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The accounts have the following balaces
D C
acquiacoount receivable 100,000
allowance for doubtful accounts 2,500
sales 750000
sales return and allowances 40,000
1) Prepare the journal entries for estimating bad debts assuming that the following separate assumptions are (!) 6% accounts receivable (2)1% of net sales
2) Assume instead that the allowance has a debit balance instead of a credit balance. prepare the neceessary entries to record bad debts under each of the above assumptions.
on january 1 2012 graham company purchased a new machine for 2800000. the new machine has an estimated useful life of
alpha electronics can purchase a needed service for 90 per unit. the same service can be provided by equipment that
Fraud awareness training should be: a. broad and all encompassing b. extensive and include details for all functional areas c. specifically related to the employee's job responsibility
Twohig Company leased a piece of equipment from Wells, Corp. on January 1, 2011 for $300,000. The lease term is for seven years and the life of the asset is 10 years.
use the following data for abc music co. to prepare a statement of cash flows using the indirect method for the year
Need to be prepared because GASB standards specify the use of the accrual basis of accounting for governments.
The bookkeeper for Wooster Company asks you to prepare the following accrued adjusting entries at December 31. Interest on notes payable of $400 is accrued.
power grid engineering associates inc. provides consulting services to commercial electric utilities. the consulting
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
Calculate what cost of sales would have been for the year if the company had used FIFO to value its inventory. Calculate inventory turnover for the year using the reported numbers.
Determine if a capital expenditure such as the cost of a swimming pool qualifies for the medical expense deduction.
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.
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