I need help on some work due tonight! I know it is very last minute, but I am having doubts about my math. I have one attatchment (actual problems) …and the other attatchment is the work I have d

I need help on some work due tonight! I know it is very last minute, but I am having doubts about my math.

I have one attatchment (actual problems) …and the other attatchment is the work I have done for each one.

I believe my math is completly wrong but the entries are right..

PLEASE HELP! 🙁

Attachment 1

Attachment 2

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Depreciation Chart
Problem #1 Part 1
Method
X3
X4
X5
X6
X7
X8
Straight Line
$115,50
0
$154,00
0
$154,00
0
$154,00
0
$154,00
0
$38,50
0
Double
Declining
$240,00
0
$224,00
0
$134,40
0
$80,640
$48,384
$29,03
0
Units of
Production
$96,250
$192,50
0
$120,31
3
$168,43
8
$192,49
9
Mars Company
General Journal
Problem #1 Part 2
Date
Account
Dr
Cr
12-31-
X3
Deprecia
tion
Expense
115,500
Accumulated Depreciation Equipment
115,50
0

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12-31-
X4
Deprecia
tion
Expense
154,000
Accumulated Depreciation Equipment
154,00
0
12-31-
X5
Deprecia
tion
Expense
154,000
Accumulated Depreciation Equipment
154,00
0
12-31-
X6
Deprecia
tion
Expense
154,000
Accumulated Depreciation Equipment
154,00
0
12-31-
X7
Deprecia
tion
Expense
154,000
Accumulated Depreciation Equipment
154,00
0
12-31-
X8
Deprecia
tion
Expense
38,500
Accumulated Depreciation Equipment
38,500
Life Company
General Journal
Problem #2 Part A
Year X1
Date
Accoun
t
Dr
Cr
12-31-
Bad debt
2,176

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Problem #1
Mars Company acquired equipment on April 1, 20X3, for
$700,000.
They are a calendar year end company. The
equipment has an estimated useful life of five years and an
estimated residual value of $40,000. Calculate depreciation
expense and complete the chart below for each of the
following methods. The equipment is estimated to produce
160,000 units. During X3, x4, x5, x6, x7,x8 the equipment
produced 20,000;40,000; 25,000; 35,000; 42,000; 37,000
units, respectively. Round to the nearest dollar where
necessary.
Depreciation Expense
————————————————————
Method
X3
X4
X5
X6
X7
X8
Straight-
line
Double
Declining
Units of
Productio
n
Problem # 2.
Life Company began operations on 11-1-x1.
The ending accounts
receivable balance for X1, X2,and X3 were $22,000; $240,000; and
$260,000 respectively.
The following chart shows the
write offs
of bad accounts
receivable:
Customer Name
Date of the
write off
Amount of the
write off
Mary Joe Who
3-15-x2
$500
Harry Wilty
6-15-x2
$2,700
Sally Whinney
10-02-x2
$3,500
Jack Frost
12-30-x2
$5,200
Betty Bigfoot
1-05-x3
$3,900
Peter Pan
1-20-x3
$4,650
Carol Bluenose
5-15-x3
$2,000
Philip Hiphop
11-20-x3
$3,500
The following chart shows
reversals of write offs
, accounts that were written off and then
the customer subsequently paid on the delinquent accounts receivable
Customer
Name
Original A/R
Dollar
Amount
Date A/R
Written Off
Date
Reinstated
Previously
written off
A/R
Amount
Customer
Pledged to
Pay
Date Cash
Collected
Amount of
Cash
collected
1

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Mary Joe Who
$500
3-15-x2
9-15-x2
$500
9-15-x2
$500
Betty Bigfoot
$3,900
1-05-x3
4-15-x3
$3,900
8-15-x3
$1,700
Carol
Bluenose
$2,000
5-15-x3
9-18-x3
$1,000
9-18-x3
$1,000
A. Prepare all of the
journal entries necessary
to record the write offs, reversal of
write offs, collection on reversed accounts, and year end adjustments necessary
for years X1, X2 and X3 assuming that the
% of net credit sale
s method is used.
Net Credit Sales Method, chart with information for year-end adjustments
:
Year
Total Credit Sales
Sales Returns &
Allowances
Sales Discounts
Bad Debt
Percentage
X1
$100,000
$1,000
$200
.02
X2
$1,000,000
$8,000
$600
.022
X3
$1,200,000
$9,000
$800
.024
List your journal entries in perfect date order for the write offs, reversals,
collection of reversals and year end estimates for X1, X2, X3.
DO NOT organize
the entries by type of entry.
What is the balance in the Allowance for Doubtful Accounts on 12-31-x3
____________
2

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