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At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2013, it has outstanding accounts receivable of $55,000, and it estimates that 2% will be uncollectible.
Prepare the adjusting entry to record bad debts expense for year 2013 under the assumption that the Allowance for Doubtful Accounts has (a) a $415 credit balance before the adjustment. (b) a $291 debit balance before the adjustment. Adjusting entries (all dated December 31, 2013
little boat inc. has a boat that is worn out.nbspnbspit must be either overhauled or replaced with a new boat. you have
1. in december 2011 marvin simpson worked for longville flower and earned 5000 federal income tax withholding is 15.
If Allowance for Doubtful Accounts has a credit balance of $2,201 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 12% of accounts receivable.
as of may 31 2013 the bank statement showed an ending balance of 26100. the unadjusted cash account balance was 27350.
on may 1 2011 newby corp. issued 600000 9 5-year bonds at face value. the bonds were dated may 1 2011 and pay interest
Make the journal entry necessary to record the following transaction: Sold land that had an original cost of $50,000. Received $40,000 cash. Also received a piece of equipment with a fair value of $75,000.
a your company is in need of quick cash to afford a project opportunity so the firm decides to factor 100000 of its
assuming an annual interest rate of 12 what factor from the tables would be used to calculate the amount that would be
You buy an investment today for $9,000. You sell the investment in 120 days for $9,500. The effective annual rate on this investment is:
Ford Software began with cash of $10,000. Ford then bought supplies $2600 on account. Ford paid $4600 for a computer. How much assets does he have? How much in liabilities does Ford owe?
All sales are on credit. Recent experience shows that 28% of credit sales is collected in the month of the sale
a company wishes to buy new equipment for 35000. the equipment is expected to generate an additional 9600 in cash
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