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Black Lantern Company uses the aging approach to estimate bad debt expense. The total Accounts Receivable balance at year end is $92,300. The balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $57,000, (2) up to 180 days past due, $33,000, and (3) more than 180 days past due, $2,300. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to un collectability is (1) 3 percent, (2) 13 percent, and (3) 24 percent, respectively. At December 31, 2014 (end of the current year), the Allowance for Doubtful Accounts balance is $600 (credit) before the end-of-period adjusting entry is made. 1)Prepare the appropriate bad debt expense adjusting entry for the year 2014. 2) Show how the entry above would be posted to the following related T accounts. Reflect the proper balances in each account 3) Show how accounts receivable should be shown on the December 31, 2014,balance sheet.
If a bank were to impose a working capital covenant in a loan agreement to you, what strategy below would help you to keep net working capital above mandated minimum?
Discuss the relationship of relevance and reliability in audit evidence. Explain why most evidence is considered to be persuasive as opposed to convincing. Is this acceptable?
It is designed to explain and predict which firms will and which firms will not use a particular accounting method but it says nothing as to which method a firm should use'. Do you think that this represents an ‘abrogation' of the academics' duty ..
Cash Flow Statement - Ford Motor Company In a two- to three-page paper (not including the title and reference pages), explain the purpose of a cash flow statement and how it reflects the firm's financial status.
Mike and Linda Jeter invested $10,000 in a savings account paying 4% annual interest when their daughter, Andrea was born. They also deposited $3,000 on each of her birthdays until she was 18 (including her 18th birthday). How much was in the savings..
The inventory of finished goods on April 1 was 120,000 units. The finished goods inventory at the end of each month equals 20 percent of sales anticipated for the following month. There is no work in process.
design flooring carpet company manufactures carpets. fiber is placed in process in the spinning department where it is
Determine the net income or loss of each company for the year - show the same balance sheet data at the beginning and end of a year.
Analysis of acceptance of special order w.r.t relevant - Irrelevant cost analysis. was not considered, is it likely that a correct special order analysis would have been made? Explain your answer.
A company purchased $8,600 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $430 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24..
Create a value chain for the timber and timber products industry, beginning with the growing of timber and ending with the retailing of timber and paper products.
Jackson Company engaged in the following investment transactions during the current year. Prepare the appropriate journal entries to record the transactions for the year including year-end adjustments.
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