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Question 1: Make necessary journal entries for the following.
a) $800 receivables of XYZ Co. is proved to be doubtful which $150 of it is granted portion.
b) XYZ Co. collected $100 from the granted portion.
c) XYZ Co. collected $300 more and the rest is proved to be uncollectable.
What could be an effective means of deterrence in the organization? What would tell the committee about why it is important to train managers
Bulldog desires to earn 10% per year on the lease. Craig Company's incremental borrowing rate is 11%. Illustrate what is the amount of the annual lease payment?
List the tests for impairment. Client X contacted you for clarification and recommendations regarding the instances when goodwill should be adjusted
Purpose a direct materials budget for the seasoning, by month an in total for the second quarter. Be sure to include both the quantity to be purchased and its cost for each month.
The traditional remedy for a nuisance is an injunction, and the non-traditional remedy is damages. Explain in a paragraph, circumstances in which the former is more efficient than the latter, and the circumstances in which the opposite is true.
Jill and George are married and file a joint return. They expect to have $425,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide additional tax deductions of $80,000 for mortgage int..
Evaluate the gross profits to be identifies for each of the three years. If the outcome of the construction contract can't be reliably estimated, evaluate the gross profit for each year be?
Identify a type of manufacturing company for which process costing would be an appropriate product-costing system. What characteristics do the products of this company have that would make process costing a good choice?
PT Jus Always manufactures healthy fruit juice in a can. The brand is “Grab Jus”. Because the company is only produced one kind of product, process costing is used to calculate its Unit Cost. Direct Material is consist of apple, strawberry and orange..
Though Maze was listed as a co-borrower, John repaid the loan in full in 2011. On Maze’s Form 1120 tax returns, no loans from shareholders were reported. Describe whether John is entitled to a bad debt deduction for the amount of the payment on th..
While vacationing in Florida, John Kelley saw the vacation home of his dreams. It was listed with a sale price of $200,000. The only catch is that John is 40 years old and plans to continue working until he is 65. Still, he believes that prices gener..
Financial accounting and reporting for oil and gas producing companies has been debated for many years in the United States by the accounting profession, regulatory agencies, industry groups, and the companies themselves. The principal focus in recen..
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