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Cardinals Corporation had a 1/1/14 balance in the Allowance for Doubtful Accounts of $20,000. During 2014, it wrote off $14,000 of accounts and collected $4,100 on accounts previously written off. The balance in Accounts Receivable was $400,000 at 1/1 and $480,000 at 12/31. At 12/31/14, Cardinals Corporation estimates that 6% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2014?
Judd Harrison owns 200 shares of stock in the Widget Company for which he paid 1600 in 1999. The board of directors of the company decided to pay a 10% stock dividend in April 2010, for which Judd received 20 shares of stock. Was this a taxable st..
Moon uses the effective interest method of amortizing bond discount. Interest is payable annually on June 30. At June 30, 2004, Moon's unamortized bond discount should be
The income statement for Roland Inc. shows income before income taxes $700,000, income tax expenses $210,000, and net income $490,000. If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstand..
jose purchased a vehicle for business and personal use. in 2013 he used the vehicle 18000 miles 80 for business and
Which of the following statements about a partnership is true?
Ritter company issues $600,000 of 10%, 10-year bonds on januanry 1, 2008 at 102. Interest payable semiannually on july 1 and january 1. The company uses the straight-line method of amoritization.
1 which fasb is the primary source of gaap for income taxes?2 which are the fasb apb etc. which address income taxes
aviss taxable income for the year is 300000 and bests taxable income for the year is 425000. for each of the scenarios
On January 2, 2007, Prebish Corporation issued $1,500,000 of 10% bonds at 97 due December 31, 2016. Legal and other costs of $24,000 were incurred in connection with the issue.
company took loans of 400000 from mbl as well as issued 8 debentures of 500000b as collateral security pass journal
cindy neuers regular hourly wage rate is 16 and she receives an hourly rate of 24 for work in excess of 40 hours.
A company acquires a subsidiary and will prepare consolidated financial statements for exteral reporting purposes. For internal reporting purposes, the company has decided to apply the initial value method. Why might the company have made this dec..
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