Week 2 Ex and Problems

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Wiley Plus Wk 2 Ex & Prob
ACC/291
August 6, 2012

Wiley Plus Wk. 2 Ex & Prob
E8 – 3
Date| Account Titles and Explanation| Debit| Credit|
31 – Dec.| Bad Debts Expense Accounts receivable-Fell| 1,400| 1,400| | | | |
31 – Dec.| Bad Debts Expense (840,000 – 30000)*1% Allowance for Doubtful accounts| 8,100| 8,100| | | | |
31 – Dec.| Bad Debts Expense Allowance for Doubtful Accounts (120,000*10%)-2100| 9,900| 9,900| | | | |
31 – Dec.| Bad Debts Expense (840,000 – 30,000*.75%) Allowance for Doubtful Accounts| 6,075| 6,075| | | | |
31 – Dec.| Bad Debts Expense Allowance for Doubtful Accounts (120,000*6%)+200| 7,400| 7,400|

BE9 – 13
Spain CompanyPartial Balance Sheet31–Dec-11|
Property, plant, equipment| | | |
Coal mine| 500,000| | |
Less: Accumulated depletion| 108,000| 392,000| |
Buildings| 1,100,000| | |
Less: Accumulated depreciation| 650,000| 450,000| |
Total property, plant, and equipment| | | 842,000| Intangible assets| | | |
Goodwill| | | 410,000|

Do It 9-4
Intangible| Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.| Amortization| The allocation of the cost of an intangible asset to expense in a rational and systematic manner.| Franchise| A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area.| Research and development costs| Cost incurred by a company that often led to patents or new product. These costs must be expensed as incurred.| | |

Goodwill| The excess of the cost of a company over the fair market value of the net assets acquired.|

E9 – 9
Date| Account Titles and Explanation| Debit| Credit|
1-Jan| Accumulated Depreciation-Ma| 62,000| |
| Machinery| | 62,000|
| | | |
30–Jun| Depreciation...
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