Bean Company has the following information

| June 14, 2018

1. Bean Company has the following information regarding its allowance for uncollectible accounts.Allowance for uncollectible accounts and provision for uncollectible accounts for the 2014 &2015:Prepare the journal entries for the write-offs & recoveries for 2015, and for the provision foruncollectible accounts expense at December 31, 2015. Do not provide any journal explanations. If noentry is necessary, write “no entry”. The date for all entries will be 12/31/15.DebitDateCreditAccount (noexplanation justaccount title)2. On January 1, 2014, Bean company enters into an agreement with Flower companies to sell agroup of receivables without recourse. The total face value of the receivables is $150,000.Flower company will charge 12% interest on the weighted-average time to maturity of thereceivables of 95 days plus a 2% fee. Prepare the journal entry to record the transfer of thereceivables. Do not provide any journal explanations. Round calculations to the nearest dollar.If no entry is necessary, write “no entry”.DebitDateAccount (noexplanation justaccount title)Credit6. At December 31, 2014, Rabbit company had a balance sheet credit balanceof $260,000 in its allowance for uncollectible accounts. Based on pastexperience, 2% of Rabbits credit sales have been uncollectible. During 2015Rabbit wrote off $325,000 of uncollectible accounts. Credit sales for 2015 were$9,200,000. In its December 31, 2015 balance sheet, what amount shouldRabbitreport as allowance for uncollectible accounts? __________7. Rabbit Company. factored $600,000 of accounts receivable to RabbitCompany. on October 1, 2015. Control was surrendered by Rabbit. Rabbitaccepted the receivables subject to recourse for nonpayment. Rabbitassessed a fee of 3% and retains a holdback equal to 2%of the accountsreceivable. In addition, Rabbit charged 15% interest computed on a weightedaverage time to maturity of the receivables of fifty-four days. The fair value ofthe recourse obligation is $9,000. Rabbit will record:a. cash ofb. a loss of_____________8. Robbit company salaried employees are paid biweekly. Advances made toemployees are paid back by payroll deductions. Information relating tosalaries follows:Salaries paid during 2015 (gross) $390,000Salaries expense during 2015 $420,000In Robbit Company December 31, 2015 balance sheet, accrued salariespayable was?12. Rabbit Company records stamp service revenue and provides forthe cost of redemptions in the year stamps are sold to licensees. Rabitspast experience indicates that only 80% of the stamps sold to licensees willbe redeemed. Rabbits liability for stamp redemptions was $6,000,000 atDecember 31, year 1. Additional information for year 2 is as follows:>> Stamp service revenue from stamps sold to licensees$4,000,000>> Cost of redemptions (stamps sold prior to 1/1/Y2)2,750,000If all the stamps sold in year 2 were presented for redemption in year 3, theredemption cost would be $2,520,000. What amount should Rabbits report asa liability for stamp redemptions at December 31, year 2?13. Rabbit IncSelected Financial Data as of December, 31,Net credit sales totaled $3,200,000 and $2,000,000 for the years endedDecember 31, year 2 and year 1, respectively. What was Rabbits accountsreceivable turnover for year 2? (Round your answer to the one decimalplace.) _____________

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