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A business makes mostly credit sales. At the end of the year, its accountant does an aging analysis of its accounts receivables, analyzing the receivables according to how old they are. Generally, the older a receivable is, the greater the risk of not collecting it or not collecting the entire amount owed by the customer. At the end of the year, the business has $4,538,600 total accounts receivable. This ending balance doesn't include specific accounts receivable that were written off during the period. Based on its aging analysis, the business estimates that sooner or later about $95,000 of the ending balance of its accounts receivable will not be paid by customers. What year-end adjusting entry is made?
He subdivides the land and installs streets and sewers at a cost of $100,000. What is Levi's basis for the land and the improvements?
on january 5 2010 phelps corporation received a charter granting the right to issue 5000 shares of 100 par value 8
philip morris is excited because sales for his clothing company are expected to double from 650000 to 1300000 next
Discuss the type of company's and also explain the different classes of share capital? How they are shown in balance sheet?
How much is the base amount to which the percentage limitation should be applied in computing the maximum deduction for the charitable contribution
Describe the three methods used to allocate joint costs. What are the advantages/disadvantages of each allocation method? Which method would you recommend? Why
What is the difference between a rule-based and principle-based system? Discuss the Global Reporting Initiative, its purpose, the standard setting process, the use of its reporting system, etc.
Jon used the statutory percentage method of cost recovery. If Congress reenacts additional first-year depreciation for 2010, he elects not to take additional first-year depreciation. Calculate the total deduction Jon may take for 2010 with respect..
A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2006. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. Using straight-line amortization, what is the carrying value of the bonds o..
calgon products a distributor of organic beverages needs a cash budget for september. the following information is
Its investment banker plans to sell an issue of common stock to the public for $40 per share, less a spread of 5%. How much must Newdex's after-tax income increase to prevent dilution of EPS?
The partnership contract for Hanes and Jones LLP provides that Hanes is to receive a bonus of 20% of net income (after the bonus) and that the remaining net income is to be divided equally. If the partnership income before the bonus for the year i..
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