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During the year ended December 31, 2009, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2009, Accounts Receivable showed a $10,000 debit balance, and the Allowance for Doubtful Accounts showed an $800 credit balance. Collections of accounts receivable during 2009 amounted to $68,000.Data during 2009 follow:
a. On December 10, 2009, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off.b. On December 31, 2009, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year.
2. Show how the amounts related to Accoutns Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2009.
What are the eight steps in the accounting cycle and how do they affect the financial statements? What happens if one is missing?
The equipment cost $540,000, had accumulated depreciation of $240,000 at the end of the year after recording annual depreciation, and had a fair value of $330,000. After the revaluation, the accumulated depreciation account will have a balance of:
A company's prime costs total $3,000,000 and its conversion costs total $7,000,000. If direct materials are $1,000,000 and factory overhead is $5,000,000, then direct labor is:
Evergreen Corp. has two divisions, Fern and Bark. Fern produces a widget that Bark could use in the production of units that cost $175 in variable costs, plus the cost of the widget, to manufacture.
Is the WACC an average concept or a marginal concept in your opinion? Should we use the historical WACC or the marginal WACC as the appropriate rate to use in capital budgeting analyses?
Fauver Industries plans to have a capital budget of $650,000. It wants to maintain a target capital structure of 40% debt and 60% equity, and it also wants to pay a dividend of $375,000.
However, Judy paid him $55,000 rather than $33,000. Judy is on the cash method and calendar year, and she wants to know what amount of these expenditures is deductible as business expenses.
Zephre Company reported net income for the year of $56,000. Depreciation expense for the year was $12,000. During the year, accounts receivable increased by $4,000, inventory decreased by $6,000, accounts payable increased by $3,000, and accrued e..
Determine the adjustment to income due to the change in accounting method and the amount that is allocated to 2005.
For capital budgeting and cost of capital purposes, the firm should assume that each dollar of capital is obtained in accordance with its target capital structure, which for many firms means partly as debt, partly as preferred stock, and partly co..
What additional questions should you ask Mr. Gemstone in an attempt to substantiate the deductibility of the above items?
Which one of the following would be the same total amount on a flexible budget and a static budget if the activity level is different for the two types of budgets?
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