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On December 31, 2012, Dita Co. estimated that 2% of its net sales of $400,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. On May 11, 2013, Dita Co. determined that the Alex Lundquist account was uncollectible and wrote off $1,100. On June 12, 2013, Lundquist paid the amount previously written off.
Instructions:
Prepare the journal entries on December 31, 2012, May 11, 2013, and June 12, 2013.
malcolm has a capital balance of 90000 after adjusting to fair market value. celeste contributes 45000 to recieve a 25
Computation was a disallowed penalty of $25,000, life insurance proceeds of $100,000, and an income tax refund from 2009 of $50,000. Au Sable is an accrual basis taxpayer. The corporation's current earnings and profits for 2010 would be:
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Data for Gundy Company are given in BE10-4. In March 2014, the company incurs the following costs in producing 100,000 units: direct materials $525,000, direct labor $596,000, and variable overhead $805,000. Actual fixed costs were equal to budget..
Determine the degree of operating leverage if she sells 350 bears this month.
(TCO 11) Kyle, whose wife died in December 2009, filed a joint tax return for 2009. He did NOT remarry, but has continued to maintain his home in which his two dependent children live. What is Kyle's filing status regarding 2012?
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