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The December 31, 2013 balance sheet of Barone Company had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2014, the following transactions occurred: sales on account $1,500,000; sales returns and allowances, $50,000; collections from customers, $1,250,000; accounts written off $36,000; previously written off accounts of $6,000 were collected. <br/> <br/>Instructions <br/>(a) Journalize the 2014 transactions. <br/>(b) If the company uses the percentage-of-sales basis to estimate bad debt expense and anticipates 3% of net sales to be uncollectible, what is the adjusting entry at December 31, 2014? <br/>(c) If the company uses the percentage of receivables basis to estimate bad debt expense and determines that uncollectible accounts are expected to be 8% of accounts receivable, what is the adjusting entry at December 31, 2014? <br/>(d) Which basis would produce a higher net income for 2014 and by how much? <br/>
anthony roofings budgeted manufacturing costs for 50000 squares of shingles are fixed manufacturing costs 30000
on january 1 2013 sweetwater furniture company leased office space under a 21-year operating lease agreement. the
As a senior manager of your information technology group, discuss how you would demonstrate, by example, the importance of security and then propose a method for creating a "security aware" culture. Provide specific examples to support your respon..
midland chemical co. is negotiating a loan from manhattan bank and trust. the small chemical company needs to borrow
five trucks were leased by pleasantville under terms qualifying as a capital lease. these trucks are to be used by the
1. which of the following is true regarding proprietary fund accounting the economic resources measurement focus and
The company's beta is 1.25, the required return on the market is 10.50%, and the risk-free rate is 4.50%. What is the company's current stock price?
In the same year Nectar sold land costing $50,000 to Lorikeet for $30,000. On July 1, 2005, Lorikeet sold the land to an unrelated party for $110,000. What will be the gain reported on the consolidated income statement for 2005?
Which of the following is not characteristic of a corporation? a) The financial loss that a stockholder may suffer from owning stock in a public company is limited. b) Cash dividends paid by a corporation are deductible as expenses by the corporation..
direct materials 64900direct labor 17600factory supplies 20000factory supervision 31400research and development
Prepare the journal entry to record the issuance of the bonds. Prepare the adjusting entry to record the accrual of interest on December 31, 2008. Show the balance sheet presentation on December 31, 2008.
Balance sheet data for the Dover Hot Tub Company on December 31,the end of the fiscal year are as follows:
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