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During the year ended December 31, 2009, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2009, Accounts Receivable showed a $10,000 debit balance, and the Allowance for Doubtful Accounts showed an $800 credit balance. Collections of accounts receivable during 2009 amounted to $68,000.Data during 2009 follow:
a. On December 10, 2009, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off.b. On December 31, 2009, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year.
2. Show how the amounts related to Accoutns Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2009.
Explain how your position changes if the employer reports to the IRS the value of the employees' frequent-flyer mileage.
The company issued to the stockholders 100,000 rights. Ten rights are needed to buy one share of stock at $34. The rights were void after 30 days. The market price of the stock at this time was $36 per share.
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..
The concept of conservatism is often considered important in accounting. The application of this concept means that in the event some doubt occurs as to how a transaction should be recorded, it should be recorded so as to
Under the FASB-explain the disclosure requirements for share based compensation. This post should include an example of how the standard should be applied.
Price Manufacturing assigns overhead based on machine hours. Department A logs 1,200 machine hours and Department B shows 2,000 machine hours for the period. If the overhead rate is $5 per machine hour, the entry to assign overhead will show a:
All of the following statements regarding a horizontal analysis are true except:
Jensen Company forecasts a need for 200,000 pounds of cotton in May. On April 11, the company acquires a call option to buy 200,000 pounds of cotton in May at a strike price of $0.3765 per pound for a premium of $814.
You are saving for retirement , to live comfortably, you decide you will need to save $2 million by the time you are 65. today is your 30th birthday , and you decide, starting today and continuing on every birthday up to and including your 65th bi..
The City of Southern Pines reported the following at year-end, prior to closing entries: Revenues, $11,000,000; Expenditures, $10,100,000; Other Financing Uses, $500,000;
Prepare an income statement for Wayside Inc. for the year ended December 31, 2010. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)
The following transactions were made by Waite Company. Assume all investments are short-term and are readily marketable. Journalize the transactions.
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