Reference no: EM132877283
Problem - Providing for doubtful accounts - At the end of the current year, the accounts receivable account has a debit balance of $1,275,000 and net sales for the year total $16,000,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions:
a. The allowance account before adjustment has a debit balance of $5,000. Bad debt expense is estimated at 1⁄2 of 1% of net sales.
b. The allowance account before adjustment has a debit balance of $5,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $77,000.
c. The allowance account before adjustment has a credit balance of $7,500. Bad debt expense is estimated at 1⁄4 of 1% of net sales.
d. The allowance account before adjustment has a credit balance of $7,500. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $43,500.
|
Determine what the net income would have been
: Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 1/2% of net sales
|
|
What is the amount and character of bateman gain or loss
: What is the amount and character of Bateman's gain or loss? Bateman Corporation sold an office building that it used in its business for $800,300
|
|
Significant focus on preparedness for terrorist attacks
: Since September 11, there has been a significant focus on preparedness for terrorist attacks.
|
|
Different standards of proof reasonable suspicion
: Explain the four different standards of proof: reasonable suspicion, probable cause, preponderance of evidence, and beyond a reasonable doubt.
|
|
Determine the amount of the adjusting entry
: The accounts receivable account has a debit balance of $1,275,000 and net sales for the year total $16,000,000. Determine the amount of the adjusting entry
|
|
What is the amount and character of butte gain or loss
: $53,700 several years ago and has claimed $11,850 of depreciation expense on the machine. What is the amount and character of Butte's gain or loss?
|
|
What present value if other investments of equal risk earn
: If other investments of equal risk earn 10% annually, what is its present value? An investment will pay R150 at the end of each of the next 3 years.
|
|
Problem - Entries for uncollectible accounts
: Problem - Entries for uncollectible accounts, using direct write-off method - Journalize the following transactions in the accounts of Cecena Medical Co.,
|
|
Record the receipt of properties acquired for shares issued
: Record receipt of cash from four incorporators who subscribed at par with a 20% down payment. How many shares are still available for sale or for subscription?
|