ACC 291 Week 2 Discussion Question 1

ACC 291 Week 2 Discussion Question 1
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 This file ACC 291 Week 2 Discussion Question 1 has solution of these problems: "How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method?"

Business - Accounting
 ACC 291 All Week 4 Assignments - Individual WileyPlus Assignment

 Includes:

 Week 4 Chapter 13 practice quiz 1

 Week 4 Chapter 14 Practice quiz 1

 Week 4 reflection summary

 Week 4 Discussion questions 1 and 2

 Week 4 Individual WileyPlus assignment as described below:

 Exercise Do It! 11-1

 Indicate whether each of the following statements is true or false

 Exercise E11-15

 On October 31, the stockholders' equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action: (1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share.

 Complete the tabular summary of the effects of the alternative actions on the components of stockholders' equity and outstanding shares.  (If answer is zero, please enter 0. Do not leave any fields blank.)

 Exercise E11-16

 Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the accounts

 1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest Expense $50,000 and a credit to Cash $50,000

 2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and Dividend Payable (Cr.) $10,000. The shares have not been issued

 3. A 4-for-1 stock split involving the issue of 400,000 shares of $5 par value common stock for 100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings $2,000,000 and a credit to Common Stock $2,000,000

 Prepare the correcting entries at December 31.  (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

 Problem P11-6A

 Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2011, the ledger contained the following balances pertaining to stockholders' equity

 so on...

 Problem P11-8A

 The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011

Take a bottle of water with you to class. You absolutely must be sure to drink enough water day in and day out. Be especially aware of your hydration if you are attending back-to-back classes. If you drink water, you will be able to stay on top of your classes. You can refill water bottles at many different water fountains.