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Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2011, net credit sales totaled $4,500,000, and the estimated bad debt percentage is 1.5%. The allowance for uncollectible accounts had a credit balance of $42,000 at the beginning of 2011 and $40,000, after adjusting entries, at the end of 2011.
Required:
1. What is bad debt expense for 2011?
2. Determine the amount of accounts receivable written off during 2011.
3. If the company uses the direct write-off method, what would bad debt expense be for 2011?
a new product an automated crepe maker is being introduced by a corporation. at a selling price of 72 per unit
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Understanding real world annual reports.
Chase and Olivia Ellison have a home with an appraised value of $180,000 and a mortgage balance of only $90,000. Given that an S&L is willing to lend money at a loan-to-value ratio of 75 percent, how big a home equity credit line can Chase and Oli..
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On January 1, 2009, American Eagle borrows $65,000 cash by signing a four-year, 8% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2009 through 2012.
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