Reference no: EM131208698
The following information is from the records of Armadillo Camera Shop: Accounts receivable, December 31, 2015 $20,000 (debit) Allowance for Bad Debts, December 31, 2015 Prior to adjustment 600 (debit) Net credit sales for 2015 95,000 Accounts written off as uncollectible during 2015 350 Bad debts expense is estimated by the aging-of-accounts-receivables method. Management estimates that $2,850 of accounts receivable will be uncollectible. Calculate the amount of net accounts receivable after the adjustment for bad debts. $17,750 $17,150 $16,550 $13,000
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Calculate the cost of goods sold for the year
: A company uses weighted-average method of inventory valuation under the periodic inventory system. Purchased 65 units at $5 per unit Purchased 100 units at $5 per unit Sold 80 units at a price of $12 per unit Purchased 55 units at $6 per unit Sold 80..
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Account with annual compounding
: How much must you deposit today into an account with annual compounding an a APR of 5% in order to have $25,000 in 8 years
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Calculate the amount of bad debts expense
: The following information is from the 2015 records of Armand Camera Shop: Accounts Receivable, December 31, 2015 $40,000 (debit) Allowance for Bad Debts, December 31, 2015 prior to adjustment 1,500 (debit) Net credit sales for 2015 175,000 Accounts w..
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Davidson uses the direct write-off method
: On January 1, Davidson Services has the following balances: Davidson has the following transactions during January: Credit sales of $100,000, collections of credit sales of $85,000, and write-offs of $15,000. AR CB: 24000 Debit, Bad Debts Expense CB:..
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Net accounts receivable after the adjustment for bad debts
: The following information is from the records of Armadillo Camera Shop: Accounts receivable, December 31, 2015 $20,000 (debit) Allowance for Bad Debts, December 31, 2015 Prior to adjustment 600 (debit) Net credit sales for 2015 95,000 Accounts writte..
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What amount should be recorded as the cost of land
: Acer Investments plans to develop a shopping center. In the first quarter they spent the following amounts: Acquisition of land $15,000 Surveys and legal fees 600 Land clearing 200 Fencing 1,000 Install lighting and signage 860 What amount should be ..
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Prepare aneffective-interest amortization table for the bond
: GIT Inc., issued $640,000 of 5%, 10-year bonds payable at a price of 73.985 on March31, 2012. The market interest rate at the date of issuance was 9%, and the GIT bonds pay interest semiannually. Prepare aneffective-interest amortization table for th..
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Uses the effective-interest method
: A company issued $15,000,000 of 8% debentures on May 1, 2017 and received cash totaling $13,308,942. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%. Usi..
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Installed to prevent that inappropriate investment
: Describe the control(s) that the business should have installed to prevent that inappropriate investment. (Controls may include procedures, processes, approvals, checks, reviews, and corresponding documentation that relates to the proposal, approval,..
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