http://classassignments.org/wp-content/uploads/2021/08/Class-Assignments-Logo-300x70.png 0 0 Ken Morgan http://classassignments.org/wp-content/uploads/2021/08/Class-Assignments-Logo-300x70.png Ken Morgan2021-02-15 10:40:192021-02-15 10:40:19ACC 537 Week 2 Assignment E5-22A, P6-64A
LO 4 E5-22A. (Leaning Objective 4: Apply GAAP to uncollectible receivables) At December 31 ,2016,before any year-end adjustment, the accounts receivable balance of Turf Trimmers, Inc.., is $350,000. The Allowance for doubtful accounts has an $18,700 credit balance. Tuft trimmers prepares the following aging schedule for accounts Receivable:
1. Based on the aging of account receivable, is the unadjusted balance of the allowance account adequate? Too high? Too lpw?
2. Make the entry reuired by the aging schedule. Prepare a T-account for the allowance.
3. Show how Turt Trimmers will report account receivable on its December 31 balance sheet
LO 2 P6-64A.(Leaning Objective 2: Compare inventory by three methods) Armed forces surplus began march 2016 with 80 tends that cost $15 each. During the month, Armed Forces Surplus made the following purchases at cost:
Armed Forces Surplus sold 296tents,and at March31, the ending inventory consists of 54 tents. The sale price of each tent was $45,
1.Deterrmine the cost of goods sold and ending inventory amounts for march under the average, FIFO cost. and LIFO cost . Round average cost per unit to two decimal places, and round all other amount to the nearest dollar.
2. Explain why cost goods sold is highest under LIFO. Be specific
3.prepare the Armed Forces Surplus income statement for March. Report gross profit. Operating expenses totaled $5,000. Armed Forces Surplus uses average costing for inventory. The income tax rate is 35%.
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