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Question: 1. The advantages of extending credit are that it allows a company to compete effectively with competitors who extend credit. The additional gross profit earned from selling on account is greater than the additional costs incurred.
The disadvantages of selling on credit include increased wage costs incurred in hiring personnel to monitor and track credit customers, bad debt costs from accounts that are collected late or not at all, and delayed receipt of cash.
2. Percentage of credit Sales Method and Aging of Receivables Method
3. With the aging of accounts receivables method, the calculated amount is the desired balance to which the Allowance for Doubtful Accounts is to be adjusted. That is, the difference between this calculated amount and the existing balance in the Allowance for Doubtful Accounts is the amount recorded as an adjustment to Bad Debt Expense and the Allowance for Doubtful Accounts. In contrast, with the percentage of credit sales method, the calculated amount is the amount recorded as an adjustment to Bad Debt Expense and the Allowance for Doubtful Accounts.
4. The write-off of uncollectible accounts using the allowance method decreases the asset Accounts Receivable and decreases the contra-asset Allowance for Doubtful Accounts by the same amount. As a consequence, (a) net income is unaffected and (b) net accounts receivable is unaffected.
carolina corporation has an after-tax operating income of 3230000 and a 12 weighted-average cost of capital. assets
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Your write-up should be concise enough to allow me to see the answer without having to search but complete enough that I know you did the steps. Step One is important; if you skip ahead to Step Three it will show in your write-up.
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direct costs are always going to be with the product as they are incurred during production. indirect costs are being
Roy Akins was the accounting manager at Zelco, How did the change in the journal entries affect the net income of the company at year-end
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