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Friedman Jewelers uses the aging of accounts receivables method to compute its allowance for bad debts. For accounts that are 30-60 days old, they use a rate of 5% of receivables; accounts that are 60-90 days old, they use a rate of 10%; and 90-120 days old, a rate of 15%. If a customer pays at least two-thirds of the required monthly payment on a delinquent account, that partial, or "curing," payment is sufficient to treat as current the entire account and move it back into the current bucket (on which no allowance is taken). If the customer then fails again to make a required monthly payment,' the account begins the aging process again. Friedman's is supposed to write off in full any credit accounts on which no payments have been received for 120 days 1.Suppose Friedman's made a sale on account for $5000 in February. The customer would be expected to make monthly payments (principal and interest) of $350/month for 18 months. Write the journal entry to record this transaction. 2.Suppose in June, the customer missed a payment. What should Friedman's do, based on its stated policy above? 3.Suppose in July, the customer makes a $250 payment. What should Friedman's do? 4.Suppose instead of (3), the customer continues to miss payments in July, August, September and October. What should Friedman's do in October? 5.Suppose in November, the customer makes a $250 payment. What should Friedman's do?
Identify and describe the general formula for calculating the adjusted basis of property.
select a service organization and do the followings ascertainment of cost per unit budget practice performance
How can process costing assist in addressing the problem facing Universal Industries?
Residual value = Rs.25, 000 Sale price = Rs.40, 000 Rate ofdepreciation = 40% What will be book value of machine after fouryears using straight line method?
Dillon Corporation splits its common stock 2 for 1, when the market value is $40 per share. Prior to the split, Dillon had 50,000 shares of $10 par value common stock issued and outstanding. After the split, the par value of the stock:
a donor pledged 100000 to the fund raising drive of a local government to assist its police officers in obtaining the
Describe the difference between exchange and nonexchange transactions and discuss the rules for recognition of revenues and expenses/expenditures for each type of transaction.
Green Lawn Chemical company sells lawn and garden chemicals through several hundred garden suppy stores and department store garden shops. Assume Green Lawn shipped goods costing Green Lawn $8400 and with a wholesale price (i.e. price to the retai..
The general manager was confused because the company had a $9,000 profit, yet seemed, as noted above, $10,000 worse off in its cash position. Explain briefly how, in general, this difference between profit and cash change can happen.
The machine will have a 12-year useful life and no salvage value. Instructions (a) Calculate the cash payback period. (b) Calculate the machine's internal rate of return. (c) Calculate the machine's net present value using a discount rate of 10%.
cyber attacksnbspin public companies please respond to the followingfrom the e-activity analyze the effects of the secs
Which of the following, if any, is considered in applying the support test for dependency exemption purposes?
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