Estimating uncollected accounts and recording notes

1.Discuss the valuation of accounts receivable
2.Calculate estimated uncollectible accounts under the two allowance methods: the percentage of sales and
percentage of receivables methodse
3.Journalize the issuance and receipt transactions related to notes receivable
4.Calculate interest on notes payable using the principle x rate x time formula

Problem 1: Calculating and journalizing uncollectible accounts using the percentage of credit sales method.
Problem 2: Calculating and journalizing uncollectible accounts using the percentage of accounts receivable
method and an A/R aging schedule.
Problem 3: Determining maturity date, maturity value and interest on notes. Record the issuance of notes, and
receipt (honoring) of notes at maturity.

Sample Solution

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Budget Justification

You are on the City Council for The City of Franklin. You have a population of 53,500 citizens, and 17% of your population is unemployed. Through multiple discussions with the Director of the Franklin City Library, you have come up with a plan to convert one of their larger conference rooms (30 ft. x 50 ft.) into a public computer lab. The both of you believe that opening this lab will provide a space for unemployed people to search and apply for jobs and create their resumes and cover letters.

The space is already owned by the City, so there while there is no cost for the space; however, there will be some cost to renovate it. The Library already has Internet, so all you will need to do is pay to have new ports and wiring added in the conference room. You will also need to buy computers, monitors, Ethernet chords, desks, chairs, and printers. Also, the library will need to hire someone to oversee the computer lab while it is open. Windows comes installed on the computers whether they are bought or leased, and the City has an Enterprise license for Microsoft Office Suite (e.g., Word, Excel, PowerPoint), so there is not cost to install this software on any of the computers.

I don’t want you to get too deep when writing this justification, but here are some things you need to consider:

How many computers and printers will you buy for this space?
Will you rent or buy the computers and printers?
What type of workstations will you use for the computers?
How will you staff the computer lab? Full-time employees, part-time employees? You will need to determine the hours it will be open to answer this.
What supplies will you provide citizens? Paper, staplers and staples? How about paper clips?
You also need to factor in toner with the printers?

Sample Solution

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Judicial Misconduct

Review the following:
Formal complaint to the Canadian Judicial Council regarding Justice Robin Camp:
http://s3.documentcloud.org/documents/2510250/cjc-complaint-r-camp.pdf
http://www.cbc.ca/news/canada/calgary/justice-robin-camp-inquiry-monday-closing-arguments-1.3758344
Complaint to the Canadian Judicial Council regarding Justice Lori Douglas:
https://www.businessinsider.com/a-canadian-judge-famous-for-leaked-bondage-photos-claims-her-husband-had-a-mad-fantasy-2012-6
http://news.nationalpost.com/news/canada/manitoba-naked-judge-to-tell-inquiry-she-played-no-culpable-role-in-photo-scandal-that-could-get-her-fired
http://o.canada.com/news/4-reasons-why-judge-lori-douglas-finally-resigned

Sample Solution

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Normal Distribution

Respond to the following in a minimum of 175 words:

Consider the demonstration problem 6.3 beginning on p. 177 which uses a normal distribution to determine the probability associated with generating between 3.6 and 5 pounds of waste per year.

Discuss any one of the following concepts associated with this problem.

What are the “clues” that the problem can be solved with the use of the normal distribution?
What is the relationship between the x value (e.g 3.6) and the z score?
How is the probability of the event (3.6 to 5 pounds of waste) related to a specific area under the curve?
How do we determine the area between two z values?

Sample Solution

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