Financial Accounting Assets And Liabilities Journal Entry Homework Help
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1.A Company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company’s unadjusted trial balance reported the following selected amounts:
All sales are made on credit. Based on past experience, the company estimates 0.6% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
2.On January 1, 2012, Irwin Animation sold a truck to Peete Finance for $27,600 and immediately leased it back. The truck was carried on Irwin’s books at $21,850. The term of the lease is 5 years, and title transfers to Irwin at lease-end. The lease requires five equal rental payments of $7,847 at the end of each year. The appropriate rate of interest is 13%, and the truck has a useful life of 5 years with no salvage value. Prepare Irwin’s 2012 journal entries.(Round your answer to the nearest dollar eg 58,591.For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
3.A company paid $150,000, plus a 6% commission and $4,000 in closing costs for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. What should be the allocation of this property’s costs in the company’s accounting records?
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4.Calculate the interest accrued on $6,500 at 6% for 60 days?
5.On December 31 of the current year, Hewett Company reported an ending inventory balance of $215,000. The following additional information is also available:
· Hewett sold goods costing $38,000 to Trump Enterprises on December 28 and shipped the goods on that date with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $215,000 because they were not in Hewett’s warehouse.
· Hewett purchased goods costing $44,000 on December 29. The goods were shipped FOB destination and were received by Hewett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $215,000.
· Hewett’s ending inventory balance of $215,000 included $15,000 of goods being held on consignment from Rumsfeld Company. (Hewett Company is the consignee.)
· Hewett’s ending inventory balance of $215,000 did not include goods costing $95,000 that were shipped to Hewett on December 27 with shipping terms of FOB destination and were still in transit at year-end.
Based on the above information,calculate the balance for ending inventory on December 31?
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