Chapter_7_-_Class_Discussion_Template_Libby_4th_edition

Chapter_7_-_Class_Discussion_Template_Libby_4th_edition -...

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EXERCISES E7–4 Req. 1 Req. 2 Date Account Title Debit Credit
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E7–5 Profit from Transaction Net Sales Gross Profit Operations July 12 July 15 July 20 July 21
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E7–7 Req. 1 SLATE, INC. Income Statement For the Year Ended December 31, 2011 Amount Gross sales. .................................... Less sales returns and allowances. . Net sales revenue. .......................... Cost of sales. .................................. Gross margin on sales. ................... Operating expenses: Administrative expense. ............... Selling expense. ........................... Bad debt expense Profit before income tax. ................ Income tax expense Profit. ............................................. Earnings per share In this case Profit from operations is the same as Profit before income tax.
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Req. 2
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P7–1 Case A
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Case B Case C
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E7–9 Req. 1 Date Account Title Debit Credit Req. 2 Date Account Title Debit Credit Req. 3
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E7–12 Req. 1 Dec. 31, 2009 Date Account Title Debit Credit
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Aged trade receivables
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Unformatted text preview: Estimated percentage uncollectible Estimated amount uncollectible Not past due x 1% = Past due 130 days x 5% = Past due 3160 days x 10% = Past due 6190 days x 20% = Past due 91120 days x 30% = Past due more than 120 days x 40% = Estimated ending balance in Allowance for Doubtful Accounts Unadjusted balance Bad debt expense for 2009 Req. 2 E713 Req. 1 Dec. 31, 2012 Date Account Title Debit Credit Req. 2 Req. 3 Req. 4 E723 Req. 1 ZOLTAN COMPANY Bank Reconciliation, June 30, 2012 Company's Books Bank Statement Ending balance per Cash Account Ending balance per bank statement Additions: Additions: None Deposit in transt Deductions: Deductions: Bank service charge Outstanding cheques Ending correct cash balance Ending correct cash balance Req. 2 Date Account Title Debit Credit Req. 3 Req. 4...
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Chapter_7_-_Class_Discussion_Template_Libby_4th_edition -...

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