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Direct write-off method. Harrisburg Company, which began business in early 2007, reported $40,000 of accounts receivable on the December 31, 2007, balance sheet. Included in this amount was $550 for a sale made to Tom Mattingly in July. On January 4, 2008, the company learned that Mattingly had filed for personal bankruptcy. Harrisburg uses the direct write-off method to account for uncollectibles.
a. Prepare the journal entry needed to write off Mattingly%u2019s account.
b. Comment on the ability of the direct write-off method to value receivables on the year-end balance sheet.
Your company just bought an asset for $200,000 with an estimated useful life of 5 yrs, and a salvage value of $10,000. The Controller asks you to use a depreciation method that would produce the highest charge against income after three years. Wha..
Discussion Board requirement: From financial reporting and ethical perspectives, how would you reply to the CEO? Include a discussion of the reasoning you used to support your stand on the ethical issues.
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A company that changes from the declining-balance method of depreciation for previously recorded assets to the straight-line method should report the change as a(n)
Prepare the journal entries for both companies in March 2018 to record the exercise of the warrants.
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