Pr 9 2a accounting

Pr. 9-2A

Problem 9-2A

Name: 0

Section: # N-box Incorrects due to blanks COUNTIF(B15:AT24," ")

76

Score: 0% # N-box +B-box corrects COUNTIF(B15:AT24," ")

0

Key Code: [Key code here] Total SUM(AD13:AD15)

Instructions 76

Answers are entered in the cells with gray backgrounds. Percentage =(AD16-AD13-AD14)/AD16

Cells with non-gray backgrounds are protected and cannot be edited. 0%

An asterisk (*) will appear to the right of an incorrect entry. Notes:

Enter a zero in cells you would otherwise leave blank. If number-entry or blank-entry box is incorrect, returns "*"

1. Number of Days Past Due If number-entry or blank-entry box is correct, returns single space, " "

Customer Due Date Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct.

Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.

Adams Sports and Flies May 22, 20Y6

Blue Dun Files Oct. 10, 20Y6

Cicada Fish Co. Sept. 29, 20Y6

Deschutes Sports Oct. 20, 20Y6

Green River Sports Nov. 7, 20Y6

Smith River Co. Nov. 28, 20Y6

Western Trout Company Dec. 7, 20Y6

Wolfe Sports Jan. 20, 20Y7

2., 3. Aging of Receivables Schedule

December 31, 20Y6

Days Past Due

Not Past Over

Customer Balance Due 1 - 30 31 - 60 61 - 90 91 - 120 120

AAA Outfitters $ 20,000 $ 20,000

Brown Trout Fly Shop 7,500 $ 7,500

Zigs Fish Adventures 4,000 4,000

Subtotals $ 1,300,000 $ 750,000 $ 290,000 $ 120,000 $ 40,000 $ 20,000 $ 80,000

Adams Sports and Flies 5,000

Blue Dun Files 4,900

Cicada Fish Co. 8,400

Deschutes Sports 7,000

Green River Sports 3,500

Smith River Co. 2,400

Western Trout Company 6,800

Wolfe Sports 4,400

Totals $ 1,342,400

Percent uncollectible

Mark Sears: Enter percentage as a whole number

Estimate of

uncollectible accounts

Mark Sears: Enter a formula summing the other amounts in this row.

Mark Sears: Enter a formula of percent uncollectible x total amount in this category

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

Sol

Problem 9-2A

Name: Solution

Section:

Score: ON

Instructions

Answers are entered in the cells with gray backgrounds.

Cells with non-gray backgrounds are protected and cannot be edited.

An asterisk (*) will appear to the right of an incorrect entry. For correct grading, enter a zero in cells you would otherwise leave blank.

otherwise leave blank.

1. Number of Days Past Due

Customer Due Date

Adams Sports and Flies May 22, 20Y6 223

Blue Dun Files Oct. 10, 20Y6 82

Cicada Fish Co. Sept. 29, 20Y6 93

Deschutes Sports Oct. 20, 20Y6 72

Green River Sports Nov. 7, 20Y6 54

Smith River Co. Nov. 28, 20Y6 33

Western Trout Company Dec. 7, 20Y6 24

Wolfe Sports Jan. 20, 2016 0

2., 3. Aging of Receivables Schedule

December 31, 20Y6

Days Past Due

Not Past Over

Customer Balance Due 1 - 30 31 - 60 61 - 90 91 - 120 120

AAA Outfitters $ 20,000 $ 20,000

Brown Trout Fly Shop 7,500 $ 7,500

Zigs Fish Adventures 4,000 4,000

Subtotals $ 1,300,000 $ 750,000 $ 290,000 $ 120,000 $ 40,000 $ 20,000 $ 80,000

Adams Sports and Flies 5,000 - - - - - 5,000

Blue Dun Files 4,900 - - - 4,900 - -

Cicada Fish Co. 8,400 - - - - 8,400 -

Deschutes Sports 7,000 - - - 7,000 - -

Green River Sports 3,500 - - 3,500 - - -

Smith River Co. 2,400 - - 2,400 - - -

Western Trout Company 6,800 - 6,800 - - - -

Wolfe Sports 4,400 4,400 - - - - -

Totals $ 1,342,400 $ 754,400 $ 296,800 $ 125,900 $ 51,900 $ 28,400 $ 85,000

Percent uncollectible 1% 2% 10% 30% 40% 80%

Estimate of

uncollectible accounts 121,000

Mark Sears: Enter a formula summing the other amounts in this row. $ 7,544

Mark Sears: Enter a formula of percent uncollectible x total amount in this category $ 5,936 $ 12,590 $ 15,570 $ 11,360 $ 68,000

4.

Bad Debt Expense 124,600

Allowance for Doubtful Accounts 124,600

5.

On the balance sheet, the omission would cause:

assets to be overstated by $ 124,600

owner's capital to be overstated by $ 124,600

On the income statement, the omission would cause:

expenses to be understated by $ 124,600

net income to be overstated by $ 124,600

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