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The Connecting company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transaction occurred:
Sept 7 connecting Company determined that $8,100 account receivable of the Helena company was uncollectible, and wrote it off.
Oct 15 Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off.
Nov 9 Helen Company paid $6,000 of the amount owned to the connecting Company. Connecting company does not expect further collections from the Helena company.
Dec 31 Connecting Company estimates the 0.5% of its $1,900,000 of credit sales would be uncollectible.
Prepare the general journal entries to record these transactions.
Discuss a production process that you think would involve the production of joint products, being sure to address the following points:
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:
Assuming the Box Division has enough excess capacity to supply all of the Rolling Division's needs, which of the following is the range at which a negotiated transfer price between the two divisions should occur?
You have been employed as an entry level management accountant for little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of companys assets to personal use.
Given the following data, manke, in good form, an income statement for the Dental Drilling Company as of December 31, 2003.
She also has another 250 units in her van, ready to deliver per a customer order, terms FOB destination, and another 70 units out on consignment to a friend who owns a retail store. How many units should Jenny include in her company's period-endin..
Converse corp sold 100,000 bond at 95 and incurred 3,000 of bond issuance costs. Which of the following statements is correct assuming converge reports under IFRS?
Describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words.
A firm has experienced a constant annual rate of dividend growth of 9 percent on its common stock and expects the dividend per share in the coming year to be $2.70.
Determine the amount to be added to Allowance for Doubtful Accounts in each of following cases.
What role(s) does corporate social responsibility play in the development of a safety-first culture? What documents and strategies can management adopt to ensure that a corporate safety-first culture exists?
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