Workbook - chapter 7 1 a Bad dept expense 3,300 Allowance...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: chapter 7 1 a Bad dept expense 3,300 Allowance for doubtful accounts b Bad dept expense 3,800 Allowance for doubtful accounts 2 39674 A/R 10,000 Sale Revenue 10,000 39696 Note 10,000 A/R 10,000 39696 Cash 9,100 due to factor 500 Loss on sale 400 Note 10,000 3 a Deferred charge 145,793 Note 400,000 cash 400,000 Discount on N/R 145,793 b cash effective discount unamortized year interest interest Amortized discount 145,793 39783- 30,869 114,924 40148- 34,209 80,720 40513- 38,314 42,406 40878- 42,406 - 145,798 4 a cash 162,750 due from factoring 8,750 retains 5% of A/R Loss on sale of A/R 3,500 2% fee A/R 175,000 b A/R 175,000 due to ehrlich 8,750 retains 5% of A financing revenue 3,500 2% fee cash 162,750 5 1 b 2 b 3 e a 4 b e 5 d 6 d c 7 c Chapter 8 1 2,003 2,004 purchases u o inventory 12-31 u n COGS n n Net Income n n Assets u n Liabilities u n RE n n 2 a gross 39448 Inventory 24,000 A/P 24,000 39456 A/p 12,000 discount 240 Cash 11,760 39477 A/P 12,000 Cash 12,000 b net 39448 Inventory 23,520 A/p 23,520 39456 A/P 11,760 Cash 11,760 39477 A/P 11,760 discount forfit 240 Cash 12,000 3 a FIFO 300 @ 5 1,500 300 @6 1,800 COGS Err:522 lowest Inventory 2,500 highest b LIFO 100 @ 7 700 500 @ 6 3,000 COGS 3,700 hightest Inventory 2,100 lowest c W.A. COGS 3,480 mid inventory 2,320 mid 4 a(1) LIFO Ending inventory 830 Units COGS 3740 units 750 9 6,450 500 9 4,350 650 9 5,525 1250 8 10,000 590 8 4,838 Cogs 31,163 Inventory: 180 8 1,476 650 8 5,460 Ending inventory 6,936 a(2) A.C. 5460 6314 6,920 10000 5525 4350 6450 38099 b(1) FIFO Ending inventory is 6450 695 7145 c. COGS SALEs b(2) LIFO Ending inventoy is 5,460 3,528 5460 6,314 4,410 6314 10,000 11,700 -2296 5,525 8,450 10000 3,654 11,610 -2800 30,953 9,450 5525 49,148 -7525 4350-5550 6450-6020 5 2003 50,000 100 50,000 2004 73,500 105 70,000 2005 71,500 110 65,000 base year $ value 2003 50,000 100 50,000 2004 20,000 105 21,000 70,000 71,000 Chapter 10 1 35796 machine 27,850 cash 27,850 38261 machine 27,850 Accumalated Deprication 38261 Cash 8,000 gain Accumulated Deprecation 20,250 machine 2a weighted average accumulated expenditures avoidable interest interest to be capitalized 2a 3(a) Land 25,500 Building 75,000 Machinery 50,000 Cash 150,000 4(a) machinery (new) 260,000 A/D 80,000 Machinery(old) 325,000 Cash 15,000 Machinery(new) 246,552 Cash 15,000 A/D 90,000 Gain on Disp. 1,552 Machinery(old 350,000 5(a) Expense Capitalize Clasification A x addition B x x improvement C x ordinary repair D x x rearrangement E x x replacement F x impovement repair G x addition H x replacement Chapter 6 T/F M.C. 84% 1 T 1 A 2 T 2 A 3 F 3 A 4 F 4 C 5 T 5 D 6 F 6 8,500 C 7 F 7 C 8 F 8 D 9 T 9 D 10 F 10 A 11 T 12 T 13 F 14 F 15 T Chapter 7 Debit Credit 1(a) Allowance 3,500 uncl exp 3,500 1(b) Allowance 4,000 3,800 uncl exp 4,000 2 37847 A/R 10,000 Sale 10,000 37869 note 10,000 A/R 10,000 37869 Cash 9,100 due from 500 factor Fee 400 Loss from sale Note 10,000 Deferred chargeon note 145,793 3(a) Note 400,000...
View Full Document

This note was uploaded on 07/04/2011 for the course ACG 101 taught by Professor Burnett during the Spring '09 term at Edison State College.

Page1 / 42

Workbook - chapter 7 1 a Bad dept expense 3,300 Allowance...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online