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At December 31 of the current year, a company reported the following:
Total sales for the current year: $780,000, includes $160,000 of cash sales. Accounts Receivable balance at December 31 of the current year: $190,000 Bad Debts written off during the year: $6,800 Balance of Allowance for Doubtful accounts at January 1, current year $8,300 Prepare the necessary adjusting entries to record bad debt expense assuming the company’s bad debts are estimated to equal: 1. 1.5% of credit sales 2. 5% of accounts receivable
Preparation of Bad debt Account and their Adjustment - What's the total f account in bad debts expense and What's the amount of the adjuster
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The entrepreneur who founded the company is convinced that sales will increase next year by 150% and that net operating income will increase by 400%, with no increase in average operating assets. Illustrate what would be the company’s ROI? (Do not..
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A company allocates overhead at a rate of 140% of direct labor cost. Actual overhead cost for the current period is $745,000, and direct labor cost is $500,000. Prepare the entry to close over- or underapplied overhead to cost of goods sold
Are the depreciation techniques used in the company's financial statements evaluated by existing income tax laws? If not, who is responsible for choosing these methods? Describe.
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