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At the close of its first year of operations, December 31, 2017, Ming Company had accounts receivable of $1,620,000, after deducting the related allowance for doubtful accounts. During 2017, the company had charges to bad debt expense of $270,000 and wrote off, as uncollectible, accounts receivable of $120,000. What should the company report on its balance sheet at December 31, 2017, as accounts receivable before the allowance for doubtful accounts?
PLEASE EXPLAIN AND SHOW WORK
$1,470,000
$1,320,000
$2,010,000
$1,770,000
In the month of June, Jose Hebert’s Beauty Salon gave 3,900 haircuts, shampoos, and permanents at an average price of $ 30 . During the month, fixed costs were $ 16,600 and variable costs were 75% of sales. Determine the contribution margin in dollar..
Machinery purchased for $ 60,000 by Tom Brady Co. in 2010 was originally estimated to have a life of 8 years with a salvage value of $ 4,000 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2015, it is determined t..
Which of the following is not a preparer penalty?
Which of the following would not be found on the income statement of a manufacturer?
McIntyre Manufacturing produces a single product. Last year, the company produced 20,000 units, out of which 18,000 were sold. There were no units in beginning inventory. Calculate McIntyre's product cost per unit, assuming that the company uses vari..
Evaluate the Chmelar Manufacturing cost. Chmelar Manufacturing Company developed the following data:
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On January 1, 19xl, Bennett Company paid $1,000,000 to acquire all of the outstanding stock of Frazier Company. At that date the balance sheet of Frazier Company showed total assets of $1,500,000, total liabilities of $500,000, common stock of $700,0..
Abe is an entrepreneur who likes to be actively involved in his business ventures. He is going to invest $500,000 in a business that he projects will produce a tax loss of approximately $100,000 per year in the short run. However, once consumers beco..
On November 1, Jennifer paid $12,000 in advance for a year’s rent. The December 31 adjusting entry for rent expense should include a: The cost of an asset less accumulated depreciation equals: Accumulated Depreciation is found on which of the followi..
Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $400,000; beginning inventory, $250,000; ending inventory, $275,000; operating expenses, $95,000; freight-in, $5,000; sales discounts, $20,000; T..
One criterion for a capital lease is that the term of the lease must equal a minimum percentage of the leased property's estimated economic life at the inception of the lease. What is this minimum percentage? How much will Salas recognize on its 20X4..
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