Week 2 Ex and Problems
Wiley Plus Wk 2 Ex & Prob
ACC/291
August 6, 2012
Wiley Plus Wk. 2 Ex & Prob
E8 – 3 Date | Account Titles and Explanation | Debit | Credit | 31 – Dec. | Bad Debts Expense Accounts receivable-Fell | 1,400 | 1,400 | | | | | 31 – Dec. | Bad Debts Expense (840,000 – 30000)*1% Allowance for Doubtful accounts | 8,100 | 8,100 | | | | | 31 – Dec. | Bad Debts Expense Allowance for Doubtful Accounts (120,000*10%)-2100 | 9,900 | 9,900 | | | | | 31 – Dec. | Bad Debts Expense (840,000 – 30,000*.75%) Allowance for Doubtful Accounts | 6,075 | 6,075 | | | | | 31 – Dec. | Bad Debts Expense Allowance for Doubtful Accounts (120,000*6%)+200 | 7,400 | 7,400 |
BE9 – 13 Spain CompanyPartial Balance Sheet31–Dec-11 | Property, plant, equipment | | | | Coal mine | 500,000 | | | Less: Accumulated depletion | 108,000 | 392,000 | | Buildings | 1,100,000 | | | Less: Accumulated depreciation | 650,000 | 450,000 | | Total property, plant, and equipment | | | 842,000 | Intangible assets | | | | Goodwill | | | 410,000 |
Do It 9-4 Intangible | Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance. | Amortization | The allocation of the cost of an intangible asset to expense in a rational and systematic manner. | Franchise | A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area. | Research and development costs | Cost incurred by a company that often led to patents or new product. These costs must be expensed as incurred. | | | Goodwill | The excess of the cost of a company over the fair market value of the net assets acquired. |
E9 – 9 Date | Account Titles and Explanation | Debit | Credit | 1-Jan | Accumulated Depreciation-Ma | 62,000 | | | Machinery | | 62,000 | | | | | 30–Jun |
ACC/291
August 6, 2012
Wiley Plus Wk. 2 Ex & Prob
E8 – 3 Date | Account Titles and Explanation | Debit | Credit | 31 – Dec. | Bad Debts Expense Accounts receivable-Fell | 1,400 | 1,400 | | | | | 31 – Dec. | Bad Debts Expense (840,000 – 30000)*1% Allowance for Doubtful accounts | 8,100 | 8,100 | | | | | 31 – Dec. | Bad Debts Expense Allowance for Doubtful Accounts (120,000*10%)-2100 | 9,900 | 9,900 | | | | | 31 – Dec. | Bad Debts Expense (840,000 – 30,000*.75%) Allowance for Doubtful Accounts | 6,075 | 6,075 | | | | | 31 – Dec. | Bad Debts Expense Allowance for Doubtful Accounts (120,000*6%)+200 | 7,400 | 7,400 |
BE9 – 13 Spain CompanyPartial Balance Sheet31–Dec-11 | Property, plant, equipment | | | | Coal mine | 500,000 | | | Less: Accumulated depletion | 108,000 | 392,000 | | Buildings | 1,100,000 | | | Less: Accumulated depreciation | 650,000 | 450,000 | | Total property, plant, and equipment | | | 842,000 | Intangible assets | | | | Goodwill | | | 410,000 |
Do It 9-4 Intangible | Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance. | Amortization | The allocation of the cost of an intangible asset to expense in a rational and systematic manner. | Franchise | A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area. | Research and development costs | Cost incurred by a company that often led to patents or new product. These costs must be expensed as incurred. | | | Goodwill | The excess of the cost of a company over the fair market value of the net assets acquired. |
E9 – 9 Date | Account Titles and Explanation | Debit | Credit | 1-Jan | Accumulated Depreciation-Ma | 62,000 | | | Machinery | | 62,000 | | | | | 30–Jun |