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Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2016 with an allowance for sales returns of $490,000. During 2016, Halifax sold merchandise on account for $13,400,000. This merchandise cost Halifax $8,710,000 (65% of selling prices). Also during the year, customers returned $661,000 in sales for credit. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare the entry to record the merchandise returns and the year-end adjusting entry for estimated returns. Note: Record the estimated returns at net amounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. What is the amount of the year-end allowance for sales returns after the adjusting entry is recorded?
question smart hardware purchase new shelving for its store on 1st april2011. the shelving is expected to have a 20 yr
Based on the above statement, Students are required to do research and write an essay of 1500 words (with proper references) which demonstrates their understanding about the Topic, outline the justifications and controversy of IFRSs.
Journalize all entries required on the dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation.
analysis of financial statements in terms of ratios whether positive or negative.the accounts receivable turnover ratio
A $750,000 bond was retired at 103 when the carrying value of the bond was $777,500. The entry to record the retirement would include a
Find a real-life outsourcing decision that has been made. Find the specific reasons for the outsourcing.
Omara acquired all of these bonds at 94 and retired them. What net carrying amount should be used in computing gain or loss on this early extinguishment of debt?
question 1. bures jeep tours operates jeep tours in the heart of the colorado rockies. the company bases its budgets on
Would Collison's comments provide a justification for moves towards profit measures that incorporate ‘full costs' (considers the externalities of business)?
analysis of operations for each division and in total for GMPHS. Include analysis of the profitability of the three customer groups in the Heating and Air Conditioning Division.
Lisa owns stock in a company which has paid the annual dividends shown in below table calculate the growth rate of these dividends. Calculate the growth rate of these dividends. Calculate the estimated dividend for 2004.
Assume Holmes pays interest semiannually and the July 1 entry was done correctly. The journal entry at December 31, 2012 would include a credit to what?
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