Phase 8 job

 Chapter almost 8 assignment Essay

Description / Recommendations:  Complete the following Week 1 Assignment in WileyPLUS: 2. Exercise 8-4 * Physical exercise 8-11 5. BYP 8-1 * BYP 8-2

Question 1

The ledger of Wainwright Organization at the end in the current year shows Accounts Receivable $78, 000; Credit Sales $810, 000; and Sales Returns and Allowances $40, 000.  (Credit accounts titles are automatically indented when quantity is came into. Do not indent manually. ) (a)

If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the modifying entry by December 31, assuming Wainwright determines that Hiller's $900 balance is uncollectible. (b)

In the event that Allowance to get Doubtful Accounts has a credit balance of $1, 100 in the trial balance, journalize the altering entry in December 23, assuming debt are expected to be 10% of accounts receivable. (c)

In the event Allowance to get Doubtful Accounts has a debit balance of $500 in the trial equilibrium, journalize the adjusting access at December 31, if, perhaps bad debts are required to be 8% of accounts receivable.

Issue 2

Imagine the following info was extracted from the 2014 financial claims of FedEx Organization, a major global transportation/delivery company. (in millions)

2014

2013

Accounts receivable (gross)

bucks 3, 587

$ 4, 517

Accounts receivable (net)

a few, 391

5, 359

Allowance for skeptical accounts

196

158

Product sales revenue

thirty five, 497

thirty seven, 953

Total current assets

7, 116

7, 244

Answer each one of the following questions.

Calculate the accounts receivable turnover as well as the average collection period pertaining to 2014 intended for FedEx.  (Round answers to 1 decimal place, e. g. 12. a few. Use 365 days for calculations. ) Accounts receivable proceeds

times

The typical collection period for 2014

days

Can be accounts receivable a material component of you�re able to send total current assets? �

Question a few

The economic statements of Tootsie Roll are shown below. TOOTSIE ROLL SECTORS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF

Earnings, Extensive Earnings and Retained Revenue (in hundreds except every share data)

For the year ended December 31,

2011

2010

2009

Net earnings

$528, 369

$517, 149

$495, 592

Rental and royalty revenue

4, 136

4, 299

3, 739

Total revenue

532, 505

521, 448

499, 331

Product cost of goods marketed

365, 225

349, 334

319, 775

Rental and royalty price

1, 038

1, 088

852

Total costs

366, 263

three hundred and fifty, 422

320, 627

Product gross margin

163, 144

167, 815

175, 817

Rental and royalty low margin

3, 098

3, 211

two, 887

Total gross margin

166, 242

171, 026

178, 704

Selling, marketing and administrative expenses

108, 276

106, 316

103, 755

Impairment costs

14, 1000

Earnings via operations

57, 966

sixty four, 710

sixty, 949

Other income (expense), net

a couple of, 946

almost eight, 358

two, 100

Revenue before taxes

60, 912

73, 068

63, 049

Provision to get income taxes

16, 974

20, 005

on the lookout for, 892

Net earnings

$43, 938

$53, 063

$53, 157

Net earnings

$43, 938

$53, 063

$53, 157

Additional comprehensive earnings (loss)

(8, 740

)

1, 183

2, 845

Comprehensive income

$35, 198

$54, 246

$56, 002

Retained earnings at starting of 12 months.

$135, 866

$147, 687

$144, 949

Net earnings

43, 938

53, 063

53, 157

Cash payouts

(18, fish hunter 360

)

(18, 078

)

(17, 790

)

Inventory dividends

(47, 175

)

(46, 806

)

(32, 629

)

Retained income at end of season

$114, 269

$135, 866

$147, 687

Earnings every share...

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