ACCT Assignment 3

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acct300_6-01.xlsx
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Pr. 6-1

Problem 6-1 * represents an incorrect N answer =COUNTIF(A14:H27,"~*")
Name: 0
Section: " " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")
32
Score: 45% " " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
*Since some answer boxes are correct when left blank, the beginning score is greater than 0%. 26
Key Code: 2 Total SUM(AV13:AV15)
Instructions 58
Answers are entered in the cells with gray backgrounds. Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited. 45%
A red asterisk (*) will appear in the column to the right of an incorrect answer. Notes:
* represents an incorrect N answer
" " represents an unanswered N box - counts as an incorrect.
1. Aging of Receivables Schedule " " represents a correct blank answer or N answer
December 31, 2012 Total number of answers = sum of above
Days Past Due 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.
Not Past Over
Customer Balance Due 1-30 31-60 61-90 91-120 120
Steps:
AAA Beauty $ 19,500 $ 20,000 Open this sheet and macro sheet
Amelia's Wigs 8,000 11,000 $ 11,000 Open old templated, then change color palet to this sheet's
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Insert new header - change problem number and reformat
Zim’s Beauty 6,100 2,900 Copy these formulas (column AD) to new sheet.
Totals $ 880,000 $ 575,000 $ 140,500 $ 82,700 $ 36,000 $ 25,000 $ 20,800 Update to new edition's names and numbers
Percentage uncollectible Copy new error check formulas. For N-boxes
Estimate of uncoll. accounts =IF(sol.!$C$5="OFF","",IF(AC26=""," ",IF(AC26<>sol.!AC26,"*"," ")))
For B-Boxes
=IF(sol.!$C$5="OFF","",IF(AC29<>sol.!AC29,"*"," "))
2-6. Balance Sheet Income Statement
Statement of Cash Flows Assets = Liabilities + Stockholders' Equity Copy Score formula from this template to new sheet.
Accounts Allow. For Retained =IF(sol.!$C$5="OFF","","Score:") =IF(sol.!$C$5="OFF","",AD10)
Cash + Receivable - Doubtful Accts. = + Earnings
2. Dec. 31, 2012 Bad debt exp.
3. Dec. 31, 2012 Bad debt exp.
4. Mar. 4, 2013
5. Aug. 17, 2013
Aug. 17, 2013
6. a. Mar. 4, 2013 Bad debt exp.
6. b. Aug. 17, 2013 Bad debt exp.
Aug. 17, 2013
Craig: Record the collection of the account on this line.
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.
Craig Pence: Record cash outflows as negatives
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.
Craig: Record the reinstatement of the account on this line.
Peggy Hussey: Enter the sum of the amounts in this row.
Craig: Record the collection of the account on this line.
cpence: Enter percentage as a whole number (for example, 1% would be entered as "1").
Craig: Record the reinstatement of the account on this line.
7. Amazon.com uses the allowance method since GAAP requires it when there is a large amount of receivables.
Amazon.com uses the direct write-off method since GAAP requires it when there is a large amount of receivables.
Amazon.com uses neither the direct write-off method nor the allowance method.

sol.

Problem 6-1 * represents an incorrect N answer =COUNTIF(A14:H27,"~*")
Name: SOLUTION 0
Section: " " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")
Score: See student sheet for student's score 0
Scoring: ON " " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
45
Total SUM(AV13:AV15)
Instructions 45
Answers are entered in the cells with gray backgrounds. Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited. 100%
A red asterisk (*) will appear in the column to the right of an incorrect answer. Notes:
* represents an incorrect N answer
" " represents an unanswered N box - counts as an incorrect.
1. Aging of Receivables Schedule " " represents a correct blank answer or N answer
December 31, 2012 Total number of answers = sum of above
Days Past Due 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.
Not Past Over
Customer Balance Due 1-30 31-60 61-90 91-120 120
Steps:
AAA Beauty $ 19,500 $ 20,000 Open this sheet and macro sheet
Amelia's Wigs 8,000 11,000 $ 11,000 Open old templated, then change color palet to this sheet's
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Insert new header - change problem number and reformat
Zim’s Beauty 6,100 2,900 Copy these formulas (column AD) to new sheet.
Totals $ 880,000 $ 575,000 $ 140,500 $ 82,700 $ 36,000 $ 25,000 $ 20,800 Update to new edition's names and numbers
Percentage uncollectible 1%
cpence: Enter percentage as a whole number (for example, 1% would be entered as "1").		 2% 8% 15% 35% 80% Copy new error check formulas. For N-boxes
Estimate of uncoll. accounts $ 45,966
Peggy Hussey: Enter the sum of the amounts in this row. 		$ 5,750 $ 2,810 $ 6,616 $ 5,400 $ 8,750 $ 16,640 =IF(sol.!$C$5="OFF","",IF(AC26=""," ",IF(AC26<>sol.!AC26,"*"," ")))
For B-Boxes
2-6. Balance Sheet Income Statement
Statement of Cash Flows Assets = Liabilities + Stockholders' Equity Copy Score formula from this template to new sheet.
Accounts Allow. For Retained =IF(sol.!$C$5="OFF","","Score:") =IF(sol.!$C$5="OFF","",AD10)
Cash + Receivable - Doubtful Accts. = + Earnings
2. Dec. 31, 2012 $ (42,466)
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.		 $ (42,466)
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.		 $ (42,466)
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.		 Bad debt exp.
3. Dec. 31, 2012 (62,500) (62,500) (62,500) Bad debt exp.
4. Mar. 4, 2013 $ (4,350) 4,350
5. Aug. 17, 2013 4,350
Craig: Record the reinstatement of the account on this line.		 (4,350)
Aug. 17, 2013 O $ 4,350 $ 4,350 (4,350)
Craig: Record the collection of the account on this line.
6. a. Mar. 4, 2013 (4,350) (4,350) (4,350) Bad debt exp.
6. b. Aug. 17, 2013 4,350
Craig: Record the reinstatement of the account on this line.		 4,350 4,350 Bad debt exp.
Aug. 17, 2013 O 4,350 4,350 (4,350)
Craig: Record the collection of the account on this line.
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.
Craig Pence: Record cash outflows as negatives
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.
Craig Pence: Record increases by entering a positive amount; record decreases by entering a negative amount.
Craig: Record the reinstatement of the account on this line.
Peggy Hussey: Enter the sum of the amounts in this row.
Craig: Record the collection of the account on this line.
cpence: Enter percentage as a whole number (for example, 1% would be entered as "1").
Craig: Record the reinstatement of the account on this line.
7. Amazon.com uses the allowance method since GAAP requires it when there is a large amount of receivables. Amazon.com uses the allowance method since GAAP requires it when there is a large amount of receivables.
Amazon.com uses the direct write-off method since GAAP requires it when there is a large amount of receivables.
Amazon.com uses neither the direct write-off method nor the allowance method.