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On January 1, 2010, the balance in Kubera co.'s Allowance for Bad Debts account was$9720. during the year, a total of $23900 of delinquent account receivable was written off as bad debts, the balance in the allowance for bad debts account at December 31, 2010 was $10480
a) what was the total amount of bad debts expense recognized during the year? Make a T-account for the Allowance for Bad Debts account.
b) As a result of a comprehensive analysis, it is determined that the December 31, 2010 balance of Allowance for Bad Debts should be $23,200. Show in the horizontal model or in journal entry format the adjustment required.
Explain the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).
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LaGrange Corp. has forecasted that over the next four years the average annual after-tax income will be $45,731. The average book value of the manufacturing equipment that is used is $167,095. What is the accounting rate of return?
Turner Corporation produces overdrive transmission parts for several small specialty automobile companies. Prior to founding the firm, Benson Turner, the company's president, had an illustrious stock-car-racing career.
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Determine the eliminating entries necessary for the 20X9 consolidated financial statements. Provide correct eliminating entries necessary for the 20X9 consolidated financial statements.
On January 1, 2006, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. Prepare the journal entry at the date of the bond purchase.
On March 1, Year 1, a firm issues $475,000 bonds at par value plus accrued interest. The stated rate on the bonds was 12% and the bonds pay interest semi-annually on June 30 and December 31. Prepare the entries necessary to record
McCallister & Speass Plowing Company is completing the accounting process for the year ending December 31, 2009. The transactions during 2009 have been journalized and posted.
Prepare the bank reconciliation for Janus Jutes, Inc. dated May 31, 2009. Janus made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.
Compute the total amount of goodwill of International Co. based on the price paid by Melissa Co. Prepare all journal entries in Melissa's accounting records relating to the investment for year ended December 31 under the cost method of accounting, ..
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