1. In the crazy Eddie case, what financial statement fraud
scheme did Eddie commit?
a. fictitious...
1. In the crazy Eddie case, what financial statement fraud
scheme did Eddie commit?
a. fictitious revenues
b. overstatement of inventory
c. all of these
d. Improper disclosures
2. which of the following accounting areas were involved in the
financial statement fraud at health south?
a. Accounts Receivable
b. Mergers
c. Capitalized Assets
d. all of these
The following information relates to a company’s accounts
receivable: accounts receivable balance at the beginning of...
The following information relates to a company’s accounts
receivable: accounts receivable balance at the beginning of the
year, $440,000; allowance for uncollectible accounts at the
beginning of the year, $33,000 (credit balance); credit sales
during the year, $1,650,000; accounts receivable written off during
the year, $24,000; cash collections from customers, $1,800,000.
Assuming the company estimates that future bad debts will equal 11%
of the year-end balance in accounts receivable.
1. Calculate the year-end balance in the
allowance for uncollectible accounts....
The following information relates to a company’s accounts
receivable: accounts receivable balance at the beginning of...
The following information relates to a company’s accounts
receivable: accounts receivable balance at the beginning of the
year, $360,000; allowance for uncollectible accounts at the
beginning of the year, $25,000 (credit balance); credit sales
during the year, $1,250,000; accounts receivable written off during
the year, $16,000; cash collections from customers, $1,150,000.
Assuming the company estimates bad debts at an amount equal to 3%
of credit sales.
1. Calculate bad debt expense for the year.
2. Calculate the year-end balance in...
The following information relates to a company’s accounts
receivable: accounts receivable balance at the beginning of...
The following information relates to a company’s accounts
receivable: accounts receivable balance at the beginning of the
year, $450,000; allowance for uncollectible accounts at the
beginning of the year, $34,000 (credit balance); credit sales
during the year, $1,700,000; accounts receivable written off during
the year, $25,000; cash collections from customers, $1,850,000.
Assuming the company estimates bad debts at an amount equal to 3%
of credit sales.
1. Calculate bad debt expense for the year.
2. Calculate the year-end balance in...
The following information relates to a company’s accounts
receivable: gross accounts receivable balance at the beginning...
The following information relates to a company’s accounts
receivable: gross accounts receivable balance at the beginning of
the year, $370,000; allowance for uncollectible accounts at the
beginning of the year, $26,000 (credit balance); credit sales
during the year, $1,300,000; accounts receivable written off during
the year, $17,000; cash collections from customers, $1,200,000.
Assuming the company estimates that future bad debts will equal 9%
of the year-end balance in accounts receivable.
1. Calculate bad debt expense for the year.
2. Calculate...
Case A: Compute cash received
from customers: Sales$740,000
Accounts receivable, December 31, 2015 32,000
Accounts receivable, December...
Case A: Compute cash received
from customers: Sales$740,000
Accounts receivable, December 31, 2015 32,000
Accounts receivable, December 31, 2016 44,160
Case B: Compute cash paid for
rent: Rent expense$123,100
Rent payable, December 31, 2015 7,900
Rent payable, December 31, 2016 6,636
Case C: Compute cash paid for
inventory: Cost of goods sold$723,000
Inventory, December 31, 2015 224,130
Accounts payable, December 31, 2015 94,135
Inventory, December 31, 2016 183,787
Accounts payable, December 31, 2016
116,727
Case X:
Compute cash received from customers:
Sales
$
700,000
Accounts receivable, Beginning balance
48,000
Accounts...
Case X:
Compute cash received from customers:
Sales
$
700,000
Accounts receivable, Beginning balance
48,000
Accounts receivable, Ending balance
66,240
Case Y:
Compute cash paid for rent
Rent expense
$
106,300
Rent payable, Beginning balance
12,900
Rent payable, Ending balance
10,836
Case Z:
Compute cash paid for inventory
Cost of goods sold
$
465,000
Inventory, Beginning balance
144,150
Accounts payable, Beginning balance
60,543
Inventory, Ending balance
118,203
Accounts payable, Ending balance
75,073
For each of the above three separate cases,...
The following information relates to Zulu Company’s accounts
receivable for 2017:
Accounts receivable, 1/1/2017 $ 750,000...
The following information relates to Zulu Company’s accounts
receivable for 2017:
Accounts receivable, 1/1/2017 $ 750,000
Credit sales for 2017 3,100,000
Accounts written off during 2017 45,000
Collections from customers during 2017 2,400,000
Estimated uncollectible accounts at 12/31/2017 95,000
A factor has recently offered to purchase all of Zulu’s
outstanding receivables without recourse for 94% of their face
amount.
Required:
At what net amount should Zulu report its receivables assuming
the company chooses to measure financial assets at fair value?
MICA Company’s Allowance for Doubtful Accounts had an
unadjusted credit balance of $300. Total Accounts Receivable...
MICA Company’s Allowance for Doubtful Accounts had an
unadjusted credit balance of $300. Total Accounts Receivable on
December 31, 202x, of $43,000 is aged as follows:
December 31, 202x Accounts Receivable
Age of Accounts Receivable
Expected Percentage Uncollectible
$25,000
Not due (under 30 days)
1%
14,000
1-30 days past due
2%
4,000
Over 30 days past due
5%
What amount would be recorded in the December 31, 202x
adjusting entry to estimate uncollectible accounts receivable?
_____________
1). Warner Company’s year-end unadjusted trial balance shows
accounts receivable of $117,000, allowance for doubtful accounts...
1). Warner Company’s year-end unadjusted trial balance shows
accounts receivable of $117,000, allowance for doubtful accounts of
$780 (credit), and sales of $460,000. Uncollectibles are estimated
to be 1.50% of accounts receivable.
A. Prepare the December 31 year-end adjusting
entry for uncollectibles.
2)Warner Company’s year-end unadjusted trial balance shows
accounts receivable of $103,000, allowance for doubtful accounts of
$640 (credit), and sales of $320,000. Uncollectibles are estimated
to be 1% of sales.
A. Prepare the December 31 year-end adjusting entry...