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Classic Auto Parts sells new and used auto parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2012, its first year of operations, Classic Auto Parts experienced the following: Sales on account-$280,000 Cash sales--650,000 Collections of accounts receivable-- 265,000 Uncollectible accounts charged off during the year--1,200 Assume that Classic Auto Parts uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected.:
What is the ending balance of the Allowance for Doubtful Accounts at December 31, 2012, after all entries and adjusting entries are posted? What is the amount of uncollectible accounts expense for 2012? -What is the net realizable value of accounts receivable at December 31, 2012?
Nomes owned a piece of land that cost $250,000 but was worth $600,000 at the date of purchase. For each of the three concepts described in the chapter, what value would be attributed to this land in a consolidated balance sheet at the date of take..
1. in two to three paragraphs describe the sarbanes-oxley act and why it is important to the accounting profession.2.
on january 1 2007 the calvert company issues 12 100000 face value bonds for 103545.91 a price to yield 10. the bonds
in january 2010 finley corporation a newly formed company issued 10000 shares of its 10 par common stock for 15 per
Net loss is $130,000 and the partners have no written partnership agreement.
The amount that Khan, Inc. reports as a net loss for financial reporting purposes in 2011, assuming that it uses the carryback provisions, and that the tax rate is 30% for all periods affected, is ??
bubble corporation manufactures two products i and ii from a joint process. a single production costs 4000 and results
the three stooges partnership is considering three long-termcapital investment proposals. each investment has a useful
On August 1st of the current year, Lenz Company writes a contract agreeing to sell Hindman Company 15,000 British pounds at a specific price of $0.69 per pound with delivery in 60 days. Throughout the 60-day period the forward rate varies as follo..
myron is a barber who does his own accounting for his shop. when he buys supplies he routinely debits supplies expense.
Filer Manufacturing has 9.5 million shares of common stock outstanding. The current share price is $53 and the book value per share is $5.
Expalin how Wal-Mart could use the international bond market to finance the establishment of new outlets in foreign markets.
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