Problem 9-2A - due in 24 hours
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WRD27e_PR09-2A.xlsxPr. 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 | ||||
