Reference no: EM13902830
Problem 9- 3A Estimating and reporting bad debts P2 At December 31, 2013, Hawke Company reports the following results for its calendar year. Cash sales . . . . . . . . . . $ 1,905,000
Credit sales . . . . . . . . . 5,682,000
In addition, its unadjusted trial balance includes the following items. Accounts receivable . . . . . . . . . . . . . . . . . . . $ 1,270,100 debit
Allowance for doubtful accounts . . . . . . . . . 16,580 debit
Required:
1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions.
a. Bad debts are estimated to be 1.5% of credit sales.
b. Bad debts are estimated to be 1% of total sales.
c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible.
2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2013, balance sheet given the facts in part 1a.
3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2013, balance sheet given the facts in part 1c.
|
Conflict meeting performance standard and behaving ethically
: Give an example in which you know or at least suspect that somebody did not comply with high ethical standards because of job demands. Conflicts between meeting performance standards and behaving ethically
|
|
What is the difference between a model and a theory
: What is the difference between a model and a theory? How do they work together to support an argument? Why are empirical data, logical fallacies, and anecdotal reasoning important to support theory and arguments? Which business-government-society mod..
|
|
Government through public policy initiatives
: How might health disparities in America be addressed by our government through public policy initiatives? Provide and discuss at least one relevant example.
|
|
Is this practice socially responsible
: A company in California sells a computer program to auto dealers showing that car buyers should finance their purchase rather than paying cash. The program omits the effect of income taxes and misstates the interest earned on savings over the load pe..
|
|
Estimating and reporting bad debts
: Problem 9- 3A Estimating and reporting bad debts P2 At December 31, 2013, Hawke Company reports the following results for its calendar
|
|
Running a nitrogen crop response model
: When running a nitrogen crop response model with 100kgN/ha fertilizer input I found that the amount of nitrogen in the top 90cm of the soil decreased compared to when zero nitrogen was added (66kgN/ha vs 93kgN/ha). No other variables in the model ..
|
|
When using an indirect channel of distribution
: When using an indirect channel of distribution, your sales force is only as good as your channel partners. As the marketing manager for the manufacturer of a new line of computer jump drives, what strategy would you use to motivate your channel membe..
|
|
Most appropriate distribution channels for your product
: As a marketing manager, you know the importance of choosing the most appropriate distribution channels for your product. There are three specific questions managers must ask and answer before choosing a channel partner.
|
|
Revised universal soil loss equation
: The Revised Universal Soil Loss Equation (RUSLE)has many factors to it. The equation is A=RK(LS)CP. Based on this equation would the following below DECREASE or INCREASE:
|