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Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2015, accounts receivable were $608,000 and the allowance account had a credit balance of $72,000. Accounts receivable activity for 2016 was as follows: Beginning balance $ 608,000 Credit sales 2,790,000 Collections (2,653,000) Write-offs (56,000) Ending balance $ 689,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group Amount Percent Uncollectible 0-60 days $ 455,000 5 % 61-90 days 76,000 14 91-120 days 66,000 25 Over 120 days 92,000 40 Total $ 689,000 Required: 1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the necessary year-end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3-1. What is total bad debt expense for 2016? 3-2. How would accounts receivable appear in the 2016 balance sheet?
When computing diluted EPS, do not weight any assumed conversion of stock options, convertible preferred stock, and convertible bonds for stock dividends declared during the year. In other words, use the same format reflected in the solutions to the ..
questionfactory x produces a single product which is made from 10 kg of material a as well as 5 kg of material b. these
Prepare a CVP income statement for the month ended January 31, 2014. Compute the contribution margin per unit. Compute the contribution margin ratio.
carryforward and carryback of nol no valuation account no temporary differencesthe pretax financial incomeor loss
As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent Bs value may have occurred at December 31, 2014. The controller for Tones estimates the expected future cash flows from Patent B will be as fol..
Allocate the support department overheads to the 3 patient service departments on the basis of the % of services provided and calculate the profit and loss position for each of the patient service departments and the hospital as a whole.
An individual taxpayer has negative taxable income for the year. In calculating the net operating loss created, which of the following expenses or losses will be added back to the negative taxable income?
Home Depot's income before interest expense and income taxes was $5,909 million, and interest expense was $37 million. Calculate Home Depot's times interest earned.
The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies.
dimitri company a manufacturer of small tools provided the following information from its accounting records for the
How do you cross check the statement of cash flows?
Prepare a statement of changes in equity for 2012. Additionally, describe what presentation differences there might be in the statement of stockholders' equity if McEquityCorporation reported using US GAAP.
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