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In the left column below In the left column below, five different internal control procedures and processes are described. In the right column, the five components of internal control are listed. Match the procedures and processes with the components by placing the letter of the appropriate component on the blank provided. 1. ___ A company […]

Note Exchanged for Goods or Services In exchange for land, the company received a 12-month note on January 1. The face amount of the note is $1,000, and the stated rate of interest is 13%, compounded annually. The 13% rate is equal to the market rate. The original cost of the land was $1,260. Note […]

Writing Assignment (Foreign loan write-offs) In July 1990, U.S. federal regulators ordered U.S. banks to write off 20% of their $11.1 billion in loans to Brazil and also 20% of their $2.9 billion in loans to Argentina. The action significantly affected the loan loss reserves, that is, Allowance for Bad Debts, of the banks. For […]

Income Effects of Receivables Transactions Sandburg Company additional cash for its business. Sandburg has decided to use its accounts receivable to raise the additional cash and has asked you to determine the income statement effects of the following contemplated transactions. 1. On July 1, 2010, Sandburg assigned $400,000 of accounts receivable to Keller Finance Company. […]

In the left column below, four different internal In the left column below, four different internal control procedures are described. In the right column, the four basic types of internal control activities are listed. Match the procedures with the activities by placing the letter of the appropriate activity on the blank provided. In the left […]

At the end of 2007 Aramis Company has accounts receivable At the end of 2007 Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2008, Aramis Company determined that its receivable from Ramirez Company of $6,000 will not be collected, and management authorized its write-off. At […]

At the beginning of 2011, the balance for Accounts Receivable At the beginning of 2011, the balance for Accounts Receivable and Allowance for Uncollectible Accounts were $430,000 and $31,400 (credit), respectively. During the year, credit sales were $3,200,000 and collections on account were $2,950,000. In addition, $35,000 in uncollectible accounts was written off. Using T […]

At the completion of the current fiscal year ending December Accounts Receivable for Yang’s Gift Shop was $30,000. Credit sales for the year were $355,200. REQUIRED Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. […]

At the beginning of the current period, Emler Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $3,000 account previously written off […]

Susan Panera is preparing the June 30 bank reconciliation for Panera Bakery. She discovers the following items that explain the difference between the cash balance on her books and the balance as reported by Lawrence Bank: 1. An ATM withdrawal of $200.00 for personal use was not recorded by Susan. 2. A deposit of $850.00 […]