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At the end of 2020, Ayayai Corp. has accounts receivable of $2.00 million and an allowance for doubtful accounts of $100,000. On January 16, 2021, Ayayai determined that its $18,000 receivable from Blossom Company will not be collected, and management has authorized its write off. On January 31, 2021, Ayayai received notification that the company will be receiving $0.10 for every $1.00 of accounts receivable relating to Sunland Company The company had previously written off 100% of the amount due from Sunland ($50,000).
(a) Prepare the journal entry for Ayayai Corp. to write off the Blossom receivable and any journal entry necessary to reflect the notice regarding Sunland Company.
You have seen how digital technology like YouTube allows people to easily create mashups and remixes. Do you think the law should allow these diffrent kinds of creative expressions? Why?
Good Vibrations, Inc., produces videotapes of musical performances. A newly hired executive of the company has asked you to sort through the records and prepare a statement of the company”s cost of goods manufactured. Prepare a statement of cost of g..
Prepare a segmented income statement in the contribution margin format for the company.Omit percentages; show only dollar amounts. Why should management discontinue a segment? Which one?
Firm B produces gadgets. The price of gadgets is $2 each. Firm B has total fixed costs of $300,000 and variable costs of $1.40 per gadget. The corporate tax rate is 40%. What is the breakeven number of gadgets B must sell to make a zero after tax ..
What was the top marginal personal income tax rate in 1980? What is the top rate now? Are you in favor of or opposed in the lower marginal rates? Why?
Andre's retires in 5 years. He would have to purchase equipment costing $400,000 to equip a building and invest an additional $150,000 for inventories. Different buildings have a annual net cash inflow of about $160,000. Anders would close the buildi..
Patricia has taxable income of $40,000 on which she pays income tax of $5,935. If Patricia’s taxable income increases by $2,000, she will pay an additional tax of $500. What is Patricia’s marginal tax rate?
Dvorak Company produced 1,000 units of product that required three standard hours per unit. The standard variable overhead cost per unit is $1.40 per hour. The actual variable factory overhead was $4,000. Determine the variable factory overhead contr..
James Company has a margin of safety percentage of 20%. The break-even point is $220,000 and the variable costs are 40% of sales. Given this information, the operating profit is:
Cliff paid $4,200,000 of the invoices received during the year. What amount of Cliff's encumbrances were outstanding at June 30, 2011?
Returned for credit Some of the office equipment Previously purchased on credit But not yet paid for.
In a slow year, Deutsche Burgers will produce 2.0 million hamburgers at a total cost of $3.6 million. In a good year, it can produce 4.5 million hamburgers at a total cost of $5.1 million. What are the variable cost and fixed costs of hamburger produ..
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