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- This work of ACC 422 Week 2 Individual Assignment includes:
- Chapter 8
- 1) Question 8-13
- 2. Due Day 7 (Monday): Exercises from the Text
- Prepare written responses to the following assignments from the text, Intermediate Accounting, 12th ed.:
- Chapter 7
- 1) Exercise E7-2
- E7-2 (Determine Cash Balance) Presented below are a number of independent situations.
- Instructions
- For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale.
- 2) Exercise E7-8
- E7-8 (Recording Bad Debts) At the end of 2007 Aramis Company has accounts receivable of $800,000 and
- an allowance for doubtful accounts of $40,000. On January 16, 2008, Aramis Company determined that its receivable from Ramirez Company of $6,000 will not be collected, and management authorized its write-off.
- Instructions
- (a) Prepare the journal entry for Aramis Company to write off the Ramirez receivable.
- (b) What is the net realizable value of Aramis Company’s accounts receivable before the write-off of the Ramirez receivable?
- (c) What is the net realizable value of Aramis Company’s accounts receivable after the write-off of the Ramirez receivable?
- Chapter 8
- 3) Exercise E8-5
- E8-5 (Inventoriable Costs—Error Adjustments) Craig Company asks you to review its December 31,
- 2007, inventory values and prepare the necessary adjustments to the books. The following information is given to you.
- 4) Exercise E8-14
- Question 1
- Presented below are a number of independent situations.
- For each individual situation, determine the amount that should be reported as cash.
- 1. Checking account balance $936,100; certificate of deposit $1,448,900; cash advance to subsidiary of $991,010; utility deposit paid to gas company $192.
- Cash balance $
- 2. Checking account balance $515,050; an overdraft in special checking account at same bank as normal checking account of $17,500; cash held in a bond sinking fund $234,200; petty cash fund $347; coins and currency on hand $1,450.
- Cash balance $
- 3. Checking account balance $625,940; postdated check from a customer $14,070; cash restricted due to maintaining compensating balance requirement of $120,010; certified check from customer $9,580; postage stamps on hand $683.
- Cash balance $
- 4. Checking account balance at bank $46,310; money market balance at mutual fund (has checking privileges) $48,800; NSF check received from customer $871.
- Cash balance $
- 5. Checking account balance $701,980; cash restricted for future plant expansion $508,420; short-term Treasury bills $190,900; cash advance received from customer $978 (not included in checking account balance); cash advance of $7,770 to company executive, payable on demand; refundable deposit of $28,700 paid to federal government to guarantee performance on construction contract.
- Question 2
- At the end of 2012, Sorter Company has accounts receivable of $872,640 and an allowance for doubtful accounts of $49,420. On January 16, 2013, Sorter Company determined that its receivable from Ordonez Company of $7,600 will not be collected, and management authorized its write-off.
- Question 3
- Werth Company asks you to review its December 31, 2012, inventory values and prepare the necessary adjustments to the books. The following information is given to you.
- 1. Werth uses the periodic method of recording inventory. A physical count reveals $282,103 of inventory on hand at December 31, 2012.
- 2. No
- Complete course guide available here - https://bitly.com/12BNNai
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