In the most recent year of operations, Bertha’s Games sold merchandise costing $80,000 for $170,000.

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I need help with the following please

In the most recent year of operations, Bertha’s Games

sold merchandise costing $80,000 for $170,000. All merchandise was sold under a one-year warranty. At the time of sale, Bertha estimated that warranty claims would amount to 4% of sales. During the year, she replaced defective merchandise for $3,000. All transactions were cash transactions.
i. Prepare journal entries to record all transactions related to the warranty.
ii. Based solely on the above information, determine Bertha’s Games operating income for the year.

 
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HVB Corp. had the following situations during the last 4 years of operation: i

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can someone help me please!!

Hello i need help with the following question..

thanks

HVB Corp. had the following situations during the last 4 years of operation:
i. The Allowance for Uncollectible Accounts has a $2,300 credit balance prior to adjustment. Net credit sales during 2011 are $600,000 and 5% are estimated to be uncollectible. Accounts Receivable has a balance of $110,000 on Dec 31, 2011.
ii. The Allowance for Uncollectible Accounts has a $1200 debit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2012, $17,900 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $104,000 on Dec 31, 2012.
iii. The Allowance for Uncollectible Accounts has a $1,200 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2013, $28,000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $87,000 on Dec 31, 2013.
iv. The Allowance for Uncollectible Accounts has a $650 debit balance prior to adjustment. Net credit sales during 2014 are $800,000 and 2% are estimated to be uncollectible. Accounts Receivable has a balance of $135,000 on Dec 31, 2014.

****Prepare the adjusting journal entries needed for these years

 
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Required:

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Required:

 
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Prepare a 2-3 page paper (approximately 350 words per page) explaining the following to the Erbs:

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Prepare a 2-3 page paper (approximately 350 words per page) explaining the following to the

Erbs:

•Why can’t you give them a refund?

•How was their refund/taxes due calculated?

•Why are they or why are they not subject to the AMT?

Grading Rubric

CategoryDescription

ComprehensionDemonstrate a strong grasp of the problem at hand. Demonstrate an understanding of how the course concepts apply to the problem.

AnalysisApply original thought to solving the business problem. Correctly apply concepts from the course material toward solving the business problem.

ExecutionWrite your answer clearly and succinctly using strong organization and proper grammar. Use citations correctly.

TotalA quality paper will meet or exceed all of the above requirements.

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ACCT224 Week 2 – You Decide ACCT224_W2_YouDecide_Transcript.docx Page 1

Scenario

You’ve just gotten the kindest call from Eric, and you’re becoming convinced that he’s not just saying it knowing how much work you’re going to have on your plate thanks to his son. In fact, he’s asked you to dinner this Friday.

You realize you need to stop daydreaming about your high school crush and focus on Jackson and Kara’s visit later today.

Your Role

Jackson will be bringing the information you asked him to provide in order to accurately do his taxes for last year. You also expect Kara to have some questions given the conversation you had during last week’s meeting. You remind yourself that you need to be patient with them…not just because you want to make sure they say good things about you to Eric…but because they’re clients. As you have learned, patience and kindness has been the key to your business success.

Transcript

Peggy Sue: Come in! Please have a seat! Oh, a baby! Your dad didn’t mention that he was a grandpa! How old is she?

Kara: She was born on December 31 just before midnight after 48 hours of labor.

Peggy Sue: Well, she’s gorgeous! You must be so proud!

Jackson: Yeah, she is cute in a crinkled sort of way.

Kara: (interrupting) We brought that form in that says how much money he made last year.

Peggy Sue: Great! That’s called a W-2.

Jackson: My dad has to pay something called Alternative Maximum Tax. Do I have to pay that too?

Kara: Jackson that’s the Alternative Minimum Tax. (Rolls eyes)

Peggy Sue: No, I don’t believe you will owe that tax, but I’ll explain that to you when I complete the preparation of your tax return.

Jackson: Okay, can you write me a check for my refund today?

Kara: Yes, that would be great. Jackson wants to buy a new motorcycle with a side car for baby Mackenzie.

Peggy Sue: Uh….it will take me a day to prepare your tax return. Can you come back tomorrow and pick it up?

 
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