This work of ACC 422 Week 2 Individual Assignment includes:
1) Question 8-13
2. Due Day 7 (Monday): Exercises from the Text
Prepare written responses to the following assignments from the text, Intermediate Accounting, 12th ed.: Chapter 7
1) Exercise E7-2
E7-2 (Determine Cash Balance) Presented below are a number of independent situations. Instructions
For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale. 2) Exercise E7-8
E7-8 (Recording Bad Debts) 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. Instructions
(a) Prepare the journal entry for Aramis Company to write off the Ramirez receivable. (b) What is the net realizable value of Aramis Company’s accounts receivable before the write-off of the Ramirez receivable? (c) What is the net realizable value of Aramis Company’s accounts receivable after the write-off of the Ramirez receivable? Chapter 8
3) Exercise E8-5
E8-5 (Inventoriable Costs—Error Adjustments) Craig Company asks you to review its December 31, 2007, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 4) Exercise E8-14
Presented below are a number of independent situations.
For each individual situation, determine the amount that should be reported as cash.
1. Checking account balance $936,100; certificate of deposit $1,448,900; cash advance to subsidiary of $991,010; utility deposit paid to gas company $192. Cash balance $
2. Checking account balance $515,050; an overdraft in special checking account at same bank as ...
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