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Company uses allowance method of accounting for uncollectible accounts.12/31/2009Accounts receivable100,000debit balanceAllowance for doubtful accounts6,000credit balanceDuring 2010, the following sales transactions occurred:Credit sales of $800,00Collections of $750,000A customer balance of $1,000 is determined to be uncollectible.An amount previously written off ($350) was received.Based on prior experience, the company estimates that 5% of the AR balance at 12/31/10is uncollectible.
Prepare the entries to record the receivables transactions;
Calculate the net realizable value of accounts receivable at 12/31/10
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on december 31 of the current year a companys unadjusted trial balance included the following accounts receivable debit
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the number of workdays varies from month to month due to the number of weekdays holidays days of vacation and sick
A new employee suggests that Racer Industries sponsor a company 10-K as a form of advertising. The cost to sponsor the event is $7,200. How many more units must be sold to cover this cost?
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Merchandise invoiced at $9,500 is sold on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?
On September 1, 2005, Saturn Corporation's common stock was selling at a market price of $300 per share. On that date, Saturn announced a 3 for 2 stock split. At what price would you expect the stock to trade immediately after the split goes into ..
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