Answer: Three items will appear being;
2. Sale of delivery truck at book value
5. Sale of a debt security held as an available-for-sale investment
6. Collection of loan receivable.
Explanation:
The Investment Section of the Cash Flow Statement contains activities related to investment such as the buying or selling of fixed assets and the buying or selling of other company stocks or bonds.
Out of the above therefore, there are 3 activities that would fall under this section of the Cash Flow Statement.
They are;
2. Sale of delivery truck at book value.
- This refers to the sale of a Fixed asset and as such it goes to the investment section.
5. Sale of a debt security held as an available-for-sale investment.
- As a debt security of another firm that was considered available for sale, this goes to the Investment Section as well.
6. Collection of loan receivable.
- Finally, collection of loan receivable means that the company loaned money to another company making it an investment related cash inflow as it is a long term Investment income source.
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Answer:
(a) Prepare the adjusting journal entry to record bad debt expense for the year with Allowance for Doubtful Account of $ 3,041
Dr Bad Debt Expenses $10,150
Cr Allowance for doubtful debt $10,150
(b) Prepare the adjusting journal entry to record bad debt expense for the year with Allowance for Doubtful Account of $ 918
Dr Bad Debt Expenses $14,109
Cr Allowance for doubtful debt $14,109
Explanation:
The Allowance for Doubtful Account will have the Balance of : 439,700 x 3% = $13,191
(a): Bad Debt Expenses needs to be recorded: 13,191 - 3,041 = $10,150
(b): Bad Debt Expenses needs to be recorded: 13,191 + 918 = $14,109
Answer:
Departmental wage expenses for Dept. Y = 8,750 and Dept. Z = 10,250.
Explanation:
Direct wages of Y and Z sum 2,000 + 3,500 = 5,500. The remaining expenses are the difference between total wage expense and direct wage expenses. That means indirect expenses are 19,000 - 5,500 = 13,500. These has to be allocated half for each department.
- Dept Y expense is 2,000 + 13,500/2 = 2,000 + 6,750 = 8,750
- Dept Z expense is 3,500 + 13,500/2 = 3,500 + 6,750 = 10,250
