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Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2015, accounts receivable were $574,000 and the allowance account had a credit balance of $54,000. Accounts receivable activity for 2016 was as follows: Beginning balance $ 574,000 Credit sales 2,620,000 Collections (2,483,000) Write-offs (68,000) Ending balance $ 643,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group Amount Percent Uncollectible 0-60 days $ 430,000 4 % 61-90 days 98,000 15 91-120 days 60,000 25 Over 120 days 55,000 40 Total $ 643,000 Required: 1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the necessary year-end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3-1. What is total bad debt expense for 2016? 3-2. How would accounts receivable appear in the 2016 balance sheet?
purchased merchandise from abilene company for 6000 under credit terms of 110 n30 fob destination invoice dated august
Bootsie's annual report shows its consolidated income and individual income statement accounts of each subsidiary company. Should Bootsi also report separate earnings-per-share balances for the three subsidiary companies?
Identify and describe SOX, using the characteristics of useful information. Provide a definite of each of the characteristics of ‘useful information’ when presenting your information.
Upon adoption of FAS 159, may a reporting entity apply the fair value option to derivative contracts for which the normal purchases and normal sales (NPNS) exception has been applied under FAS 133?
Briefly explain the significance of the acquisition date and the date of exchange and outline how the consideration (in a business acquisition) is calculated when the acquisition of the target company is carried out in stages.
Determine cash received on collections of sales - The Feiner Corporation showed sales (on account) on its income statement of $200,000 for 19X1.
Determine whether deficiencies existed in the IT environment, and suggest ways to improve audit trails, data integrity, and policies and procedures in order to reduce the risk of fraudulent activity.
From this information, calculate the cost of goods transferred to the Finished Goods Inventory account, the cost remaining in the Work in Process Inventory account, and the total costs to be accounted for. Use the FIFO costing method.
On January 2, 2013, Benson Hospital purchased a $100,000 special radiology scanner from Picard Inc. The scanner had a useful life of 4 years and was estimated to have no disposal value at the end of its useful life. T
Prepare a journal entry for each transaction - Then create T-accounts for each balance sheet account and include the new transactions. Post each journey entry to the appropriate T-accounts. Finally, create an updated balance sheet.
audit client considerationslanny beaudean joined the cpa firm of cardinal amp coyote llp in 2008 after working for two
preparation of balance sheet and computation of retained earnings.from the following accounts and amounts prepare a
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