful Accounts 6,075 2 Dec. 31 Bad Debts Expense 7,400 Allowance for Doubtful Accounts 7,400 [($120,000 x 6%) +$200]
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1 Factory Machinery 2 Truck 3 Factory Machinery 4 Land 5 Prepaid Insurance 6 Land Improvements 7 Land Improvements 8 Land 9 Building
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Purchase Truck 30000 Salvage Value 2000 100000 miles 8 years 15000 miles 2008 cost per mile 0.28 12000 miles 2009 (a) 1) 2008: $3,500 2009: $3,500 2) 2008: $4,200 2009: $3,360 3) 2008: $7,500 2009: $5,625 (b) 1) Depreciation Expense 3,500 Accumulated Depreciation--Delivery Truck 3,500 2) Delivery Truck $30,000 Less: Accumulated Depreciation
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Unformatted text preview: $(3,500) $26,500 Jan. 1 Accumulated Depreciation--Machinery 75,000 Machinery 75,000 June 30 Depreciation Expense 4,000 Accumulated Depreciation--Computer 4,000 30 Cash 14,000 Accumulated Depreciation--Computer 28,000 Gain on Disposal 2,000 [$14,000-($40,000-$28,000) Computer 40,000 Dec. 31 Depreciation Expense 6,000 Accumulated Depreciation--Truck 6,000 31 Loss on Disposal 9,000 Accumulated Depreciation--Truck 30,000 Delivery Truck 39,000 1/2/2008 Patents 560,000 Cash 560,000 4/1/2008 Goodwill 360,000 Cash 360,000 7/1/2008 Franchise 440,000 Cash 440,000 9/1/2008 Research and Development Expense 185,000 Cash 185,000 12/31/2008 Amortization Expense--Patent 80,000 Amortization Expense--Franchise 22,000 Patents 80,000 Franchise 22,000...
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This note was uploaded on 08/12/2010 for the course ACC ACC 281 taught by Professor Machuca during the Spring '10 term at University of Phoenix.

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Acc281wk3HW - $(3,500) $26,500 Jan. 1 Accumulated...

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