Problem 9-2A - due in 24 hours

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WRD27e_PR09-2A.xlsx

Pr. 9-2A

Problem 9-2A
Name: 0
Section: # N-box Incorrects due to blanks COUNTIF(B15:AT24," ")
76
Score: 0% # N-box +B-box corrects COUNTIF(B15:AT24," ")
0
Key Code: [Key code here] Total SUM(AD13:AD15)
Instructions 76
Answers are entered in the cells with gray backgrounds. Percentage =(AD16-AD13-AD14)/AD16
Cells with non-gray backgrounds are protected and cannot be edited. 0%
An asterisk (*) will appear to the right of an incorrect entry. Notes:
Enter a zero in cells you would otherwise leave blank. If number-entry or blank-entry box is incorrect, returns "*"
1. Number of Days Past Due If number-entry or blank-entry box is correct, returns single space, " "
Customer Due Date Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct.
Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.
Adams Sports and Flies May 22, 20Y6
Blue Dun Files Oct. 10, 20Y6
Cicada Fish Co. Sept. 29, 20Y6
Deschutes Sports Oct. 20, 20Y6
Green River Sports Nov. 7, 20Y6
Smith River Co. Nov. 28, 20Y6
Western Trout Company Dec. 7, 20Y6
Wolfe Sports Jan. 20, 20Y7
2., 3. Aging of Receivables Schedule
December 31, 20Y6
Days Past Due
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 91 - 120 120
AAA Outfitters $ 20,000 $ 20,000
Brown Trout Fly Shop 7,500 $ 7,500
Zigs Fish Adventures 4,000 4,000
Subtotals $ 1,300,000 $ 750,000 $ 290,000 $ 120,000 $ 40,000 $ 20,000 $ 80,000
Adams Sports and Flies 5,000
Blue Dun Files 4,900
Cicada Fish Co. 8,400
Deschutes Sports 7,000
Green River Sports 3,500
Smith River Co. 2,400
Western Trout Company 6,800
Wolfe Sports 4,400
Totals $ 1,342,400
Percent uncollectible
Mark Sears: Enter percentage as a whole number
Estimate of
uncollectible accounts
Mark Sears: Enter a formula summing the other amounts in this row.

Mark Sears: Enter a formula of percent uncollectible x total amount in this category
4.
5.
On the balance sheet, the omission would cause:
assets to be by
owner's capital to be by
On the income statement, the omission would cause:
expenses to be by
net income to be by

Sol

Problem 9-2A
Name: Solution
Section:
Score: ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. For correct grading, enter a zero in cells you would otherwise leave blank.
otherwise leave blank.
1. Number of Days Past Due
Customer Due Date
Adams Sports and Flies May 22, 20Y6 223
Blue Dun Files Oct. 10, 20Y6 82
Cicada Fish Co. Sept. 29, 20Y6 93
Deschutes Sports Oct. 20, 20Y6 72
Green River Sports Nov. 7, 20Y6 54
Smith River Co. Nov. 28, 20Y6 33
Western Trout Company Dec. 7, 20Y6 24
Wolfe Sports Jan. 20, 2016 0
2., 3. Aging of Receivables Schedule
December 31, 20Y6
Days Past Due
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 91 - 120 120
AAA Outfitters $ 20,000 $ 20,000
Brown Trout Fly Shop 7,500 $ 7,500
Zigs Fish Adventures 4,000 4,000
Subtotals $ 1,300,000 $ 750,000 $ 290,000 $ 120,000 $ 40,000 $ 20,000 $ 80,000
Adams Sports and Flies 5,000 - - - - - 5,000
Blue Dun Files 4,900 - - - 4,900 - -
Cicada Fish Co. 8,400 - - - - 8,400 -
Deschutes Sports 7,000 - - - 7,000 - -
Green River Sports 3,500 - - 3,500 - - -
Smith River Co. 2,400 - - 2,400 - - -
Western Trout Company 6,800 - 6,800 - - - -
Wolfe Sports 4,400 4,400 - - - - -
Totals $ 1,342,400 $ 754,400 $ 296,800 $ 125,900 $ 51,900 $ 28,400 $ 85,000
Percent uncollectible 1% 2% 10% 30% 40% 80%
Estimate of
uncollectible accounts 121,000
Mark Sears: Enter a formula summing the other amounts in this row.
$ 7,544
Mark Sears: Enter a formula of percent uncollectible x total amount in this category
$ 5,936 $ 12,590 $ 15,570 $ 11,360 $ 68,000
4.
Bad Debt Expense 124,600
Allowance for Doubtful Accounts 124,600
5.
On the balance sheet, the omission would cause:
assets to be overstated by $ 124,600
owner's capital to be overstated by $ 124,600
On the income statement, the omission would cause:
expenses to be understated by $ 124,600
net income to be overstated by $ 124,600