1. What is an uncollectible account and when does it become uncollectible. 2. Wh
ID: 2459634 • Letter: 1
Question
1. What is an uncollectible account and when does it become uncollectible.
2. What are the different methods for accounting for uncollectible accounts?
3. What is the journal entry for writing off an uncollectible account under the direct write off method?
4. Given some data, what is the adjusting journal entry when using aging of receivables method?
5. Similar to #4 (paying close attention to the balance in the allowance for doubtful accounts)
6. Similar to #4 (paying close attention to the balance in the allowance for doubtful accounts)
7. Similar to #4 (paying close attention to the balance in the allowance for doubtful accounts)
8. Similar to #4 (paying close attention to the balance in the allowance for doubtful accounts)
9. Similar to #4 (paying close attention to the balance in the allowance for doubtful accounts)
10. Calculate the due date, interest and maturity value of a note. (note that you will not have access to a calendar so you’ll need to know how many days there are in a month—the knuckle method works well).
11. Calculate interest on a note
12. Prepare the journal entry for the receipt of a note receivable
13. Determine the cost basis of a new machine
14. Calculate the depreciation expense using the units of production method
15. Calculate the depreciation expense using the straight line method
16. Calculate the depreciation expense using the double declining balance method
17. What is the most widely used depreciation method?
18. What is residual value?
19. Determine depreciation using the straight line method
20. Calculate the depletion expense
21. What is the difference between depreciation, depletion, and amortization?
22. What is goodwill and how is it amortized?
23. What are intangible assets (give examples)
24. Calculate the due date of a note
25. Calculate the maturity value of a note
26. Calculate the interest on a note
27. Which taxes are deducted from an employee’s gross pay?
28. Given some data, calculate the gross pay for an employee
29. Given some data, calculate the FICA tax for payroll.
30. Given some data, calculate the net pay for an employee
31. Given some data, record the journal entry for payroll
32. What is the difference between FICA, FUTA, and SUTA?
33. Given some data, determine the number of shares of common stock outstanding
34. Given some data, record the journal entry for the issuance of common stock
35. Given some data, record the journal entry for the issuance of preferred stock
36. Given some data, calculate the annual dividend on preferred stock
37. What are the journal entries associated with the declaration of a stock dividend?
38. Given some data, calculate the total stockholder’s equity
39. What journal entries are required when a cash dividend is declared?
40. Given some data calculate stock split
41. Similar to #40
42. What are comparative financial statements? Common-size financial statements?
43. What is vertical analysis? Horizontal analysis?
44. Similar to #42
45. Given some data, calculate the percentage of increase in sales
46. Similar to #42 47. Given some data, identify the quick assets
48. Given some data, calculate working capital
49. Given some data, calculate the quick ratio
50. Given some data, calculate the current ratio
Explanation / Answer
Accounts uncollectible are loans, receivables or other debts that have virtually no chance of being paid. An account may become uncollectible for many reasons, including the debtor's bankruptcy, an inability to find the debtor, lack of proper documentation, etc.
Two methods of accounting for uncollectible accounts are used in practice-the allowance method and the direct write-off method.
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Accounts Receivable
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4.
Bad debt expense
48,000
Allowance for uncollectible accounts
48,000
- Bad Debts Expense
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Accounts Receivable
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