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UOP ACC 291 Week 2 Textbook Exercise BE 8 .pdf



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UOP ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14, E94 NEW

Check this A+ tutorial guideline at
http://www.uopassignments.com/acc-291-uop/acc-291week-2-textbook-exercise- recent

For more classes visit
http://www.uopassignments.com
Chapter 8: BE8-8
Determine maturity dates and compute interest and rates on
notes.
E8-4 The ledger of Macarty Company at the end of the current
year shows Accounts Receivable $78,000, Credit Sales
$810,000, and Sales Returns and Allowances $40,000.
Instructions
(a) If Macarty uses the direct write‐off method to account for
uncollectible accounts, journalize the adjusting entry at
December 31, assuming Macarty determines that Matisse's
$900 balance is uncollectible.
(b) If Allowance for Doubtful Accounts has a credit balance of
$1,100 in the trial balance, journalize the adjusting entry at
December 31, assuming bad debts are expected to be 10% of
accounts receivable.
(c) If Allowance for Doubtful Accounts has a debit balance of
$500 in the trial balance, journalize the adjusting entry at
December 31, assuming bad debts are expected to be 8% of
accounts receivable.
Determine bad debt expense, and prepare the adjusting entry.

Chapter 8: E8-14
Compute ratios to evaluate a company's receivables balance.
(LO 4), AN
E8-14 Suppose the following information was taken from the
2017 financial statements of FedEx Corporation, a major global
transportation/delivery company.
(in millions) 017 2016
Accounts receivable (gross) $ 3,587 $ 4,517
Accounts receivable (net) 3,391 4,359
Allowance for doubtful accounts 196 158
Sales revenue 35,497 37,953
Total current assets 7,116 7,244
Instructions
Answer each of the following questions.
(a) Calculate the accounts receivable turnover and the average
collection period for 2017 for FedEx.
(b) Is accounts receivable a material component of the
company's total current assets?
(c) Evaluate the balance in FedEx's allowance for doubtful
accounts.

Chapter 9: E9-4
Understand depreciation concepts.
(LO 2), C
E9-4 Alysha Monet has prepared the following list of statements
about depreciation.
Depreciation is a process of asset valuation, not cost
allocation.
Depreciation provides for the proper matching of expenses
with revenues.
The book value of a plant asset should approximate its fair
value.
Depreciation applies to three classes of plant assets: land,

buildings, and equipment.
Depreciation does not apply to a building because its
usefulness and revenue‐producing ability generally remain
intact over time.
The revenue‐producing ability of a depreciable asset will
decline due to wear and tear and to obsolescence.
Recognizing depreciation on an asset results in an
accumulation of cash for replacement of the asset.
The balance in accumulated depreciation represents the total
cost that has been charged to expense since placing the asset in
service.
Depreciation expense and accumulated depreciation are
reported on the income statement.
Three factors affect the computation of depreciation: cost,
useful life, and salvage value.
Instructions
Identify each statement as true or false. If false, indicate how to
correct the statement.


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