Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem E3.20E
Determining the amount of prepaid expenses
Learning Objective 3 |
Consider the facts presented in the following table for Tropical View:
Situation | ||||
A | B | C | D | |
Beginning Prepaid Rent | $1,400 | $1,000 | $200 | $700 |
Payments for Prepaid Rent during the year | 700 | b |
1,800 | f |
Total amount to account for | 2,100 | 1,600 | c |
e |
Subtract: Ending Prepaid Rent | 800 | 700 | d |
600 |
Rent Expense | $ a | $900 | $1,900 | $1,000 |
Complete the table by filling in the missing values.
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Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
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Bad Debt Expense
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The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be
collected.
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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Quick ratio
Adieu Company reported the following current assets and current liabilities for two recent years:
Dec. 31, 20Y4 Dec. 31, 20Y3
Cash
$830
$1,090
Temporary investments
1,200
1,500
Accounts receivable
820
910
Inventory
2,100
2,500
Accounts payable
1,900
2,500
a. Compute the quick ratio on December 31 for each year. Round to one decimal place.
20Υ4
20Υ3
Quick Ratio
b. Is the quick ratio improving or declining?
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Chapter 3 Solutions
Horngren's Accounting (12th Edition)
Ch. 3 - Prob. 1QCCh. 3 - Get Fit Now gains a client who prepays S540 for a...Ch. 3 - The revenue recognition principle requires...Ch. 3 - Adjusting the accounts is the process of Learning...Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - Prob. 7QCCh. 3 - A equity overstated income statement: expense...Ch. 3 - A worksheet Learning Objective 6 is a journal used...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Prob. 3RQCh. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Under the matching principle, when are expenses...Ch. 3 - When are adjusting entries completed and what is...Ch. 3 - What are the two basic categories of adjusting...Ch. 3 - What is a deferred expense? Provide an example.Ch. 3 - What is the process of allocating the cost of a...Ch. 3 - What is a contra account?Ch. 3 - Prob. 12RQCh. 3 - What does accumulated depreciation represent?Ch. 3 - Prob. 14RQCh. 3 - What is a deferred revenue? Provide an example.Ch. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - What are the two rules to remember about adjusting...Ch. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - Prob. 20RQCh. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Applying the revenue recognition principle...Ch. 3 - S3-4 Applying the matching principle Learning...Ch. 3 - S3-5 Identifying types of adjusting entries...Ch. 3 - Journalizing and posting adjusting entries for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Prob. S3.11SECh. 3 - Journalizing an adjusting entry for accrued...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Determining the effects on financial statements...Ch. 3 - Preparing a partial worksheet Learning Objective 6...Ch. 3 - Prob. S3A.16SECh. 3 - Prob. S3A.17SECh. 3 - E3-18 Comparing cash and accrual basis accounting...Ch. 3 - Comparing cash and accrual basis accounting and...Ch. 3 - Determining the amount of prepaid expenses...Ch. 3 - E3-21 Journalizing adjusting entries Learning...Ch. 3 - E3-22 Journalizing adjusting entries Learning...Ch. 3 - Journalizing adjusting entries Learning Objective...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Identifying the impact of adjusting entries on the...Ch. 3 - Journalizing adjusting entries and analyzing their...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Using the worksheet to prepare the adjusted trial...Ch. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Understanding the alternative treatment of...Ch. 3 - Journalizing adjusting entries and subsequent...Ch. 3 - Journalizing adjusting entries and identifying the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Prob. P3A.38APGACh. 3 - Prob. P3.39BPGBCh. 3 - P3-40B Journalizing adjusting entries and...Ch. 3 - P3-41B Journalizing and posting adjustments to the...Ch. 3 - Prob. P3.42BPGBCh. 3 - Prob. P3.43BPGBCh. 3 - Prob. P3A.44BPGBCh. 3 - Using Excel to journalize and post adjusting...Ch. 3 - Prob. P3.46CPCh. 3 - Prob. P3.47PSCh. 3 - Tying It All Together Case 3-1
Before you begin...Ch. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1EICh. 3 - Prob. 3.1FCCh. 3 - Prob. 3.1FSC
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