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Innovative Tech Inc. uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During Nov. 2010, ITI sold services on account for $100,000 and estimated that 1/2 of one% of those sales would be uncollectible. At its Dec 31 year-end, total Accts Receivables is $89,000, aged as follows:(1) 1-30 days old,$75,000 (2) 31-90 days old, $10,000 (3) more than 90 days old, $4000.Experience has shown that for each age group, the average rate of uncollectibility is (1) 1% (2) 15% (3) 40% respectively. Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accts has a $1600 credit balance at Dec. 31,2010. 1) Prepare the November 2010 adjusting entry for bad debts. 2) Prepare a schedule to estimate an appropriate year-end balance for the allowance for doubtful accts. 3) Prepare Dec. 31,2010 adjusting entry. 4) Show how the various accts related to accts receivable should be shown on the Dec. 31,2010 balance sheet.
1. in december 2011 marvin simpson worked for longville flower and earned 5000 federal income tax withholding is 15.
Dalton Construction Co. contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to the construction are:
During the year, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis of $30,000. How should this gain be treated?
balfour corporation acquired 100 of tobac inc. a foreign corporation for 33000000 fc. the acquisition which was
travel status requires that the taxpayer be away from home overnight. i what does away from home overnight mean? ii
arden corporation just received a special order to make 7500 units of a specialized calculator. direct materials cost
university printers has two service departments and two operating departments. management has decided to allocate
Complete summary of the case study that identifies the key problems and issues, provides background information, relevant facts, the solution employed, and the results achieved. Identify and explain the accounting practices California Sutter Healt..
for each of the following enter the adjustment debits and credits in the adjustments column and extend the two account
Cash dividends of $85,000 were declared during the year. Cash dividends payable were $10,000 and $15,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is ?
What are the tax consequences of property contributions in exchange for ownership interests to the contributing party and to the entity for C Corporations and Trusts?
1. when determining the proceeds received when issuing a bond the factor applied to the amount of the bond principal is
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