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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 2013, net credit sales totaled $5,800,000, and the estimated bad debt percentage is 1.40%. The allowance for uncollectible accounts had a credit balance of $55,000 at the beginning of 2013 and $46,500, after adjusting entries, at the end of 2013. Required: 1. What is bad debt expense for 2013? 2. Determine the amount of accounts receivable written off during 2013. 3. If the company uses the direct write-off method, what would bad debt expense be for 2013?
Jenson Company began the year with retained earnings of $250,000. During the year, the company recorded revenues of $350,000, expenses of $275,000, and paid dividends of $30,000. What was Jenson’s retained earnings at the end of the year?
Rand still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,400,000 for Rand. What was consolidated cost of goods sold?
How might fundamentally changing accounting standards from "bright-line" rules to principle-based standards help prevent another Enron-like fiasco in the future? Are there dangers in removing "bright-line" rules? What difficulties might be associa..
During the month of September, Norris Industries issued a check in the amount of $859 to a supplier on account. The check cleared the bank during September.
Selected balance sheet and income statement data for Green Tea, Inc., for the year ended December 31, 2011 are below. Illustrate what is the company’s times interest earned ratio?
eps simple capital structureon 1st january 2012 bailey industries had stock outstanding as follows.6 cumulative
The next week he received a $100 check from the manufacturer. Explain how much should Ted include in his gross income
Prepare the general journal entries required to record the acquisition and payment in each of the independent cases above. Round to the nearest dollar.
if the only data available is that the beta of a stock is 1.4 what is the likely return on an investment in this stock
The stockholders’ equity section of Tkachuk Corporation appears below as of December 31, 2014. 8% preferred stock, $50 par value, authorized 100,754 shares, outstanding 90,754 shares $4,537,700 Common stock, $1.00 par, authorized and issued 10.40 mil..
A company pay for 25% of its purchases by credit terms n/60, 40% of its purchases by credit terms n/30, and the remaining 35% by a two-month advance payment. The sources for June's cash payments schedule for direct materials would not include which o..
a company acquired some land independently appraised at 12000 and paid for it by issuing 1000 shares of its common
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