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(Solved by Expert Tutors) "Problem 1-Accounting Changes and Error Corrections Molina Company's rep


previous two years are presented below. 2011 105,000 2010 95,000 2009 70,000 2011's net income was properly determined after giving effect to the following accounting changes, error corrections, etc. which took place during the year. The incomes for 2009 and 2010 do not take these items into account and are stated at the amounts determined in those years. Ignore income taxes. Instructions: a. For each of the six accounting changes and/or errors described below, prepare the journal entry or entries Molina Company should record during 2011 to adjust for the change and/or error. If no entry is required, write "none." b. After recording the situation in part (a) above, prepare the year-end adjusting entry for December 31, 2011. If no entry is required, write "none." 5. Molina, in reviewing its provision for uncollectibles during 2011, has determined that ? of 1% is the appropriate amount of bad debt expense to be charged to operations. The company had used 1% as its rate in 2010 and 2009 when the expense had been $20,000 and $14,000, respectively. The company would have recorded $30,000 of bad debt expense on December 31, 2011 under the old rate.

 


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Apr 19, 2020

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