Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2016, its first year of operations, Joey's Bike Shop experienced the following:

Sales on account $295,000
Cash sales $661,400
Collections of accounts receivables $280,250
Uncollectible accounts charged off during the year $1,095

a. Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on the account will not be collected. Answer the following questions:
1. What is the Accounts Receivable balance at December 31, 2016?
2. What is the ending balance of the Allowance for Doubtful Accounts at December 31, 2016, after all, entries and adjusting entries are posted?
3. What is the amount of uncollectible accounts expense for 2016?
4. What is the net realizable value of accounts receivable at December 31, 2016?

b. Assume that Joey's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions:

1. What is the Accounts Receivable balance on December 31, 2016?
2. What is the amount of uncollectible accounts expense for 2016?
3. What is the net realizable value of accounts receivable on December 31, 2016?

Compare the sources of consumer credit 1. consumers use a prearranged loan using special checks 2. consumers use cards with no interest and non -revolving balances 3. consumers pay off debt and credit is automatically renewed 4. consumers take out a loan with a repayment date and have a specific purpose a. travel and entertainment credit b. revolving check credit c. closed-end credit d. revolving credit

Required information problem 15-1a production costs computed and recorded; reports prepared lo c2, p1, p2, p3, p4 [the following information applies to the questions displayed below. marcelino co.'s march 31 inventory of raw materials is $84,000. raw materials purchases in april are $540,000, and factory payroll cost in april is $364,000. overhead costs incurred in april are: indirect materials, $59,000; indirect labor, $26,000; factory rent, $38,000; factory utilities, $19,000; and factory equipment depreciation, $58,000. the predetermined overhead rate is 50% of direct labor cost. job 306 is sold for $670,000 cash in april. costs of the three jobs worked on in april follow. job 306 job 307 job 308 balances on march 31 direct materials $30,000 $36,000 direct labor 25,000 14,000 applied overhead 12,500 7,000 costs during april direct materials 133,000 210,000 $100,000 direct labor 105,000 150,000 101,000 applied overhead ? ? ? status on april 30 finished (sold) finished in process (unsold) required: 1. determine the total of each production cost incurred for april (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from march 31). a-materials purchases (on credit). b-direct materials used in production. c-direct labor paid and assigned to work in process inventory. d-indirect labor paid and assigned to factory overhead. e-overhead costs applied to work in process inventory. f-actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) g-transfer of jobs 306 and 307 to finished goods inventory. h-cost of goods sold for job 306. i-revenue from the sale of job 306. j-assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions. 3. prepare a schedule of cost of goods manufactured. 4.1 compute gross profit for april. 4.2 show how to present the inventories on the april 30 balance sheet.

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