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Brown cow dairy uses the aging approach to estimate bad debt expense. the balance of each account receivable is aged on the basis of three time periods as follows: (1) 1-30 days old, $12,000, (2) 31-90 days old, $5,000, and (3) more than 90 days old, $3,000. experience has shown that for each age group, the average loss rate on the amount of the receivable due to uncollectibility is (1) 3 percent, (2) 15 percent, and (3) 30 percent, respectively. at december 31, 2008 (end of the current year), the allowance for doubtful accounts balance was #800 (credit) befor the end-of-period adjusting entry is made. required: 1. prepare a aging schedule to estimate an appropriate year-end balance for the allowance for doubtful accounts. 2. what amount should be recorded as bad debt expense for the current year. 3. if the unadjusted balance in the allownace for doubtful was a $6o00 debit balance, what would be the amount of bad debt expense in 2008?
discuss with your team dq 4 in your lt forum and submit the final lt response by saturday under this thread. responses
The SEC has always wanted and expected more information and disclosure in the financial statements.
suppose you are comparing two firms within an industry. one is large and the other is small. will relative or absolute
on jan 1 2007 the horton corp issued 10 bonds with a face value of 200000. the bonds are sold for 196000. the bonds pay
jo quick is managing director to the tot lot day care centre..jo quicks trying to determine whether the centre should
After closing all expense and revenue accounts at the end of the year, Income Summary has a credit balance of $90,000, that Sharp and Townson have agreed to split on a 2:1 basis, respectively. (a) Journalize the entries to close the income summar..
haig simmons operates an anthracite coal home heating and delivery service in baltimore and anne arundel counties. she
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What conclusions about managing accounts receivable can you draw from these data and Financial statements of The Coca-Cola Company
glaser health products of ranier falls georgia is organized functionally into three divisions operations sales and
Required: Prepare Income & Expenditure Account and Balance Sheet.
assume that output can be produced only using processes a and b. process a requires inputs l and k to be combined in
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