Sep 27, 2017 term paper 2

ACCOUTING

This paper concentrates on the primary theme of ACCOUTING in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Accouting  At December 31, 2013, Hanna Toys had a balance of $82,700 in its Accounts Receivable account and a credit balance of $300 in its Allowance for Doubtful Accounts account.  The company analyzed and aged its accounts receivable based on the following estimated uncollectible amounts:

 

Age of AccountsReceivables

Balance

Estimated % Uncollectible
Current$43,5000.6%
31 to 60 day22,1002.2%
61 to 90 days8,9005.4%
Over 91 days    8,20021.0%
Total$82,700 

 

The company bases its provision for credit losses on the aging analysis.

 

Required:

  1. What amount of bad debt expense will Hanna Toys report in its 2013 income statement?  Round all your calculations to the nearest dollar.

 

  1. How would Accounts Receivable and the Allowance for Doubtful Accounts appear in its December 31, 2013, balance sheet?

 

 

 

 

 

 

 

 

Use the following information to prepare a bank reconciliation for Forrester Company at April 30, 2013:

 

(1)   Cash account balance, April 30, $9,786.40.

(2)   Bank statement balance, April 30, $10,758.20.

(3)   Service charge on bank statement not recorded in books, $70.00.

(4)   Deposits in transit, $1,438.60.

(5)   Outstanding checks, April 30, $946.80.

(6)   The bank statement included a charge of $466.40 for N. Ryan’s NSF check. The check, returned with the bank statement, had been received by Forrester in payment on account.

(7)   The bank collected a $2,000.00 note in April for Forrester. This amount was included in the bank statement, but Forrester had not yet recorded the collection. The bank’s $70.00 service charge for April [see (3) above] included collection charge for the note.


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