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Max Industries, a publicly traded company, changed its method of accounting for bad debts from the direct write-off method to the allowance method on January 1, 2011 because uncollectible accounts always have been material to the financial statements of the company. The company's accountant determined that an appropriate allowance of $9,000,000 should be established. Ignore income taxes.
Required:
i) Is this a change in accounting principle, change in estimate, or a correction of an error?
ii) Prepare the journal entry to record the change.
The bonds were properly carried at $2,134,000 upon issue. On its December 31, Year 1 financial statements, Novastar Corporation would display the following balances:
On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest is payable semiannually on January 1 and July 1. Using the effective interest method, what amount should Moon report as interest expense for the six month..
Thelma's reported net income for 2006 was $119,000. What is the noncontrolling interest's share of Thelma's net income?
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(a) ratio of fixed assets to long-term liabilities, (b) ratio of liabilities to stockholders' equity, (c) ratio of net sales to assets, (d) rate earned on total assets, (e) rate earned on stockholders' equity, and (f) rate earned on common stockho..
If you purchased a new model of a digital camera right after it is released, you will likely pay more than if you purchase it six months after release. Explain why this is an example of price discrimination on the part of the firm.
Federated fabrications leased a tooling machine on January 1, 2011, for a three-year period ending December 31, 2013. The lease agreement specified annual payment of $36,000 beginning with the first payment at the inception of the lease, and each ..
Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.
You are asked to make a depreciation schedule for a business asset. A depreciation schedule shows the remaining value of the asset at the end of each time period. Create a depreciation schedule for each of the following
Describe the audit procedures which Johnson would conduct to find out if Mother earth would violated the debt covenants.
Term Structure of Interest Rates
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