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Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2016 with an allowance for sales returns of $490,000. During 2016, Halifax sold merchandise on account for $13,400,000. This merchandise cost Halifax $8,710,000 (65% of selling prices). Also during the year, customers returned $661,000 in sales for credit. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare the entry to record the merchandise returns and the year-end adjusting entry for estimated returns. Note: Record the estimated returns at net amounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. What is the amount of the year-end allowance for sales returns after the adjusting entry is recorded?
Explain how and why some changes in accounting principle are reported prospectively. Explain how and why changes in estimates are reported prospectively. Describe the situations that constitute a change in reporting entity.
Prepare an amortization schedule for the Note Receivable using the subsequent columns
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accounts basics - multiple choice questions1.nbspcosts become expenses a.nbspwhen they are paid. b.nbspwhen they are
Review of the media: Anthony's Orchard, Conduct a What-If Analysis: This what-if analysis concerns an unforeseen circumstance that could impact the company's current health as well as its future plans.
during its first month of operation the rawls repair corporation which specializes in bicycle repairs completed the
All direct materials are placed in process at the beginning of the process and the first-in, first-out method is used to cost inventories. The conversion cost per equivalent unit for April is:?
Using the data in the Option 1 Spreadsheet (linked at the bottom of the page), perform the accounting required for the elimination of each independent intercompany transaction.
Sorenson Inc. has sales of $3,112,489, a gross profit margin of 23.1 percent, and inventory of $833,145. What are the company's inventory turnover ratio and days' sales in inventory?
Prepare a trial balance as of February 28, 2014. Business Applicatio- Examine the transactions for February 3, 9, 10, and 22.
Warner co has budgeting fixed overhead of $150,000. Practical capacity is 6000 units and budgeted production is 5000 units. During February 4,800 units were produced and 155,600 was spent on fixed overhead. What is the unexpected (unplanned) capacity..
calculation of debt ratio.kansas office supply had 24000000 in sales last year. the companys net income was 400000. its
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