ACCT 3311- Intermediate Accounting 1
Assignment 3
1. This is an individual assignment. No hard copies will be accepted.
2. The last date of submission is May 14, 2017, 11:59 PM. No submissions after that will be accepted.
3. There are 3 questions. Please print the question & solve it.
4. It contains 8 % of your grades. Marks are indicated next to the questions.
5. When you have answered all the questions, please enter the required answers/figures in the link below
this assignment called” Assignment 3-Please submit your answers here.”
6. You'll receive immediate feedback. You are not forced to complete this assignment in one time i.e.
you can take as many turns as you want to complete it.
IMPORTANT: Please do not use any $(dollar sign) in your answer. Page 1 of 2 Question 1: The following information relates to a company’s accounts receivable: account receivable
balance at the beginning of the year, $150,000; allowance for uncollectible accounts at the beginning of
the year, $10,000(credit balance); credit sales during the year, $90,000; accounts receivables written off
during the year $4,000; cash collections from the customers, $100,000. After a review of the
uncollectible accounts, the company estimates that the required year-end balance for the uncollectible
accounts should be $3,000. Calculate
1. The bad debts expenses for the year (1 mark)
2. The year- end gross & net account receivables balances. (1 mark)
Question 2: Brockton Carpet Cleaning prepares a bank reconciliation at the end of every month. At the
end of July, the balance in the general ledger checking account was $2,750 and the bank balance on the
bank statement was $2,980. Outstanding checks totaled $680 and deposits in transited were $400. The
bank statement revealed that a check written for $120 was incorrectly recorded by Brockton as a $220
disbursement. The bank statement listed service charges and NSF check charges totaling $150. The
corrected cash balance is: (2 marks)
Question 3: Shown below is activity for one of the products of Denver Office Equipment. The
company uses a perpetual inventory system. a) Compute the ending inventory and cost of goods sold assuming Denver uses FIFO. (2 marks)
b) Compute the ending inventory and cost of goods sold assuming Denver uses average cost. (2 marks) Page 2 of 2

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