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On January 1, 2012 the Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $30,000 and $500, respectively. During the year the company reported $75,000 of credit sales. There were $550 of receivables written-off as uncollectible in 2012. Cash collections of receivables amounted to $74,550. The company estimates that it will be unable to collect one percent of credit sales.
The entry to recognize the write-off of an uncollectible account will:
The entry required to recognize the uncollectible accounts expense for 2012 will:
The net realizable value of receivables appearing on the December 31, 2012 balance sheet will amount
Calculate the dividends per share on each class of stock for each of the four years. Round all answers to nearest whole cent. If no dividends are paid in a given year, enter 0.
here is the 1112 balance sheet of abc corporation cash 3500 accts payable 2950 accts rec 5700 accrued interest 156
Mary and Jane, unrelated taxpayers, hold Gray Corporation's stock equally. One year before the complete liquidation of Gray, Mary transfers land (basis of $600,000, fair market value of $180,000) to Gray Corporation as a contribution to capital.
target costing basic motor corporation uses target costing. assume that basic marketing personnel estimate that the
Ramsden Manufacturing sold merchandise with a gross price of $25,000 to Garner's Hardware Store. Ramsden offered terms of 3/10, n/30.
A company has a process that results in 15,000 pounds of Product A that can be sold for $8 per pound. An alternative would be to process Product A further at a cost of $100,000 and then sell it for $14 per pound. Should management sell Product A n..
Calculate the predetermined overhead rate using direct labor costs as the allocation base. Calculate the predetermined overhead rate using machine hours as the allocation base. Which of the allocation bases is preferred? Why?
Rapid Auto has over 200 auto-maintenance service outlets nationwide. It provides primarily two lines of service: oil changes and brake repair.
First assume that all of the deferred money and accumulated interest is paid out along with the final salary payment at the end of 2012. Use 5.5% as the discount rate. What is the present value (as of the signing date) of Ichiro's contract under t..
The Heymann company's bonds have 4 years remaining to maturity. Interest is paid annually; the bonds have a $1,000 at maturity. Bond L has a maturity of 15 years, and Bond S a maturity of 1 year.
If an individual taxpayer acquires a mortgage to buy his principle residence and then, several years later, refinances that mortgage with a new mortgage, the interest on that new mortgage is:
If management decides to buy part I50 from the outside supplier rather than to continue making the part, what would be the annual impact on the company's overall net operating income?
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