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Prepare adjusting journal entries for the following and note the year-end balance in the allowance account. The allowance for uncollectible accounts has a $740 credit balance prior to adjustment. Net credit sales during the year are $425000 and 3% are estimated to be uncollectible.
A department store has budgeted cost of sales of $36,000 for its men's suits in March. Management also wants to have $15,000 of men's suits in inventory at the end of March to prepare for the summer season.
Suppose new instruments for a firm cost $18,000 with an additional installation fee of $2,000, both of which are depreciable. Complete the depreciation schedule shown below using the Modified Accelerated Cost Recovery System (MACRS) 3-year class.
find an example of an impairment of PP&E or a significant gain or loss (large enough to have an effect on the reported numbers) on the disposal of an asset by a publicly traded firm.
Late in the current year, Brad Corporation's factory was destroyed by a tornado. Brad determined that it had a $200,000 unreimbursed loss on the building built ten years ago and a $75,000 gain on ten-year-old machinery (cost $100,000). Prior to th..
Kettle goods company has a unit selling price of 500 $, variable cost per unit $ 300 and fixed costs of $170,000. Compute the break even point in units and in sales dollars.
He wants to settle the case. Write a memo to him that states your view of whether the company is exposed to liability on all issues you feel are in play. Include in your memo any laws that apply and any precedent cases either for or against Teddy'..
A trial balance prepared by an inexperienced accountant showed total debits of $540,000 and total credits of $450,000. This discrepancy is most likely due to which type of error?
X company bought many equipment and sub-lease them with some margin to its customers. Customers will own after the lease payments. Question: Can X company claim depreciation of these equipments given of sublease? X company claims deductions of lea..
At the end of the year prior to the sale, Rita's basis in RSTU was $60,000. The partnership allocates $12,000 of income to Rita for the portion of the year she was a partner. On the date of the sale, the partnership assets and the agreed fair mark..
Explain why a firm like Grate Care might decide to use both residual income and return on investment as measures of performance.
Taylor Flowers' bank statement shows a balance of $135.42 and a service charge of $8.00. The account register shows deposits of $112.88 and $235.45 that do not appear on the statement.
What are the potential proprietary costs from expanded disclosures in each of these areas? If you conclude that proprietary costs are relatively low for either, what alternative explanations do you have for management's opposition?
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