CH07 – Zigby Manufacturing
Managerial Accounting
Wild and Shaw
07th Edition
Prepare the following budgets and other financial information as required.
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Prepare the following budgets and other financial information as required.
Your numbers will vary.
Given cash in the bank, treasury bills, cash on hand, and customer checks… find the cash balance for the balance sheet.
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Given cash balances for four different banks… prepare the current assets and current liabilities section of the balance sheet under both U.S. GAAP and IFRS.
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Given the number of tires sold, cost of a tire, and terms of sale… prepare journal entries for the sale.
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Given services on account, accounts receivable, uncollectable accounts, and the percent uncollectable… prepare the journal entries for the end of the year.
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Given bad debt expense and accounts receivable written off.. figure out the bad debt expense, write off, and bad debt expense with the direct write-off method.
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Given accounts not due and credit balance… figure out the uncollectable accounts, journal entry, and accounts receivable balance.
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Given accounts receivable, credit balance, uncollectible amount, cash received, and bad debt percentage…. prepare journal entries.
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Given the balance sheet, accounts receivable, income statement, sales revenue, and uncollectible accounts… determine the cash collected.
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Given the amount sold and interest on the note… figure out the income before taxes for both years and journal entries.
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