Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Rogala Foods, Inc. sells Oscar Mayer, Jell-O, Tassimo, and many other food brands. The company reported the following rounded amounts as of December 29, 2012 (all amounts in millions):
Debits
Credits
Accounts Receivable
$
1,140
Allowance for Doubtful Accounts
28
Sales (assume all on credit)
18,500
Required:
1&2.
Prepare the adjusting journal entry required at December 31, 2012, for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round your answers to the nearest whole number.)
(i) Assume Rogala uses 3/4 of 1 percent of sales to estimate its Bad Debt Expense for the year.
(ii) Assume instead that Rogala uses the aging of accounts receivable method and estimates that $82 of its Accounts Receivable will be uncollectible.
1.
Record the entry for bad debt expenses under the percentage of credit sales method.
2.
Record the entry for bad debt expenses under the aging of accounts receivable method.
questionvalstar is a mid-sized paint manufacturer that has experienced substantial growing in the past three years.
How much sales are required to earn a target income of $80,000, if total fixed costs are $100,000 and the contribution margin ratio is 40%.
A new assistant controller was heard saying, "All the assembly workers in this plant are covered by union contracts, so there should be no labor variances." Was the controller's remark correct? Why? Would the use of standards be appropriate in a nonm..
Management's assessment of the operating effectiveness for the period from the beginning to the end of the fiscal year under audit. Identification of framework used for evaluating internal control.
Gabby's Wedding Cakes creates elaborate wedding cakes
Landmark Coal operates a mine. During July, the company obtained 500 tons of ore, which yielded 250 pounds of gold and 62,500 pounds of copper. The joint cost related to the operation was $500,000. Gold sells for $325 per ounce and copper sells for $..
below is budgeted production and sales information for fleming inc. for december. the unit selling price is 4.estimated
Is the change in asset life unethical, or is it simply a good business practice by an astute president? What would you do if you were the controller?
Allan makes a promissory note for $1000 payable to the order of Bob. Cathy steals the note from Bob, indorses (forgets) Bob's name on the back, and gives it to David, in exchange for a TV set. David negotiates the note for value to Emma.
The activity method of depreciation and For income statement purposes, depreciation is a variable expense if the depreciation method
Using the concept of incremental analysis, expand on Nick's response on "why do you want to know?" what cost information would be relevant to a decision to drop the product that would not be relevant to a decision to increase a production by 100 u..
If the bowls cost LeMay Company $3 each, explain how much liability for outstanding premiums should be recorded at the end of 2012.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd