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Problem - Effect of doubtful accounts on net income - During its first year of operations, Filippi's Plumbing Supply Co. had net sales of $4,800,000, wrote off $65,000 of accounts as uncollectible using the direct write-off method, and reported net income of $375,000. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 1⁄2% of net sales would be uncollectible.
On April 1, 2008, Metro borrows $3,000,000 by issuing 10-year revenue bonds. Prepare journal entries to record events and transactions for Metro Bus
Jastoon Co. acquired all of Wedner Co. for $588,000 cash in a tax-free transaction. On that date, the subsidiary had net assets with a $560,000 fair value but a $420,000 book value and income tax basis.
Eileen Corp. had the following balances in receivable accounts at October 31, 2017 (in thousands): Allowance for Doubtful Accounts $52.
Compute the sales level required in both dollars and units to earn $161,000 of after-tax income in 2012 with the machine installed
On March 4, 2015, Carpenter Co. receives payment of $5,920 in full from Megan Gray. Prepare the journal entries to record this transaction
The creditor's claim is P100,000 and the owner's equity is 80% of the total assets. How much is the total assets at the end of the year??
On January 1, 2017, Klosterman Company issued $458,500, 11%, 10-year bonds at face value. Prepare the journal entry to record the issuance of the bonds
on may 1 2007 logan co. issued 300000 of 7 bonds at 103 which are due on april 30 2017. twenty detachable stock
Investors expect from this firm in the market. If PE is 77, what is the cost of equity estimated using PE? Is this cost of equity reasonable?
Assume a manufacturing operation can increase production of their products by purchasing a new molding machine for $6 Million.
What amount is credited to Accumulated depreciation - Equipment? What amount is credited to Accumulated depreciation-Building?
What is the fundamental accounting equation for a nonprofit organization? How does this change under Modified Accrual Accounting
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