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Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2011, accounts receivable totaled $625,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $32,000 at the beginning of 2011 and $21,000 in receivables were written off during the year as uncollectible. Also, $1,200 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year.
Required:
1. Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense.
2. How would accounts receivable be shown in the 2011 year-end balance sheet?
Printers Inc. manufactures and sells a mid-volume color printer (MC) and a high-volume color printer (HC). Each MC requires 100 direct labor hours to manufacture, and each HC requires 150 direct labor hours.
Put Company paid $220,000 for an 80% interest in Sel Company on July 1, 2011, when Sel Company had total equity of $110,000. Sel Company reported earnings of $10,000 for 2011 and declared dividends of $8,000 on November 1, 2011.
The best investor of all time, Warren Buffet, talks about investing in "capital efficient" businesses. Coca Cola falls into this category since it generates great sums of cash with minimal investment in capital.
Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?
Which of the following industries is likely to have the lowest costs of financial distress? Which of the following industries likely to have the highest costs of financial distress?
1. From the information given, record closing entries. 2. If closing entries were not prepared at the end of the accounting period, what problems would result in the next accounting period?
The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years...
Which of the following is not a benefit of budgeting?
If we refinance for the remaining 10 years at 7% how much interest expense will we save over the remainder of the loan?
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her. She also maintains the household in which her parents live and furnished 60% of their support.
Cash flows from operating activities, as reported on the statement of cash flows under the indirect method, would include:
Which of the following would most likely use a job order costing system? ... most likely use a job order costing system?
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