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1. Simonies Company, which uses iGAAP, has a note receivable with a carrying value of $30,000 at December 31, 2010. On January 2, 2011, the borrower declares bankruptcy, and Simonis estimates that only $25,000 of the note will be collected. Prepare the journal entry to record this loss. Briefly describe the accounting for the loan subsequent to the bankruptcy, assuming Simonis estimates that more than $25,000 can be repaid.
carmen electronics bought new machinery for 5 million. this is expected to result in additional cash flows of 1.2
Explain how to account for accounts receivable, including bad debts. Accounts receivable arise from sales on credit. Companies with many customers may keep detailed records of accounts receivable in a separate subsidiary ledger.
The partial pressures of gas A and gas B, respectively, are 0.244 atm and 0.674 atm. If 0.120 mol of a third gas is added with no change in volume or temperature, what will the total pressure become?
Prepare a material purchases budget for the same period
How much is the debit to retained earnings if the board votes a 2-for-1 stock split and prepare the necessary journal entries if the board votes a 100% stock dividend.
williams companys direct labor cost is 30 percent of its conversion cost. if the manufacturing overhead for the last
How would you reconcile the income tax expense shown on the statement above with the amount your recast statement reports?
the following selected account balances were taken from abc companys general ledger at january 1 2011and december 31
the pritzker music pavilion in downtown chicago is a technologically sophisticated and uniquely designed performing
Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side.
at the beginning of 2003 sam corp. purchased office equipment at a cost of 1200000. its useful life was estimated to be
consider the following scenarios1.when we talk about bad checks are thosealways checks our customers have written to
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