Note on answer formatting for this question: enter only numb…

Note on answer formatting for this question: enter only numbers rounded to the nearest dollar. Please do not enter signs, symbols, or punctuation.  Reppenhagen Co. is a company that occasionally makes credit sales. It knows that it will be unable to collect all of its accounts receivable and, every year at year-end, it makes appropriate adjusting entries relating to bad debts or uncollectible accounts receivable. In 2012, Reppenhagen Co. had credit sales of $50,000, it collected $52,000 of accounts receivable, and wrote off $4,000 of accounts receivable as bad debts. At year end in 2012, Reppenhagen Co. had a balance in accounts receivable of $2,000 and a balance in allowance for doubtful accounts of $90. Imagine that you are an accountant employed at Reppenhagen Co. At year end in 2012, the CEO of Reppenhagen Co. asks you to calculate bad debt expense in two ways so that she can compare them to each other. Calculate the bad debt expense Reppenhagen Co. would recognize if it used the percentage of sales method assuming that you believe Reppenhagen Co. will be unable to collect 3% of its credit sales.[bd1] Calculate the bad debt expense Reppenhagen Co. would recognize if it used the percentage of accounts receivable method assuming that you believe Reppenhagen Co. will be unable to collect 5% of its accounts receivable.[bd2]

For the event described below, make the appropriate entries…

For the event described below, make the appropriate entries in journal entry format to record its effects on the firm.  On 5/01 your company purchases B&O Railroad for $200 cash. Date Account(s) you debit (left aligned and listed first)     Account(s) you credit      (indented and listed last) Debit Credit 5/01 [dacct1]      [cacct1] 200  200 Notes on answer format: In the portion of the journal entry listing accounts: Identify accounts using the official account abbreviations (use the official account abbreviations which you can review by looking at the images at the bottom of this question. Pay attention to capitalizations!). In the portion of the journal entry listing dollar amounts:  In some cases, the dollar amount will be filled in for you. When you fill in a dollar amount, do not use any spaces, commas, or symbols.  If there is a place for an answer but you think it should be left blank, enter the number 0.

Note on table navigation: Canvas tables display strangely so…

Note on table navigation: Canvas tables display strangely sometimes, which can make navigating to the dropdown lists difficult. THIS IS A REMINDER that you can navigate to the next dropdown list using the tab button on your keyboard.  Imagine a bond with the following characteristics:  Face value = $100 Coupon rate = 10% / year Term = 1 year Coupon payment frequency: semiannual Also assume that the market interest rate is 4% per year.  This bond will produce a series of cash flows over its life. Please use the dropdown lists in the table below to describe the dollar value of each cash flow (undiscounted, or, in other words, in future dollars) and the timing of each cash flow (meaning the time that it will occur relative to today).  Timing Total dollar amount (future dollars) 1st cash flow [time1] [cf1] 2nd cash flow [time2] [cf2] 3rd cash flow [time3] [cf3] 4th cash flow [time4] [cf4]

When an accountant makes a mistake while entering a transact…

When an accountant makes a mistake while entering a transaction, the result is that the balances in some accounts are wrong. Accountants say that these accounts have been “misstated.” Imagine a Monopoly company called Shoe Co. uses HAM accounting. On 3/01, it lands on the “Chance” square and is required to pay $50 of cash to the bank because of the chance card. This is considered a miscellaneous expense. However, imagine that, rather than making all the necessary entries to record a $50 miscellaneous expense, Shoe Co. makes a mistake and makes all the necessary entries to record this as a $50 miscellaneous revenue in its journal and HAM. Which accounts on the list below will be immediately misstated on 3/01 in the HAM because of this accounting error?

For the event described below, make the appropriate entries…

For the event described below, make the appropriate entries in journal entry format to record its effects on the firm.  On 7/02 you “mortgaged” a property and received $100 cash. Another way to describe this transaction is that you took out a mortgage loan. The loan’s interest rate is 12% per year including the month during which the loan was initiated and the month during which the loan is terminated. Interest is payable to the bank at the time the loan principal is repaid. At year end on 12/02, the loan is still outstanding and you have made no payments to the lender. Make the appropriate adjusting entry to deal with your mortgage loan at 12/02 in journal entry format. Date Account(s) you debit (left aligned and listed first)     Account(s) you credit      (indented and listed last) Debit Credit 12/02(adjusting) [dacct1]      [cacct1] [debit1]  [credit1] Notes on answer format: In the portion of the journal entry listing accounts: Identify accounts using the official account abbreviations (use the official account abbreviations which you can review by looking at the images at the bottom of this question. Pay attention to capitalizations!). In the portion of the journal entry listing dollar amounts:  In some cases, the dollar amount will be filled in for you. When you fill in a dollar amount, do not use any spaces, commas, or symbols.  If there is a place for an answer but you think it should be left blank, enter the number 0.

For the event described below, make the appropriate entries…

For the event described below, make the appropriate entries in journal entry format to record its effects on the firm.  On 3/01 you pay a $200 rent payment with cash. Date Account(s) you debit (left aligned and listed first)       Account(s) you credit        (indented and listed last) Debit Credit 3/01 [dacct1]        [cacct1] 200 200 Notes on answer format: In the portion of the journal entry listing accounts: Identify accounts using the official account abbreviations (use the official account abbreviations which you can review by looking at the images at the bottom of this question. Pay attention to capitalizations!). In the portion of the journal entry listing dollar amounts:  In some cases, the dollar amount will be filled in for you. When you fill in a dollar amount, do not use any spaces, commas, or symbols.  If there is a place for an answer but you think it should be left blank, enter the number 0.