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Question - The income statement approach to estimating uncollectable 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 uncollectable 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 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 $4,125 past-due account.
Required - Prepare journal entries in general journal form for Jan. 31, Feb. 12, and Feb. 24.
On July 1, 2014, Ambrose was admitted to partnership in the firm of Ambrose & Nectar. His contribution to capital consisted of 500 shares of stock in Paniculata Corporation
management has been reviewing company profitablity and is attempting to improve performance through better planning the
consider the following scenario a private citizen makes an unrestricted pledge of 5 million to a citys museum. the city
(Single-step Income Statement) The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2004. Fortunately the controller had kept certain statistical data related to the income statement as presented below.
Depreciation on fund capital assets totaled $ 800.Retirement benefits of $ 7,700 were paid to retirees. Interest of $ 2,500 and dividends of $ 1,400 were received from investments.
Discuss with your collaborative group how to complete a comprehensive bank reconciliation with theft and internal control deficiencies.
You are a CPA and have been hired as a consultant to Brown Corporation's accounting staff and especially to assist Joe. Write a one-page (maximum) memo.
To make the necessary adjustments, you are given the following information: Inventory figures in the unadjusted trial are for the beginning of year 2004. The December 31, 2003, year-end inventories are $5,915 for food and $2,211 for beverages. Acc..
President Trump's position on bankruptcy is that it is often a smart business decision. Discuss the decision for a business to file Chapter 11.
Prepare all the necessary journal entries on Travis's books to record the acquisition and the events subsequent to the initial investments
According to the textbook, the balance sheet is important to investors and creditors because it provides important information about the amounts of investments, obligations to creditors, and owner's equity. However, there are limitations to the ba..
Net assets of the acquired company are revalued to their fair value and any excess of consideration transferred over fair value of net assets is allocated to goodwill.
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