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Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the following amounts in its 2014 and 2013 10-K reports (years ended February 28, 2014 and February 22, 2013). a. Prepare the journal entry to record accounts receivable written off as uncollectible in 2014. Also prepare the entry to record the provision for doubtful accounts (bad debts expense) for 2014. Enter answers in millions (as shown above). b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables. c. Calculate Steelcase's accounts receivable turnover for 2014. (Use Accounts receivable, net for the calculation.) Round answer to one decimal place. times d. How much cash did Steelcase receive from customers in 2014 ? $ million Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the following amounts in its 2014 and 2013 10-K reports (years ended February 28 , 2014 and February 22, 2013). a. Prepare the journal entry to record accounts receivable written off as uncollectible in 2014. Also prepare the entry to record the provision for doubtful accounts (bad debts expense) for 2014. Enter answers in millions (as shown above). b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubte accounts as a percentage of the gross receivables. .

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Problem 8-2B (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). Date Account Titles and Explanation Debit Credit 1 2 3 4 5 (b) Enter the January 1, 2014 balances in Accounts Receivable and Allowance for Doubtful Accounts. Post the transactions to the ledger T Accounts Be sure to post the amounts to the correct side of the T-Account! Accounts Receivable Bal. (2) (1) (3) (5) (4) (5) Bal. Allowance for Doubtful Accounts (4) Bal. (5) Bal. (c) Prepare the journal entry to record bad debt expense for 2014, assuming that aging the accounts receivable indicates that expected bad debts are $140,000. Balance needed $ Balance before adjustment [see (b)] Adjustment required $ The journal entry would therefore be as follows: (d) Accounts Receivable Turnover Ratios: Enter your answer here Average Collection Period: Enter your answer here Problem 8-6B (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). Date Account Titles and Explanation Debit Credit 5 20 Feb 18 Apr 20 30 May 25 Aug 18 Sept. 1 Problem 9-2B (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). If there are two entries for the same day, then you do not need to enter the date again. Date Account Titles and Explanation Debit Credit April 1 May 1 May 1 June 1 Sept 1 PART B Dec 31 31 (c) Partial Balance Sheet TONG CORPORATION Partial Balance Sheet December 31, 2014 Assets Plant assets Account title Amount Account title Amount Account title Amount Account title (or contra account) Amount Total plant assets Amount Problem 9-7B (a) BUS 1 Year Computation Accumulated Depreciation Amount Amount Amount BUS 2 Year Computation Accumulated Depreciation Amount Amount Amount BUS 3 Year Computation Accumulated Depreciation Amount Amount Amount (b) BUS 2 Year Depreciation Expense Amount Amount .

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Exercise 8-15 Shania Twain Company was formed on December 1, 2013. The following information is available from Twain’s inventory records for Product BAP. Units Unit Cost January 1, 2014 (beginning inventory) 600 $ 8 Purchases: January 5, 2014 1,200 9 January 25, 2014 1,300 10 February 16, 2014 800 11 March 26, 2014 600 12 A physical inventory on March 31, 2014, shows 1,600 units on hand. Prepare schedules to compute the ending inventory at March 31, 2014, under FIFO inventory methods. (Round answer to 0 decimal places, e.g. 2,760.) FIFO Ending Inventory at March 31, 2014 $ Prepare schedules to compute the ending inventory at March 31, 2014, under LIFO inventory methods. (Round answer to 0 decimal places, e.g. 2,760.) LIFO Ending Inventory at March 31, 2014 $ Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average-cost per unit $ Prepare schedules to compute the ending inventory at March 31, 2014, under Weighted-average inventory methods. (Round answer to 0 decimal places, e.g. 2,760.) Weighted-Average Ending Inventory at March 31, 2014 $ Brief Exercise 9-2 Floyd Corporation has the following four items in its ending inventory. Item Cost ReplacementCost Net RealizableValue (NRV) NRV less NormalProfit Margin Jokers $2,000 $2,050 $2,100 $1,600 Penguins 5,000 5,100 4,950 4,100 Riddlers 4,400 4,550 4,625 3,700 Scarecrows 3,200 2,990 3,830 3,070 Determine the final lower-of-cost-or-market inventory value for each item. Jokers $ Penguins Riddlers Scarecrows Exercise 9-12 Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase discounts 12,000 (a) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales. The estimated inventory at May 31 $ (b) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.) The estimated inventory at May 31 $ Brief Exercise 10-8 Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer worth $3,300. Navajo also paid $500 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Brief Exercise 10-10 Mehta Company traded a used welding machine (cost $9,000, accumulated depreciation $3,000) for office equipment wi ...

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Kelly consultingKelly ConsultingPost-closing Trial Balance 30-Apr-08Account TitleDebitCreditCash22,100Accounts Receivables3400Supplies1350Prepaid Rent3200prepaid insurance1500Office Equipment14500Accumulated Depreciation330Accounts payable800salary payable120Kelly Capital44800$46,050$46,050.00Kelly ConsultingGeneral JournalMay, 20081-May2-May3-May4-May5-May6-May7-May8-May9-May10-May11-May12-MayAccounts ReceivableSupplies#2Post to "T" accounts below34001350Cash22,100Prepaid InsuranceOffice Equipment150014,500Prepaid Rent3200Accounts PayableSalaries Payable800120Accumulated Depreciation330CapitalFees earned44,800Unearned FeesSalary ExpenseElectric ExpenseAdvertising Expense q2 adjsting entries Woods Journalize the following adjusting entries for Woods corporation as of December 31, 2014 (Assume that adjustments are made on a monthly basis)Woods Inc.Unadjusted Trial BalanceNovember 30, 2014Account DebitCreditCash18,570Accounts Receivable11,900Supplies1,820Prepaid rent750Equipment12,000Accumulated depreciation1100Accounts Payable1050Unearned Fees2800Capital Stock10000Retained earnings27800Dividends1,400Fees earned51450Wages Expense28210qRent expense2,250Utilities expense16040 Miscellaneous Expenses1260Total94,20094,200A) The equipment was purchased on January 1 of this year with an expected life of 10 years. There is no salvage value. Use the straight line methodB) The amount of supplies on hand as of December 31 is $1000.00C) Fees earned and unbilled $ 1,200D) Additional fees earned ( collected in prior periods) $ 800.00 E)Wages incurred and not paid $ 700F) Rent was prepaid on February 1 of this year for one yearAccount TitleDebitCreditABCDEF Q 3 M & D M&D IncAdjusted Trial Balance12/31/14Income StatementBalance SheetAccount DebitCreditDebitCreditDebitCreditCash15200Accounts Receivable200Supplies1000Prepaid insurance550Equipment5000Accumulated depreciation40Notes Payable5000Accounts Payable2500Unearned Service revenue800Salaries & wages payable1200Interest payable50Owner's capital10000Owner's drawing500Service revenue10600Salaries & wages expense5200Supplies expenses1500Rent expense900Insurance expense50Interest expense50Depreciation expense40$30, 190$30, 190Complete the income statement and balance sheets columns of the worksheet. Harvest Financial statementsUse the following information to complete the income statement and the balance sheetHarvest incorporatedHarvest incorporatedHarvest IncorporatedAdjusted Trial BalanceBalance SheetIncome Statement31-Dec-14 As of December 31, 2014For the year ended December 31, 2014AssetsRevenuesAccount DebitCredit$Cash$6,700Current AssetsExpensesAccounts Receivable600$$Supplies1,000Prepaid rent900Equipment15,000Accumulated depreciation850Notes Payable5,000Accounts Payable1,510Unearned rent revenue500 Total current assetsSalaries & wages payable400Total expenses$Interest payable50Property, plant and equipmentNet income (loss)$Owner's capital14,000$Owner's d ...

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Krafty Foods Income Statement For the Year Ended December 31, 2013 ($ in Millions) Operating revenues $_____________ Cost of Sales $_____________ Gross Profit $_____________ Marketing, general and administration Expenses $______________ Operating Income $______________ Interest and other debt expense, net $______________ Income before taxes $______________ Income tax expense $______________ Net Income $_______________ 1. Which of the following is in accordance with generally accepted accounting principles? A) Accrual-basis accounting B) Cash-basis accounting C) Both accrual-basis and cash-basis accounting D) Neither accrual-basis nor cash-basis accounting 2. Adjusting entries are required A) yearly. B) quarterly. C) monthly. D) every time financial statements are prepared. 3. Accumulated Depreciation is A) an expense account. B) an owner's equity account. C) a liability account. D) a contra asset account. 4. Depreciation is the process of A) valuing an asset at its fair value. B) increasing the value of an asset over its useful life in a rational and systematic manner. C) allocating the cost of an asset to expense over its useful life in a rational and systematic manner. D) writing down an asset to its real value each accounting period. 5. Unearned revenue is classified as A) an asset account. B) a revenue account. C) a contra-revenue account. D) a liability account. 6. At March 1, Psychocandy Inc. reported a balance in Supplies of $200. During March, the company purchased supplies for $750 and consumed supplies of $800. If no adjusting entry is made for supplies A) owner's equity will be overstated by $800. B) expenses will be understated by $750. C) assets will be understated by $250. D) net income will be understated by $800. 7. Stone Roses Candies paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29–31). Employees work 5 days a week and the company pays $1,500 a day in wages. What will be the adjusting entry to accrue wages expense at the end of January? A) Salaries and Wages Expense 1,500 Salaries and Wages Payable 1,500 B) Salaries and Wages Expense 7,500 Salaries and Wages Payable 7,500 C) Salaries and Wages Expense 4,500 Salaries and Wages Payable 4,500 D) No adjusting entry is required. 8. The adjusted trial balance is prepared A) after financial statements are prepared. B) before the trial balance. C) to prove the equality of total assets and total liabilities. D) after adjusting entries have been journalized and posted. 9. Closing entries may be prepared from all of the following except A) Adjusted balances in the ledger B) Income statement and balance sheet columns of the worksheet C) Balance sheet D) Income and owner's equity statements 10. The income statement for the month of June, 2014 of Camera Obscura E.

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Maximum Points Defined the "quality management principle." 4 Defined and described the 8 quality management principles. 4 Related quality standards to quality assurance as defined by ISO 9001 and gave examples of their application. 4 Identified at least two examples of business performance indicators and their significance. 4 Justified ideas and responded by using appropriate examples and references from texts, web sites and other references. All references should be cited using proper APA citation format. 4 Used appropriate vocabulary, proper sentence structure, and grammar Go to http://www.kristerforsberg.com/qmp and read the Quality Management Principle material provided there. · How is the "quality management principle" defined? · Briefly identify and describe the 8 quality management principles and give examples of their application to Quality Assurance as defined by ISO 9001. · Identify some examples of business performance indicators and their significance. Provide explanations, references to readings, lectures, and outside references in your answers. 1 1. value: 2.35 points Use the information in the following adjusted trial balance for the Webb Trucking Company. Account Title Debit Credit Cash $ 7,300 Accounts receivable 16,500 Office supplies 2,000 Trucks 197,000 Accumulated depreciation—Trucks $ 40,582 Land 75,000 Accounts payable 11,300 Interest payable 3,000 Long-term notes payable 52,000 K. Webb, Capital 183,638 K. Webb, Withdrawals 19,000 Trucking fees earned 134,500 Depreciation expense—Trucks 26,175 Salaries expense 63,080 Office supplies expense 7,398 Repairs expense—Trucks 11,567 Totals $ 425,020 $ 425,020 (1) Calculate the current ratio. (Assume that the industry average for the current ratio is 1.5.) (Round your answer to 2 decimal places.) Current ratio (2) Compare Webb's current ratio with the industry average. Webb's current ratio is above the industry average. Webb's current ratio is below the industry average. 2. value: 2.35 points The following adjusted trial balance of Webb Trucking Company. Account Title Debit Credit Cash $ 8,100 Accounts receivable 16,500 Office supplies 2,000 Trucks 158,000 Accumulated depreciation—Trucks $ 32,548 Land 75,000 Accounts payable 12,100 Interest payable 3,000 Long-term notes payable 52,000 K. Webb, Capital 160,160 K. Webb, Withdrawals 19,000 Trucking fees earned 113,000 Depreciation expense—Trucks 20,993 Salaries expense 52,997 Office supplies expense 10,500 Repairs expense—Trucks 9,718 Totals $ 372,808 $ 372,808 The K. Webb, Capital, account balance is $160,160 at December 31, 2010. (1) Prepare the income statement for the year ended December 31, 2011. (Input all amounts as pos ...

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ACC 290 Final Exam 1. Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2. In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, and capital statement B. Income statement, capital statement, statement of cash flows, and balance sheet C. Balance sheet, capital statement, statement of cash flows, and income statement D. Income statement, capital statement, balance sheet, and statement of cash flows 3. In classifying transactions, which of the following is true in regard to assets? A. Normal balances and increases are debits B. Normal balances and decreases are credits C. Normal balances can either be debits or credits for assets D. Normal balances are debits and increases can be debits or credits 4. An increase in an expense

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