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The trial balance before adjustment of Risen Company reports the following balances:
Dr. Cr. Accounts receivable $100,000Allowance for doubtful accounts $ 2,500Sales (all on credit) 750,000Sales returns and allowances 40,000
Instructions:
(a) Prepare the entries for estimated bad debts assuming that doubtful accounts are estimated to be (1) 6% of gross accounts receivable and (2) 1% of net sales.
(b) Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of $2,500 instead of a credit balance. How will this difference affect the journal entries in part (a)?
Calculate the funding levels and capital gains experienced by Coca-Cola and PepsiCo in their respective pension funds.
What are the issues related to goodwill valuation when comparing partnerships formation with companies consolidations?
The chief executive officer of your organization has asked you to compare the organization you are thinking of acquiring with a competitor. Obtain financial statements for the organization under investigation and its competitor, and perform the fo..
How much cost, in total, would be allocated in the first-stage allocation to the Setting Up activity cost pool?
During 2006, NICO Corporation had EBIT of $100,000, a change in net fixed assets of $400,000, an increase in net current assets of $100,000, an increase in spontaneous current liabilities of $400,000, a depreciation expense of $50,000, and a tax r..
The directors declare a 10% stock dividend when the market value is $15. The reduction of retained earnings as a result of the declaration will be:
Assets that the governing board of a public university, rather than a donor or other outside agency, has determined are to be retained and invested for future scholarships would be reported as:
Prepare an estimated income statement for 2008. What is the expected contribution margin ratio? Determine the break-even sales in units. Construct a cost-volume-profit chart indicating the break-even sales.
Explain how governments use fiduciary and permanent funds. The McCracken County Humane Society (MCHS), which is part of a county's reporting entity, established a permanent fund to provide support for its pet neutering program.
The management of Lopez estimates that this recall would cost $800,000. What accounting recognition, if any, should be accorded this situation?
Make the journal entries to record the following transactions in Hunt Ltd’s records by using perpetual inventory system.
Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations):
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