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Using the information in M8-7 and M8-8, prepare the journal entry to record the end-of-period adjustment for bad debts under the (a) percentage of credit sales method and (b) aging of accounts receivable method. Which of these methods is required by GAAP?
Refer M8-7Assume Simple Co. had credit sales of $ 250,000 and cost of goods sold of $ 150,000 for the period. Simple uses the percentage of credit sales method and estimates that 1 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $ 250. What amount of Bad Debt Expense would the company record as an end-of-period adjustment?
the bayview variety store has been in operations for a number of years. the following is the balance sheet of bayview
Suppose fixed- and variable-cost pools were allocated separately. Specify how each pool should be allocated. Compute the cost allocated to the Public Works Department in August.
b company has a minimum required rate of return of 8. it is considering investing in a project that costs 68337 and is
a company issued 10-year bonds with a par value of 20000000 and an 8 annual face .the issue price of the bond issue was
1. data below for the year ended december 31 2013 relates to houdini inc. houdini started business january 1 2013 and
In 2009, Austin Powers Corporation developed a new product that will be marketed in 2010. In connection with the development of this product, the following costs were incurred in 2009:
the american institute of certified public accountants aicpa and the institute of internal auditors iia have positioned
On December 31, 2008, a physical count of office supplies revealed that there was $700 worth on hand. As a result of this information, the bookkeeper will have to
Record treasury stock transactions using cost method for: a) bought 300 shares of common stock as treasury shares@ 62 b) sold 80 shares of treasury stock at 60 c) sold 40 treasury shares at 68.
Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.
if management accountants dont have to follow gaap in their reporting and have the freedom of more customized reporting
a broad principle that requires identifying the activities of a business with specific time periods such as months
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