Financial Accounting Bank Reconciliation And Entries Homework Help
- November 30, 2017
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- Category: Accounting QA
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1.Bond Yield and After Tax Cost of Debt
A company’s 8% coupon rate, semiannual payment, $1,000 par value bond that matures in 25 years sells at a price of $656.32. The company’s federal-plus-state tax rate is 30%. What is the firm’s after-tax component cost of debt for purposes of calculating the WACC? (Hint: Base your answer on the nominal rate.) Round your answer to two decimal places.
2.Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense- $4,350
Prepaid insurance, December 31, 20X2- 1,900
Cash outlays for insurance during 20X2- 6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3.Bank reconciliation and entries. The following information was taken from the accounting records of Palmetto Company for the month of January:
Balance per bank $6,150
Balance per company records 3,580
Bank service charge for January 20
Deposits in transit 940
Interest on note collected by bank 100
Note collected by bank 1,000
NSF check returned by the bank with the bank statement 650
Outstanding checks 3,080
a. Prepare Palmetto’s January bank reconciliation.
b. Prepare any necessary journal entries for Palmetto.
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4.Direct write-off method. Harrisburg Company, which began business in early 20X7, reported $40,000 of accounts receivable on the December 31, 20X7, balance sheet. Included in this amount was $550 for a sale made to Tom Mattingly in July. On January 4, 20X8, the company learned that Mattingly had filed for personal bankruptcy. Harrisburg uses the direct write-off method to account for uncollectibles.
a. Prepare the journal entry needed to write off Mattingly s account.
b. Comment on the ability of the direct write-off method to value receivables on the year-end balance sheet.
5.Allowance method: estimation and balance sheet disclosure. The following pre-adjusted information for the Maverick Company is available on December 31:
Accounts receivable $107,000
Allowance for uncollectible accounts 5,400 (credit balance)
Credit sales 250,000
a. Prepare the journal entries necessary to record Maverick s uncollectible accounts expense under each of the following assumptions:
(1) Uncollectible accounts are estimated to be 5% of Credit Sales.
(2) Uncollectible accounts are estimated to be 14% of Accounts Receivable.
b. How would Maverick s Accounts Receivable appear on the December 31 balance sheet under assumption (1) of part (a)?
c. How would Maverick s Accounts Receivable appear on the December 31 balance sheet under assumption (2) of part (a)?
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