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Paloma Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis
Days Past Due
Total 0 1 to 30 31 to 60 61 to 90 Over 90
Accounts receivable $95,000 $66,000 $15,000 $6,000 $3,000 $5,000
Percent uncollectible 1 % 2 % 4 % 7 % 12 %
The contractor was paid $2,200,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000.
Explain the activity-based costing (ABC) and traditional two-stage method cost allocation for overhead. Why would a firm use activity-based costing (ABC) rather than traditional two-stage methods of cost allocation for overhead?
At Dec 31, Year 1, Grey, Inc. owned 90% of Winn Corp, a consolidated subsidiary, and 20% of Carr Corp., an investee in which Grey cannot exercise significant influence on the same date
Which of the following best describes an opportunity cost?
Rollins Company purchased a depreciable asset for $300,000 on April 1, 2008. The estimated salvage value is $30,000, and the estimated total useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumula..
Astro Company is a manufacturer and Luyten Company is a merchandiser. What is the difference in the budgets the two entities will prepare?
Paul and Ray sell musical instruments through their partnership. To bring in additional funds and expertise, they decide to admit Janet to the partnership. Paul's capital is $400,000, Ray's capital is $200,000, and they share income in a ratio of ..
Sondra deposits $2,000 in an IRA account on April 15, 2009. Assume the account will earn 3% annually. If she repeats this for the next nine years, how much will she have on deposit on April 14, 2019?
Peyton Company payroll for the year is $737,910 of this amount, $472,120 is for wages paid in execess of $7,000 to each individual employee. The SUTA rate in Peyton company's state is $2.9% on the first $7,000 of each employee's earnings.
Illustrate the effect on the account and financial statements of paying and recording the March 17th payroll. Determine the following amounts of the employer payroll taxes related to the March 17th payroll: a) FICA tax payable b)state unemployment t..
You recently invested $12,000 of your savings in a security issued by a large company. The security agreement pays you 7 percent per year and has a maturity two years from the day you purchased it.
At an activity level of 6,000 units the cost for maintenance is $7,200 and at 10,000 units the cost for maintenance is $11,600. Using the high-low method, the cost formula for maintenance is:
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