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As the accountant for Pure-Air Distributing, you attend a sales managers' meeting devoted to a discussion of credit policies. At the meeting, you report that bad debts expense is estimated to be $59,000 and accounts receivable at year-end amount to $1,750,000 less a $43,000 allowance for doubtful accounts. Sid Omar, a sales manager, expresses confusion over why bad debts expense and the allowance for doubtful accounts are different amounts. Write a one-page memorandum to him explaining why a difference is bad debts expense and the allowance for doubtful accounts is not unusual. The company estimates bad debts expense as 2% of sales. Required minimum-2 page
How should governments report their capital projects and debt service activities in their government-wide statements?
A change from the cost method to the equity method of accounting for an investment in common stock resulting from an increase in the number of shares help by the investor requires:
Determine the amount of manufacturing overhead that would have been applied to all jobs during the period.
Please indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal.
Develop a Gantt chart to determine the total time required to process all six jobs. Determine the costs of a level production strategy for the next six months, with an ending inventory of 8,000 pounds.
On January 1, 2010 M. Johnson Company purchased equipment for $30,000. The company is depreciating the equipment at the rate of $500 per month. The book vaule of the equipment at December is?
When a company adopts a pension plan, prior service costs should be charged to
Teddy's Supplies' CEO has asked you to advise him on the facts of the case and your opinion of their potential liability. He wants to settle the case. Write a memo to him that states your view of whether the company is exposed to liability on all ..
What is the amount of the low-income housing credit that Chris may claim in 2005 (assuming a rate of 7.96%)? What is the total amount of the credit that Chris may claim as a result of the $800,000 expenditure?
The required return on Avondale stock is 15 percent. If you want only $225 total in dividends the first year, what will your homemade dividend be in two years.
Jaclyn is going to the company's primary bank to negotiate a line of credit and wants to show the maximum amount of income without actually changing last year's results. What costing method of inventory(variable or absorption) should she choose? W..
What is the amount of the gross profit? Compute the gross profit percentage (gross profit divided by sales). Will the income statement necessarily report a net income? Explain"
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