Learning Goal: I’m working on a accounting question and need an explanation and answer to help me learn.
Assignment Question(s): Total Marks 10 Chapter 7 to 10
Q1. Discuss with your own examples the two methods of accounting for account receivables with cash discounts and the two methods for estimating bad debts. (2 Marks)
(Note: Numerical Examples must include Journal entry)
Answer
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 |
$ 65,000
95,000 75,000 35,000 |
270,000
425,000 |
| Total receivables. | 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 (1 Mark)
Answer:
Q3. Rex Company’s record of transactions for the month of September was as follows.
| Purchase | Sales | |||
| Date | Quantity | Unit Price | Date | Units |
| Sep 1 | (Balance on hand) 100 | $5.00 | Sep 5 | 300 |
| Sep 4 | 400 | 5.10 | Sep 12 | 200 |
| Sep 11 | 300 | 5.30 | Sep 27 | 800 |
| Sep 18 | 200 | 5.35 | Sep 28 | 150 |
| Sep 26 | 600 | 5.60 | ||
| Sep 30 | 200 | 5.80 | ||
| Total | 1,800 | 1,450 | ||
| Total units (ending inventory) 350 | ||||
Instructions: (2 Marks)
Compute the ending inventory at September 30 on each of the following on periodic bases.
1. FIFO
2. LIFO
3. WA
Answer:
Q4. Explain the concept of LCNRV and its applicability to Agricultural Inventory and
Commodity Broker-Traders (1 Mark)
Answer:
Q5. Give numerical examples for Gross profit and retail Methods of Estimating ending Inventory. (2 Marks)
Q6. ABC Corporation borrowed SAR 150,000 at 10% interest from NCB Bank on Jan. 1, 2020, for specific purposes of constructing special-purpose equipment to be used in its operations.Construction on the equipment began on Jan. 1, 2020, and other general debt existing on Jan. 1, 2020 was:
SAR 200,000, 12%, 10-year bonds payable
SAR 100,000, 11%, 5-year note payable
The weighted-average accumulated expenditures was SAR 250,000.
Compute the Actual and Avoidable Interest and Pass journal entry for the appropriate interest to be capitalized.(2 Marks)
Answer:
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