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Problem 1 - Sally sold $300,000 worth of stuff last year. Her beginning balance in Accounts Receivable was $200,000 and her beginning credit balance in Allowance for Doubtful Accounts was $6,000. During the year she collected $280,000 on her receivables, and wrote off $9,000. She estimates that 3% of her receivables at any one time will not be collected. How much is her charge to Bad Debt Expense?
Problem 2 - What is Sally's average collection period?
Problem 3 - At December 31, 2015 Makenna's balance in Account Receivable was $200,000 and the balance in Allowance for Doubtful Accounts was $4,000. During 2016 she had credit sales of $1,000,000. She collected $850,000 on her accounts receivable during 2016. She wrote off $3,000 of accounts receivable during 2016. Makenna estimates that 2% of her receivables will never be collected. How much would the charge to Bad Debt Expense be for 2016? Show how this information will appear on the financial statements and calculate the accounts receivable turn and the average collection period.
Your friend just received a car loan. It is a 7-year installment note. He does not understand the mechanics of how the loan works.
Access the "Litigation" section of the SEC's website at www.sec.gov/litigation.shtml. Click on "Accounting and Auditing Enforcement Releases." Click on "AAER-3234" filed January 20, 2011. Read the release and the related SEC Complaint. Summarize t..
In 2001, Donna sells 100 of these shares to Walter (a family friend) for $100,000. In 2007, Egret Corporation files for bankruptcy, and its stock becomes worthless.
Purchased land for $112,000. Purchased new equipment for $100,000. Sold old equipment that cost $132,000 with accumulated depreciation of $112,000 for $20,000 cash. Issued common stock for $50,000.
a. Calculate the after-tax cost of debt, assuming the debt remains outstanding until maturity. b. Calculate the after-tax cost of debt, assuming investors put the bond back to the firm at the end of the fifth year.
Where are gains and losses related to cash flow hedges involving anticipated transactions reported?
Write Company has a maximum capacity of 200,000 units per year. Variable manufacturing costs are $12 per unit. Fixed overhead is $600,000 per year. Variable selling and administrative costs are $5 per unit, and fixed selling and administrative cos..
explain your treatment and be sure to show your computations if you conclude that a liability must be recorded
Estimate the total depreciation expense recognized by Delta on flight equipment for year ended June 30, 1998, using old 20-year life and the new 25-year life.
during 2011 comet cares inc. decided to sell an unprofitable segment of its business. the sale of this segment
The land is valued at $225,000 and the building at $360,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building
Your 12 year old niece shows you a dozen or so innocent photos of herself and a brief biography, including address and cell phone number that she plans to post on Facebook. What advice might you offer her about posting personal information and photos..
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