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If Allowance for Doubtful Accounts has a credit balance of $2,201 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 12% of accounts receivable.
Books-R-Us, Inc. committed to sell its comic book division (a component of the business) on September 1, 2010. The book value of the division's net assets was $400,000 and the estimated selling price of the net assets was $350,000.
Suppose a company has 5 different capital budgeting projects from which to choose, but has constrained funds and cannot implement all of the projects. Explain why comparing the projects' NPVs is better than comparing their IRRs.
Partner A has a capital balance of $20,000 and devotes full time to the partnership. Partner B has a capital balance of $30,000 and devotes half time to the partnership. In what ratio is net income to be divided?
Clay mix costs $0.40 per pound and employees of the company are paid $12.00 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Lester has 2,600 pounds of clay mix in beginning inventory and wants to have 3,000 pou..
Some commentators have criticized the use of equity accounting on the basis that it can be used as a form of off balance sheet financing. Explain the reasoning behind the use of equity accounting and discus the comments.
Samson Inc. needs €1,000,000 in 30 days. Samson can earn 5 percent annualized on a German security. The current spot rate for the euro is $1.00. Samson can borrow funds in the U.S. at an annualized interest rate of 6 percent. If Samson uses a mone..
Oaks Edge Company's budgeted sales were 22,500 units at $76 per unit. Actual sales were 21,750 units at $79 per unit. What was Oaks Edge sales price variance?
The reason of the marketing idea is to rivet the attention of marketing managers on serving broad classes of requires supplier employee partner customer.
On September 1, 2009, Barrett Corporation signed a one-year, 8% interest-bearing note payable for $50,000. Assume that Barrett Corporation maintains its books on a calendar year basis. What amount should Barrett Corp. record as interest expense fo..
Some, but not all, contributions of goods and services are given accounting recognition. In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognitio..
Ahyee Corp. is considering two equally risky, mutually exclusive projects, both of which projects have normal cash flows. Project A has an IRR of IRR of 11%, while Project B's IRR is 14%.
Using the general rule calculates Martin's taxable income for 2011 from the retirement plan and distributions
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