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During 2014, DeLuca Company had net sales of $5,700,000. Most of the sales were on credit. At the end of 2014, the balance of Accounts Receivable was $700,000 and Allowance for Uncollectible Accounts had a debit balance of $24,000. DeLuca's management uses two methods of estimating uncol- lectible accounts expense: the percentage of net sales method and the accounts receiv- able aging method.
The percentage of uncollectible sales is 1.5 percent of net sales, and based on an aging of accounts receivable, the end-of-year uncollectible accounts total $70,000. Prepare the year-end adjusting entry to record the uncollectible accounts expense under each method. What will the balance of Allowance for Uncollectible Accounts be after each adjustment? Why are the results different? Which method is likely to be more reliable? Why?
Addtl. Info: Investments were sold at a loss (not extraordinary) of $7,000; no equipment was sold; cash dividends paid were $50,000; and net income was $160,000 Prepare a statement of cash flows for 2010 for Sondegaard Corporation.
Why do you think Toyota is expanding so aggressively outside of Japan instead of focusing more on manufacturing in Japan and exporting to other countries?
on the basis of the following data determine the value of the inventory at the lower of cost or market. assemble the
ethical issue reclassification of receivablesrespond to the following ethical issue concerning the reclassification of
Angie invested $50,000 she received from her grandmother today in a fund that is expected to earn 10% per annum. To what amount should the investment grow in five years if interest is compounded semi-annually?
Determine operating income for 20X7, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)
Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference and explain why.
Dobbs Wholesale Antiques makes all sales under terms of FOB shipping point. The company usually receives orders for sales approximately one week before shipping inventory to customers.
Why is a knowledge of accounting concepts and terminology useful to anyone in a business activity? Is there a difference between bookkeeping and accounting? Discuss.
Complete the table indicating whether each item (1) should be reported as an operating (O) activity, investing (I) activity, financing (F) activity, or as a noncash (NC) transaction reported in a separate schedule, and (2) represents a cash inflow..
A company uses the equity method to account for an investment. This would result in what type of difference and in what type of deferred income tax?
On July 2, 2010, Tobias declared a 15 percent stock dividend to be distributed on August 6, 2010, to shareholders of record on July 16, 2010. What amount of retained earnings should be transferred to contributed capital because of this dividend?
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