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Question - MacDougall Brothers The income statement approach to estimating uncollectible accounts is used by MacDougall Brothers. On January 31 the firm had accounts receivable in the amount of $750 000. The Allowance for Doubtful Accounts had a credit balance of $5 250. The controller estimated that the uncollectible accounts expense would amount to one-half of 1% of the $4 500 000 of net sales made during January. This estimate was entered in the accounts by an adjusting entry on January 31. On February 12, an account receivable from Carlotta Smith in the amount of $4 125 was determined to be worthless and was written off. However, on February 24, Smith won several million dollars in the lottery and immediately paid her $4 125 past-due account. Prepare journal entries in general journal form for Jan. 31, Feb. 12, and Feb. 24.
Make journal entries for Bismillah Traders for the establishment, replenishment, and changing the size of the fund. Bismillah Traders Postage and stamps 450.00
What is the required return on this share, according to CAPM? Recycled Plastics Ltd is listed on the stock market and has a beta of 2.40.
Calculate the total gain that the two companies can achieve by entering into a swap between them and explain briefly why such swap transforms a fixed rate liabilities of ABC inc. in floating rate liabilities
A project has an annual rate of return of 15%. The project cost $120,000, has a 5 year useful life, and no salvage value. Straight-line depreciation is used.
Coffee Shop Doughnuts has current assets of $280 million; property, plant, and equipment of $430 million; and other assets totaling $170 million. Current liabilities are $170 million and long-term liabilities total $300 million. Use these data to wri..
Leopard Machinery, What is the sales revenue under the worst-case scenario? What is the operating cash flow at worst-case sales revenue?
Management has advised that they expect EBIT to average $350,000 for the next five years. Calculate the break-even EBIT for the two financing options
Jasper Corporation incurred the following costs which includes salaries and wages in April: Salesperson's salaries $32,000 Factory maintenance $25,000 Factory insurance 10,000 Administrative utilities 4,000 Factory supervisor salary 30,000 Administra..
Calculate the balance of each account as of March 31st, prepare a trial balance at March 31st and record the adjustments in the journal
Austin, Inc., acquired 10 percent of McKenzie Corporation on January 1, 2014, for $320,600 although McKenzie’s book value on that date was $2,100,000. McKenzie held land that was undervalued by $116,000 on its accounting records. Prepare all of the 2..
Elite Brand Company uses standard costs for their manufacturing division. Standards specify 0.1 direct labor hours per unit of product. At the beginning of the year, Calculate the variable overhead cost variance.
How long will it take to pay off a loan of ?$48,000 at an annual rate of 12 percent compounded monthly if you make monthly payments of ?$600?
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