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Friedman Jewelers uses the aging of accounts receivables method to compute its allowance for bad debts. For accounts that are 30-60 days old, they use a rate of 5% of receivables; accounts that are 60-90 days old, they use a rate of 10%; and 90-120 days old, a rate of 15%. If a customer pays at least two-thirds of the required monthly payment on a delinquent account, that partial, or "curing," payment is sufficient to treat as current the entire account and move it back into the current bucket (on which no allowance is taken). If the customer then fails again to make a required monthly payment,' the account begins the aging process again. Friedman's is supposed to write off in full any credit accounts on which no payments have been received for 120 days 1.Suppose Friedman's made a sale on account for $5000 in February. The customer would be expected to make monthly payments (principal and interest) of $350/month for 18 months. Write the journal entry to record this transaction. 2.Suppose in June, the customer missed a payment. What should Friedman's do, based on its stated policy above? 3.Suppose in July, the customer makes a $250 payment. What should Friedman's do? 4.Suppose instead of (3), the customer continues to miss payments in July, August, September and October. What should Friedman's do in October? 5.Suppose in November, the customer makes a $250 payment. What should Friedman's do?
Incalculating its taxable income for the year, Pheasant claimed an$8,000 deduction for the organizational expenses. What is Pheasant's current E & P?
dorantes manufacturing company uses a standard cost system. in2010 28000 units were produced. each unit took several
Universal Company has made changes in its inventory handling policies that are expected to increase turnover from 7 to 8 times per year.
mirk labs is a pharmaceutical company that currently enjoys a patent monopoly in europe canada and the united states
steven clark and two of his colleagues are considering opening a law office in a large metropolitan area that would
Recognize and define the accounting equation, classify accounts as Assets, Liability, or Equity, and evaluate, record and post common business transactions.
wagner inc. had a beginning cash balance of 14000 on january 1 2011. during january the company recorded debits of
Prepare a report showing the clinic's activity variances for June. Indicate in each case whether the variance is favorable (F) or unfavorable (U).
There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:
Data for the Darth Vader Manufacturing Company for the month of July 2005 are as follows: Prepare a process costing analysis for the month of July.
Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.
She receives a proportionate nonliquidating distribution from the partnership consisting of $10,000 of cash, unrealized accounts receivable (basis of $0, fair market value $30,000), and inventory (basis of $10,000; fair market value of $20,000). A..
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