ACCT 201 Upper Iowa University Walmart Inc Worksheet and Case Study CP 8-3 Team Activity do as an individual.All case studies MUST be in APA format and a m

ACCT 201 Upper Iowa University Walmart Inc Worksheet and Case Study CP 8-3 Team Activity do as an individual.All case studies MUST be in APA format and a minimum of 1 page. The case study must be completed in a Word document Exercise 9-8
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Enter a zero in cells you would otherwise leave blank.
a.
Customer
Due Date
Conover Industries
Keystone Company
Moxie Creek Inc.
Rainbow Company
Swanson Company
March 22
July 1
July 25
September 10
August 3
Number of Days
Past Due
b.
Aging of Receivables Schedule
August 31
Days Past Due
Customer
Not Past
Due
Balance
Academy Industries Inc.
Ascent Company
$
3,000
4,500
Zoot Company
Subtotals
Conover Industries
Keystone Company
Moxie Creek Inc.
Rainbow Company
Swanson Company
Totals
5,000
$ 1,050,000
30,000
18,000
9,000
26,400
46,600
$ 1,180,000
$
1 – 30
Over
90
61 – 90
3,000
$
$
31 – 60
600,000
4,500
$ 220,000
5,000
$ 115,000
$
85,000
$
30,000
Exercise 9-9
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Days Past Due
Customer
Total receivables
Percent uncollectible
Allowance for
doubtful accounts
Balance
Not Past
Due
1 – 30
31 – 60
61 – 90
$ 1,180,000
$ 626,400
$ 266,600
$ 124,000
$ 103,000
Over
90
$
60,000
Problem 9-2B
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1.
Customer
Due Date
Arcade Beauty
Creative Images
Excel Hair Products
First Class Hair Care
Golden Images
Oh That Hair
One Stop Hair Designs
Visions Hair & Nail
August 17, 20Y1
October 30, 20Y1
July 3, 20Y1
September 8, 20Y1
November 23, 20Y1
November 29, 20Y1
December 7, 20Y1
January 11, 20Y2
Number of Days
Past Due
2., 3.
Aging of Receivables Schedule
December 31, 20Y1
Days Past Due
Customer
ABC Beauty
Angel Wigs
Zodiac Beauty
Subtotals
Arcade Beauty
Creative Images
Excel Hair Products
Not Past
Due
Balance
$
$
15,000
8,000
3,000
875,000
10,000
8,500
7,500
$
1 – 30
31 – 60
Over
120
91 – 120
15,000
$
$
61 – 90
415,000
3,000
$ 210,000
8,000
$ 112,000
$
55,000
$
18,000
$
65,000
First Class Hair Care
Golden Images
Oh That Hair
One Stop Hair Designs
Visions Hair & Nail
Totals
$
6,600
3,600
1,400
4,000
9,000
925,600
Percent uncollectible
Estimate of
uncollectible accounts
4.
5.
On the balance sheet, the omission would cause:
assets to be
by
owner’s capital to be
by
On the income statement, the omission would cause:
expenses to be
by
net income to be
by
Problem 10-2A
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1.
Depreciation Expense
a.
b.
StraightUnits-ofLine
Activity
Year
c.
Double-DecliningBalance
Year 1
Year 2
Year 3
Totals
Calculations:
Straight-line method:
(Cost
?
Residual Value)
/
Years
=
Yearly Depreciation
/
Total Hours
=
x
Hours
=
Yearly Depreciation
x
Rate
=
Yearly Depreciation
Units-of-activity method:
(Cost
?
Residual Value)
Rate
Rate
Year 1
Year 2
Year 3
Double-declining-balance method:
Depreciable
Balance
Year 1
Year 2
Since depreciation cannot cause book value to fall below residual value:
Depreciable
Balance
?
Residual
Value
=
Yearly Depreciation
Year 3
2.
The method that yields the most depreciation expense in Year 1 is the
3.
The method that yields the most total depreciation over the three years is the
Problem 10-4A
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1. a.
Straight-Line Depreciation Schedule
Accumulated
Depreciation
Depreciation,
Expense
End of Year
Year
Book Value,
End of Year
Original cost
1
2
3
4
5
$
800,000
Calculation:
(Cost
–
Year
Double-Declining-Balance Depreciation Schedule
Accumulated
Depreciation
Depreciation,
Book Value,
Expense
End of Year
End of Year
Residual Value)
/
Years
=
Yearly Depreciation
b.
Original cost
1
2
3
4
$
800,000
5
Calculations:
Year
Depreciable
Balance
x
Rate
=
Yearly Depreciation
1
2
3
4
Since depreciation cannot cause book value to fall below residual value:
Year
5
2.
Mar. 4
3.
Mar. 4
Depreciable
Balance
–
Residual
Value
=
Yearly Depreciation

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