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Cutthroat Company supplies flies and fishing gear to sporting goods stores and out¬fitters throughout the western United States. The accounts receivable clerk for Cutthroat prepared the following partially completed aging-of-receivables schedule as of the end of business on December 31, 2009:
Cutthroat Company has a past history of uncollectible accounts by age category, as follows:
Instruction
1. Determine the number of days past due for each of the preceding accounts.
2. Complete the aging-of-receivables schedule.
3. Estimate the allowance for doubtful accounts, based on the aging-of-receivables schedule.
4. Assume that the allowance for doubtful accounts for Cutthroat Company has a debit balance of $1,370 before adjustment on December 31, 2009. Journalize the adjusting entry for uncollectible accounts.
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Processors Ltd. uses three different products - X, Y and Z to produce its major product line. Each kg of the raw material costs $2.00 for X, $3.75 for Y and $5.20 for Z.
a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process.b. The company uses weighted-average process costing.c. The July 1 work in process was 30 percent complete as to c..
Write a report on the use and implementation of the chosen method in a business application AND how that relates to the Management Accounting function.
Near end of 2011, the management of Simid Sports Co., merchandising company, prepared the following estimated balance sheet for December 31, 2011: Simid Sports' single product is bought for $30 per unit and resold for $60 per unit.
Calculate the amount of joint cost allocated to commercial building lumber (CBL) on a physical units basis. Calculate the amount of joint cost allocated to the mine support braces (MSB) on a relative-salesvalue basis.
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