Problem 1: Intell Company uses percentage of sales to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $855,000 in credit sales. Intell assumes that 1.5% of sales will eventually be uncollectible. Before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 6,500. What dollar amount should be credited to Allowance for Uncollectible Accounts at year end?
Problem 2: Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019:
|
Date
|
Activity
|
Quantity
|
Unit Price
|
|
01-May
|
Beginning Inventory
|
175
|
$10.50
|
|
05-May
|
Purchase
|
200
|
$11.50
|
|
10-May
|
Sales
|
300
|
$25
|
|
15-May
|
Purchase
|
200
|
$13.50
|
|
20-May
|
Sales
|
250
|
$28
|
|
25-May
|
Purchase
|
150
|
$13.00
|
Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
Problem 3: Adelphi Company purchased a machine on January 1, 2017, for $60,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. Adelphi sold the machine on January 1, 2021 for $26,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for the equipment sale entry made on January 1, 2021.
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