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Estimating Bad Debts
Accounts Receivable of the Chalet Housing Co. on December 31, 2013, had a balance of $550,000. Allowance for Bad Debts had a $4,500 debit balance. Sales in 2013 were $3,450,000 less sales discounts of $51,000. Give the adjusting entry for estimated Bad Debt Expense under each of the following independent assumptions.
1. Of 2013 net sales, 1.5% will probably never be collected.
2. Of outstanding accounts receivable, 8% are doubtful.
3. An aging schedule shows that $41,000 of the outstanding accounts receivable are doubtful.
Discuss the behavioural implications of participative budgeting. Demonstrate an understanding of the behavioural implications for planning and control when an organisation uses an imposed budgetary approach.
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An adjusting entry to record the portion of unearned revenue that was earned in the current period usually includes a debit to
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determine the cost of capital for Zygo using the Build-up Method as of June 30, 2011. Evaluate the various adjustments the best you can from the available resources.
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