Why would you select the percentage of sales method

Assignment Help Accounting Basics
Reference no: EM13131598

Why would you select the percentage of sales method for calculating doubtful accounts instead of the percentage of receivables method?

Reference no: EM13131598

Questions Cloud

What is the reducing agent in the redox reaction : The amount of H2O2 in 15.8g of hair bleach was determined by titration with a standard potassium permagnate soln. MnO4-(aq)+H2O2(aq)--Mn2+(aq)+O2
Find probability that a student will complete the exam : What is the probability that a student will complete the exam in more than 60 minutes but less than 75 minutes?
End of the fiscal period : Suppose that nominal accounts are not closed out at the end of the fiscal period. Explain how this affects account data for the next fiscal period. Use a company or industry to help explain your answer.
Illustrate what amounts should be considered product : Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. Illustrate what amounts should be considered product and period costs respectively for the first year of coverage?
Why would you select the percentage of sales method : Why would you select the percentage of sales method for calculating doubtful accounts instead of the percentage of receivables method?
How much income is each beneficiary entitled to receive : The Ricardo trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each.
What are the estate tax consequences : Matthew was a participant in his employer's contributory qualified pension plan. The plan balance of $2 million is paid to Olivia, Matthew's daughter and beneficiary. The distribution consists of the following.
Figures of speech : The following is an exercise that will help you with the  poetry and figures of speech test.Remember to look up the definitions of the words you don't understand.
Determine cost of completed and transferred out production : The beginning work in process inventory had a cost of $2,200. Determine cost of completed and transferred out production, and the ending work in process inventory.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Variable costing and absorption costing basics

Direct material used $25, Direct labor 19, Variable manufacturing overhead 35, Fixed manufacturing overhead 40, Variable selling and administrative cost 17, Fixed selling and administrative cost 32, Which of the following choices correctly depicts..

  Probability of distress

Progressive Home Health Care Inc. is a for-profit provider of home health care services in the Pacific Northwest-Probability of distress increases with the amount of debt in the following steps:

  Why would they care about current earnings

If investors are truly interested in knowing a company's future cash flows, why would they care about current earnings?

  Tax treatment legislation on employee disposable income

Explain the impact of tax treatment legislation on employee disposable income and employer profits.

  What is the revenue, cost, and gross profit

The Rushing Construction Company obtained a construction ontract to build a highway and bridge over the Snake River It was estimated at the biginning of the contract that it would take three years to complete the project at an expected cost of $50..

  Tax consequences of the transactions

On July 30, the controller of Monroe purchased 1,000 shares of TNC for the corporation at $8 per share as the stock had received a favorable recommendation from the corporation's financial advisor. What are the tax consequences of these transactio..

  Prepare trail balance ,prepare income statement

Journalize May transactions. post entries to general ledger, Prepare trail balance ,Prepare income statement, owners' equity statement and balance sheet.

  Maintenance costs and production savings

Assuming that MARR is 10% and all maintenance costs and production savings are incurred at the end of the year, should the present lease be continued, or one of the two machines be purchased?

  What does it mean to audit around the computer

How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternatives?

  Prepare the journal entries necessary in the fund-based

Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions

  Earning normal profit in the long run

A firm will only earn normal profit in the long run: a) if firms can freely enter or leave the market b) if firms do not try to maximize profit c) only if the industry is perfectly competitive d) whenever products are not differentiated

  Explain how the process compares to an acquisition

Explain how the process compares to an acquisition (or should we say Statutory Merger) when the acquired subsidiary is dissolved in the year of acquisition.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd