Reference no: EM131208699
On January 1, Davidson Services has the following balances: Davidson has the following transactions during January: Credit sales of $100,000, collections of credit sales of $85,000, and write-offs of $15,000. AR CB: 24000 Debit, Bad Debts Expense CB: 0 Davidson uses the direct write-off method. At the end of January, the balance in Accounts Receivable is $16,000. $24,000. $68,000. $28,000.
|
Perpetual inventory system-merchandise inventory
: Multi Corporation sold merchandise for $4,450 to Susan on credit. The cost of goods sold was $1,185. Assuming that the firm is following a perpetual inventory system, it will record $4,450 in the general journal. Accounts Receivable DR, Sales Revenue..
|
|
Calculate the cost of goods sold for the year
: A company uses weighted-average method of inventory valuation under the periodic inventory system. Purchased 65 units at $5 per unit Purchased 100 units at $5 per unit Sold 80 units at a price of $12 per unit Purchased 55 units at $6 per unit Sold 80..
|
|
Account with annual compounding
: How much must you deposit today into an account with annual compounding an a APR of 5% in order to have $25,000 in 8 years
|
|
Calculate the amount of bad debts expense
: The following information is from the 2015 records of Armand Camera Shop: Accounts Receivable, December 31, 2015 $40,000 (debit) Allowance for Bad Debts, December 31, 2015 prior to adjustment 1,500 (debit) Net credit sales for 2015 175,000 Accounts w..
|
|
Davidson uses the direct write-off method
: On January 1, Davidson Services has the following balances: Davidson has the following transactions during January: Credit sales of $100,000, collections of credit sales of $85,000, and write-offs of $15,000. AR CB: 24000 Debit, Bad Debts Expense CB:..
|
|
Net accounts receivable after the adjustment for bad debts
: The following information is from the records of Armadillo Camera Shop: Accounts receivable, December 31, 2015 $20,000 (debit) Allowance for Bad Debts, December 31, 2015 Prior to adjustment 600 (debit) Net credit sales for 2015 95,000 Accounts writte..
|
|
What amount should be recorded as the cost of land
: Acer Investments plans to develop a shopping center. In the first quarter they spent the following amounts: Acquisition of land $15,000 Surveys and legal fees 600 Land clearing 200 Fencing 1,000 Install lighting and signage 860 What amount should be ..
|
|
Prepare aneffective-interest amortization table for the bond
: GIT Inc., issued $640,000 of 5%, 10-year bonds payable at a price of 73.985 on March31, 2012. The market interest rate at the date of issuance was 9%, and the GIT bonds pay interest semiannually. Prepare aneffective-interest amortization table for th..
|
|
Uses the effective-interest method
: A company issued $15,000,000 of 8% debentures on May 1, 2017 and received cash totaling $13,308,942. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%. Usi..
|