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In 2010, Freeze Company had credit sales of $900,000 and granted sales discounts of $18,000. On January 1, 2010, Allowance for Doubtful Accounts had a credit balance of $22,500. During 2010, $37,500 of uncollectible accounts receivable were written off. Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of Allowance for Doubtful Accounts at December 31, 2010?
what are the four different adjusting journal entries? what accounting assumptions necessitate the use of adjusting
For the fiscal year ended june 30 year 1, ocean oaks levied $2,000,000 in taxes. What would they record for revenue and receivable?
Armando contributed some inventory from his sole proprietorship to a public charity for its use. On the date of the contribution, Armando's basis in the inventory $2,000 and the fair market value was $5,000.
Land is purchased for $456,000. Additional costs include a $30,300 fee to a broker, a survey fee of $3,400, $2,750 to construct a fence, and a legal fee of $12,500. What is the cost of the land?
What is the difference between top down and bottom up budgeting? Under what circumstances might one approach be preferred to the other?
Calculate the annual income of the company using (1) the percentage-of-completion method and (2) the completed-contract method.
classic auto parts sells new and used auto parts. although a majority of its sales are cash sales it makes a
Techniques used 25,000 direct labor hours and 50,000 machine hours during the previous year. What is the predetermined overhead rate per direct labor hour?
Opened a bank account in the name of Hair It Is and deposited $20,000 of her own money in this account as her initial investment and purchased equipment on account (to be paid in 30 days) for a total cost of $4,800.
The use of fair value to report assets
Duffy Corporation hasprepared the following sales budget: Month. Prepare a schedule of cash collections for July through September.
rosario company which is located in buenos aires argentina manufactures a component used in farm machinery. the firms
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