Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
At the end of 2009 Martel Co.'s had $410,000.00 in Account Receivable and a credit balance of $3,00 in Allowance for Bad Debts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience.
Require
Assume that Martel Co.'s adjusting entry for bad debts expense on December 31 2009 was a debit to bad debt expense and a credit to Allowance for bad debts of $25,000.00
A) Estimate Martel's uncollectible accounts percentage based on its actual bad debts experience during the past two years.
B) Prepare the adjusting entry on December 31, 2009 for Martel Co.'s bad debt expenses.
On March 5th, Blowout Sales makes $22,500.00 in sales on the company's own credit cards. The cost of merchandise sold are $16,825.00. Journalize the sales and recognition of the cost of merchandise sold.
Wadkins Company, a machinery dealer, leased a machine to Romero Corporation on January 1, 2011. Compute the amount of the lease receivable.
Receivables Turnover Ratio - The receivables turnover ratio tells us how many times accounts receivable have been collected in a given accounting period. Receivables turnover is calculated by taking the last 12 months of sales and dividing by the ..
George plans to sell his customers a special for a ski package weekend. He is able to purchase the package from the providers for $175 each. The ticket packages will be sold for $225 each and the ski resort and lodging facilities intend to reimbur..
For Warren Corporation, year-end plan assets were $2,000,000. At the beginning of the year assets were $1,780,000. During the year, contributions to the pension fund were $120,000, and benefits paid were $200,000. Compute Warren's actual return on..
Inspection hours for the 10,000 tables varnished in September totaled 2,500 hours by 16 employees. Eight quarts of varnish were used, on average, for each table. The standard amount of varnish per table is nine quarts. The cost of inspection for S..
A company purchased and installed a machine on January 1, 2004 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2007.
At the time of issuance, the market interest rate for similar financial instruments is 10%. Which of the following is a correct piece of the journal entry on September 1, 2010?
Explorer, Inc., manufactures lanterns for camping. The company's direct labor rates have been set by the terms of the current labor contract. Direct labor rate standards have been assigned for each job classification.
The rounded present value of an ordinary annuity for nine years at 9% is 6.0. What amount should N report as capitalized lease liability at December 31, 2009?
Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?
The current credit balance in allowance for uncollectible accounts is $200. Management estimates that 2.5% of net credit sales of $115,000 will be uncollectible. Based on the foregoing data, what is the bad debt expense balance on the income state..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd