true Description / Instructions: * Exercise 84 * Exercise 811 * BYP 81 * BYP 82 Question 1 The ledger of Wainwright Company at the end of the current...
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Resource: Paul D. Kimmel, Jerry J. Weygandt, Donald E. KiesoComplete  

WileyPLUS 

Financial Accounting: Tools for Business Decision Making, 7th Edition 

©2013

the following Week 1 Assignment in WileyPLUS:

  • BYP 8-1 (Please show how you got the answers too)
  • BYP 8-2 (Please show how you got the answers too)


Thank you very much for your help. 

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No. Account Titles and Explanation Debit Credit (a) (b) (c) Description / Instructions: Complete the following Week 1 Assignment in WileyPLUS: * Exercise 8­4 * Exercise 8­11 * BYP 8­1 * BYP 8­2 Question 1 The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $86,000; Credit Sales $897,000; and Sales Returns and Allowances $52,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) If Wainwright uses the direct write­off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $830 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $660 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. Question 2 Suppose the following information was taken from the 2014 financial statements of FedEx Corporation , a major global transportation/delivery company. (in millions) 2014 2013 Accounts receivable (gross) $ 3,455 $ 4,385 Accounts receivable (net) 3,434 4,404 Allowance for doubtful accounts 21 ­19 Sales revenue 35,443 37,801 Total current assets 7,661 7,181 Answer each of the following questions. Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for
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calculation.) Accounts receivable turnover times The average collection period for 2014 days Is accounts receivable a material component of the company’s total current assets? Question 3 The financial statements of Tootsie Roll are presented below. TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year. $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360) (18,078) (17,790) Stock dividends (47,175) (46,806) (32,629) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares outstanding 57,892 58,685 59,425 (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OF
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