National University College, División Online

Contabilidad con Concentración en Administración de Empresa

ACCO 3150 Contabilidad intermedia II

Modulo I: Activos corrientes

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Tarea 1.1 Activos Corrientes
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Suhaill Montalvo Martínez
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Numero de estudiante: 1501206563

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Profesor: Jesús Torres Acevedo

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 E6-2 Reporting cash on the Balance Sheet

1- What amount should be reported as cash on Watt’s balance sheet?

Balance sheet reported $39,648.90
2- Describe the balance sheet treatment on the items not included in the cash balance.
Los elementos que no se trabajaron en el balance sheet, es porque cada una tiene su
metodología para ser registradas y agrupadas.

Reconcilied balance in First National Bank ck account $3,525.80

Balance in First Federal Saving account $34,291.00

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Cash on hand (undeposited sales receipts) $1,232.10

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Prepaid debit card $600.00

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Cash balance reported on balance sheet = $39,648.90
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E6-4 Accounting for cash (sales) Discounts.
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a. 2016
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Dec. 1. Accounts Receivable………………………….. $18,000.00

Sales Revenue………………………………. $18,000.00
11. Cash ($12,000.00 x 0.98)……………………. $11,760.00
Sales revenue ($12,000 x 0.02)………….. $240.00
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Account Receivable …………………… $12,000.00

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31. Cash…………………………………………………… $5,000.00

Account Receivable …………………… $5,000.00

b. 2016
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Dec. 1. Accounts Receivable………………………….. $17,640.00

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{$18,000 – (0.02 x 18,000)}

Sales Revenue………………………………. $17,640.00
11. Cash ($12,000.00 x 0.98)……………………. $11,760.00
Account Receivable …………………… $11,760.00
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31. Cash…………………………………………………… $5,000.00

Account Receivable ($5,000 - $100.) $4,900.00
Sales Revenue ($5,000 x 0.02) ….…. $100.00
31. Accounts Receivable …………………………….. $20.00
Sales revenue
{($18,000 – $12,000 – $5,000) x 0.02} $20.00

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 To adjust for lost discount at the end of the year.

E6-6 Returns and Allowance

1- 2016
Dec. 1. Accounts Receivable ………………………..…. $7,000.00
Sales Revenue ………………………………….. $6,720.00
Return Liability ( 7,000 x 0.04 ) …………. $280.00
22. Return Liability …………………………………. $200.00
Accounts Receivable ……………………… $200.00

E6-9 Estimating Bad Debts from Receivable Balance

1. Balance in accounts receivable (01-01-2016) $63,000.

Sales credit $575,000.

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$638,000.

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Collections on accounts receivable ($557,400.)

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Accounts written off as uncollectible ($2,600.)

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Outstanding gross accounts receivable balance $78,000.
Percentage estimate of bad debt x 0.04

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Bad debt estimate (desired ending balance in
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Allowance for Doubtful Accounts) $3,120.

Allowance for doubtful accounts (01-01-2016) $1,400. (Credit)

Accounts receivable written off during the ear ($2,600.)
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Allowed for doubtful accounts (2-31-2016) – prior

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To adjustment for bad debts $1,200. (debit)

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2016
Dec. 31 Bad debit Expense (3,120 + 1,200) ……………… $4,320.
Allowance for doubtful Accounts ……….. $4,320.
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2- Accounts receivable …………………………………………….. $78,000.

Allowance for doubtful accounts ($3,120.)
Net accounts receivable $74,880.
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3- Receivables = Net Credit sales = $575,000. = $575,000. = 8.4

Turnover aver. Net accts. Rec . {($74,880 - $1,400) + $63,000 } / 2 $68,240
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4- El presupuesto actual seria de 74,880. Según el encabezamiento en las cuentas por

cobrar.

E6-10 Aging Analysis os Account Receivable

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 1-

Age Balance x Estimated = Estimated Amount

Percentage Uncollectible
Uncollectible
Under 30 days $193,000 0.008 1,544.00
30 – 60 days 114,000 0.020 2,280.00
61 – 120 days 73,000 0.050 3,650.00
121 – 240 days 41,000 0.200 8,200.00
Over 360 days 25,000 0.350 8,750.00
19,000 0.600 11,400.00
$465,000 $35,824.00

2- A. Bad Debt Expense ………………………………………………….. $35,824.00

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Allowance for Doubtful Accounts ………………………. $35,824.00

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b. Bad Debt Expense (35,824. + 3,000 )………………………. $38.824.00

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Allowance for Doubtful Accounts ………………………. $38,824.00

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c. Bad Debt Expense (35,824. + 2,800)……………………….. $38,624.00
Allowance for Doubtful Accounts ……………………… $38,624.00

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Referencia:
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Material de Estudio National University College.

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Presentación Modulo 1
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