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ABC reported sales of $300,000, write-offs of uncollectible accounts of $10,000 against the allowance for doubtful accounts, and a decrease in net accounts receivable of $40,000 during 2014. What would be ABC's cash collected from customers during 2014?
A. $300,000
B. $340,000
C. $350,000
Cliff Dennis may become a rich man. He is the creative force behind Amazing Drives, a new company. Amazing makes external drives that permit computer users to store large amounts of information on small floppy diskettes. Amazing has experienced treme..
On Maze’s Form 1120 tax returns, no loans from shareholders were reported. Describe whether John is entitled to a bad debt deduction for the amount of the payment on the loan
Submarine Corp., earned a net income of $110,000 for 2011. Submarine's books included the following figures: Preferred stock, 2%, $30 par, 1,000 shares issued and outstanding - $30,000. Common stock, $1 par, 52,000 issued - $52,000. Compute Submarine..
Find what transfer price would you recommend and why and evaluate what transfer price would you recommend if the Battery division is now selling 1,000,000 batteries a year to retail outlets?
What other factors would you recommend to be considered in establishing the raw material cost standard for the new cleaner?
Opportunities for influencing the outcome of reported earnings. Please elaborate a. accounting choices, estimates and judgments b. changes in accounting methods and assumptions c. discretionary expenditures d. revenue and expenses
During the year, he made only a nominal amount of disbursements of the type that qualify as itemized deductions of $3,290. What is his standard deduction for 2010?
Shawl Corporation's variable overhead is applied on the basis of direct labor-hours. The standard cost card for product F02E specifies 5.5 direct labor-hours per unit of F02E. What was the variable overhead rate variance for the month? What was the v..
Otis Thorpe Corporation has 12,020 shares of $100 par value, 5% preferred stock and 51,300 shares of $9 par value common stock outstanding at December 31, 2014. If the preferred stock is cumulative and dividends were last paid on the preferred stock ..
Finally, determine why there is a change in WACC and explain the impact of the components of capital structure on a company’s cost of capital.
None of the above is necessarily true, because the information provided does not allow us to determine what happens to the amount spent on X as the price of X falls.
Specific assertions typical of inventory and cost of sales accounts would not include that inventory
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