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Anonymous
timer Asked: Oct 20th, 2018
account_balance_wallet $20

Question Description

EX 9-19 on page 446 and PR 9-2A on page 449 using the attached templates.

1) Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2015:

2) Determine the due date and the amount of interest due at maturity on the following notes dated in 2016:

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1) Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes dated in 2016: Date of Note Face Amount Interest Rate Term of Note a. January 3 * $80,000 6% 120 days b. February 20 * 27,000 4 30 days c. May 24 62,500 8 45 days d. August 30 30,000 5 90 days e. October 4 40,000 7 90 days * February 2016 has 29 days. Assume 360 days in a year when computing the interest. 2) Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2015: 1 Not 2 Past 3 Customer Balance Due 4 AAA Outfitters 20,000.00 20,000.00 5 Brown Trout Fly Shop 7,500.00 6 ~~~~~ ~~~~~ Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due 1-30 31-60 61-90 91-120 Over 120 ~~~~~ ~~~~~ ~~~~~ ~~~~~ 120,000.00 40,000.00 20,000.00 80,000.00 7,500.00 ~~~~~ ~~~~~ 7 8 Zigs Fish Adventures 9 Subtotals 4,000.00 1,300,000.00 4,000.00 750,000.00 290,000.00 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance Adams Sports & Flies May 22, 2015 $5,000 Blue Dun Flies Oct. 10, 2015 4,900 Cicada Fish Co. Sept. 29, 2015 8,400 Customer Due Date Balance Deschutes Sports Oct. 20, 2015 7,000 Green River Sports Nov. 7, 2015 3,500 Smith River Co. Nov. 28, 2015 2,400 Western Trout Company Dec. 7, 2015 6,800 Wolfe Sports Jan. 20, 2016 4,400 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Not past due Percent Uncollectible 1% 1–30 days past due 2 31–60 days past due 10 61–90 days past due 30 91–120 days past due 40 Over 120 days past due 80 Required: Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $3,600 before adjustment on December 31, 2015. Journalize the adjusting entry for uncollectible accounts. Refer to the chart of accounts for a listing of the account titles the company uses. . Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? 80% (5 ratings) Problem 9-2A Name: Section: Score: Key Code: 0% [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. Enter a zero in cells you would otherwise leave blank. 1. Customer Due Date Adams Sports and Flies Blue Dun Files Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports May 22, 2015 Oct. 10, 2015 Sept. 29, 2015 Oct. 20, 2015 Nov. 7, 2015 Nov. 28, 2015 Dec. 7, 2015 Jan. 20, 2016 Number of Days Past Due 2., 3. Aging of Receivables Schedule December 31, 2015 Days Past Due Customer Not Past Due Balance AAA Outfitters Brown Trout Fly Shop $ 20,000 7,500 Zigs Fish Adventures Subtotals Adams Sports and Flies Blue Dun Files Cicada Fish Co. 4,000 $ 1,300,000 5,000 4,900 8,400 $ 1 - 30 31 - 60 Over 120 91 - 120 20,000 $ $ 61 - 90 750,000 4,000 $ 290,000 7,500 $ 120,000 $ 40,000 $ 20,000 $ 80,000 Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports Totals 7,000 3,500 2,400 6,800 4,400 $ 1,342,400 Percent uncollectible Estimate of uncollectible accounts 4. 5. On the balance sheet, the omission would cause: assets to be by owner's capital to be by On the income statement, the omission would cause: expenses to be by net income to be by Exercise 9-19 Name: Section: Score: Key Code: 20% [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. Due Date a. May 2 b. March 21 c. July 8 d. November 28 e. January 2 Principal x Rate x Portion of Year = Interest ...
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Tutor Answer

bigflight
School: Boston College

Hello, attached please find the answer spreadsheets.

Problem 9-2A
Name:
Section:
Score:
Key Code:

100%
[Key code here]

Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Customer

Due Date

Adams Sports and Flies
Blue Dun Files
Cicada Fish Co.
Deschutes Sports
Green River Spo...

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