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Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables.
Feb 12 Received $750 from Manning Wingard and wroteoff the remainder owed of $2,000 as uncollectible
June 30 Reinstated the account of Manning Wingard and received$2,000 in full payment.
B. Jouranlize th e following transaction usingthe allowance method of accounting for uncollectiblereceivables.
Feb. 12 Received $750 from Manning Wingard and wrote offthe remainder owed of $2,000 as uncollectible.
June 30 Reinstated the account of Manning Wingard andreceive $2,000 cash in full payment
The balance in the equipment account is $904,000, and the balance in the accumulated depreciation-equipment account is $316,400.
Assuming that the enacted tax rate is 30% in both 2010 and 2011 and that krause paid 780,000 in income taxes in 2010, the amount reported as the net deferred incoem taxes on krauses balance sheet at dec 31 2010 should be:
A. Which price should Premium choose, $57 or $60, to maximize its revenues for the year? B. What other factors should Premium consider before making its pricing decision?
Cheap Toys sells merchandise to the general public for cash or credit. It accepts several major credit cards. The company pays an average fee of 4% of sales to the credit card companies and 6% to the State of Florida in sales taxes.
Determine whether or not TRIARC'S acquisitions of Wendy's through a stock swap was good for either company and state your rationale?
When a multi product factory operates at full capacity, decisions must be made about what products to emphasize. In making such decisions, products should be ranked based on multi choice:
Discuss the extent to which Bedell's idea will, in fact, achieve a cost savings. Consider the effects on both net income and cash flows. Who is responsible for estimating the useful lives of plant assets? Discuss any ethical issues that Gillespie s..
What is the purpose of depreciation? Does the book value of a fixed asset, cost minus accumulated depreciation, communicate to a user what the asset is worth? Should the financial statements reflect the value of fixed assets?
Company has assets of $1,800,000, liabilities of $1,100,000 and stockholder's equity of $700,000. (a) prepare the journal entry to record the lease, and (b) compute the and comment on the debt to total assets ratio at the year-end.
A. The buffalo wildcats, a minor league football team, received $3000 from a fan on June 1 for 2013 season tickets. The wildcats play 10 home games. on December, 2013, the end of the fiscal year, the wildcats had played 6 home games. make the origina..
Company purchased a depreciable asset for $600,000. The estimated salvage value is $30,000, and the estimated useful life is 10,000 hours. Bigbie used the asset for 1,100 hours in the current year. The activity method will be used for depreciation..
Parsing Electronics is interested in expanding its operations with a new manufacturing facility in Slovakia. The company prepares a capital investment analysis on the validity of the project and finds that the project is viable. The company expect..
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