ACCT 201 SEU Financial Accounting Bad Debts & Accounting for Receivables Worksheet

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ebbel

Business Finance

ACCT 201

Saudi electronic university

ACCT

Description

No plagiarism, No match please

Follow the instructions in the assignment, Answer the question as required

very important :

Do not forget to give examples for each question asking for an example, taking into account the number of examples for each question

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College of Administrative and Financial Sciences Assignment 2 Deadline: (end of week 9) 20 /03/ 2021 @ 23:59 Course Name: Financial Accounting Course Code: ACCT 201 Semester: 2 Academic Year: 2020 - 21 For Instructor’s Use only Student’s Name: Student’s ID Number: CRN: Instructor’s Name: Students’ Grade: …… /5 Level of Marks: High/Middle/Low nstructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. Assignment Question(s): Marks 5 Chapters covered 7,8 & 9 Q1. Discuss with your own examples the two methods of accounting for receivables and the two methods for estimating bad debts. (Note: Examples must include Journal entry) Q2. X Company has the following receivables classified into individually significant and all other receivables. Individually significant P Company Q Company R Company S Company All other receivables Total receivables. $ 65,000 95,000 75,000 35,000 270,000 425,000 695,000 X company determines that P’s receivable is impaired by $20,000, and S’s receivable is totally impaired. Both Q’s and R’s receivables are not considered impaired. X company also determines that a composite rate of 2% is appropriate to measure impairment on all other receivables. Required: Calculate the total impairment on accounts Receivable Q3. Rex Company’s record of transactions for the month of September was as follows. Purchase Date Quantity Unit Price Date Sep 1 (Balance on $5.00 Sep 5 hand) 100 Sep 4 400 5.10 Sep 12 Sep 11 300 5.30 Sep 27 Sep 18 200 5.35 Sep 28 Sep 26 600 5.60 Sep 30 200 5.80 Total 1,800 Total units (ending inventory) 350 Instructions: Sales Units 300 200 800 150 1,450 Compute the ending inventory at September 30 on each of the following on periodic bases. 1. FIFO 2. LIFO 3. WA Q4. Explain the concept of LCNRV and its applicability to Agricultural Inventory and Commodity Broker-Traders Q5. Give examples for Gross profit and retail Methods of Estimating Inventory.
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ACCT 201 Financial Accounting

1

College of Administrative and Financial Sciences
Assignment 2
Deadline: (end of week 9) 20 /03/ 2021 @ 23:59

Course Name: Financial Accounting

Student’s Name:

Course Code: ACCT 201

Student’s ID Number:

Semester: 2

CRN:

Academic Year: 2020 - 21
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: …… /5

Level of Marks: High/Middle/Low

nstructions – PLEASE READ THEM CAREFULLY


The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.



Assignments submitted through email will not be accepted.



Students are advised to make their work clear and well presented, marks may be reduced
for poor presentation. This includes filling your information on the cover page.



Students must mention question number clearly in their answer.



Late submission will NOT be accepted.

ACCT 201 Financial Accounting



2

Avoid plagiarism, the work should be in your own words, copying from students or other
resources without proper referencing will result in ZERO marks. No exceptions.



All answered must be typed using Times New Roman (size 12, double-spaced) font. No
pictures containing text will be accepted and will be considered plagiarism).



Submissions without this cover page will NOT be accepted.

ACCT 201 Financial Accounting

3

Assignment Question(s): Marks 5
Chapters covered 7,8 & 9
Q1. Discuss with your own examples the two methods of accounting for receivables and the two
methods for estimating bad debts. (Note: Examples must include Journal...


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