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Bad-Debt Reporting the chief accountant for Dolly wood Corporation provides you with the following list of accounts receivable written off in the current year. Dolly wood Corporation follows the policy of debiting Bad Debt Expense as accounts are written off. The chief accountant maintains that this procedure is appropriate for financial statement purposes because the Internal Revenue Service will not accept other methods for recognizing bad debts. All of Dolly wood Corporation's sales are on a 30-day credit basis. Sales for the current year total $2,400,000, and research has determined that bad debt losses approximate 2% of sales.
(a) Do you agree or disagree with Dolly wood's policy concerning recognition of bad debt expense?Why or why not?
(b) By what amount would net income differ if bad debt expense was computed using the percentage of- salesapproach?
Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75000 of salary, $3000 long term capital gain and $1500 interst income. Bob's expenses for the year consists of $800 investment advice fe..
Please allocate the costs and advise, what is the taxable income for year 1 and 2, noting there are no other expenses outside the allocation of costs.
Colaw Supply purchased machine at a cost of $72,000 on January 2, 2000. It originally had an estimated life of 10-years and a salvage value of $12,000.
Companies characterized by the production of basically homogeneous products will most likely use which of the following methods for the purpose of averaging costs and providing management with unit-cost data?
Setting discount rates are too high due to fear of future rates tends to bias decisions against making strategic investments.
What is the purpose of a deposition at the trial phase?
Morales Company issued $800,000 of 8%, 5-year bonds at 106, which pays interest annually. Assuming straight-line amortization, what is the carrying value of the bonds after one year?
You have two investment opportunities. One will have a 10% rate of return on an investment of $500; the other will have an 11% rate of return on a principal of $700.
The following department data are available: Total materials costs $180,000 Equivalent units of materials 60,000 Total conversion costs $105,000 Equivalent units of conversion costs 30,000 What is the total manufacturing cost per unit?
Record treasury stock transactions using cost method for: a) bought 300 shares of common stock as treasury shares@ 62 b) sold 80 shares of treasury stock at 60 c) sold 40 treasury shares at 68.
What is the future value of $9,000 at the end of 5 periods at 8% compounded interest?
Determine the predetermined overhead rate for the year 2011. Set up a T-account for Factory Overhead and enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate.
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