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You have credit sales for the year of 1,000,000. return and allowances are 100.000.You write-off an amount for 50,000 during the year. subsequent to this, you receive 20,000.recovery of this account. The allowance balance before the above is 5,000 credit.If you estimate bad debt expense to be 1/2% of sales, what entries do you make during the year?what if instead of the % of sale method, you use the % of receivables method. Here is the aging:
Kelly does not want to be out of stock on more than 1% of his orders. There is a one-day delivery time. The standard deviation of demand is five plugs per day. Assume a normal distribution of demand during lead time and a 7-day work week.
gm company manufactures two products - product y and product z. the company uses a plantwide overhead rate based on
Fred and Wilma exchanged equipment in a qualifying like-kind exchange. Fred gives up equipment with an adjusted basis of $14,000 (FMV = $15,000) in exchange for Wilma's equipment with a fair market value of $12,000 plus $3,000 cash. How much gain ..
On December 31, 2010, the fair value of the Ranger stock owned by Howdy Doody had increased to $70,000. How much should Howdy Doody show in the 2011 income statement as income from this investment?
the reuschel company began 2013 with inventory of 10000 units at a cost of 7 per unit. during 2013 50000 units were
At what level of sales (in units) for the two-month period should Birch Company be indifferent between closing the plant or keeping it open? Show computations.
The auditors compare information on canceled checks with information contained in the cash disbursement journal. The objective of this test is to determine that:
design a spreadsheet and prepare a set of financial statement forecasts for walmart for year ??1 to year ??5 using the
Describe how the accounts receivable and the allowance for doubtful accounts are reported on the balance sheet.
Shipyard Corp. acquired Boatworks Corp. in a Type A reorganization on October 19, 2011. On the date of acquisition, Boatworks had a deficit in its earnings and profits of $30,000.
on january 1 2013 sweetwater furniture company leased office space under a 21-year operating lease agreement. the
Rubin provided an allowance of $250 to a customer because the goods were delivered after the promised date. The customer had paid cash at the time of the sale, so Rubin paid the $250 allowance in cash.
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