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Question - Marvin Company is a subsidiary of Hughes Corp. The controller believes that the yearly allowance for doubtful accounts for Marvin should be 8% of gross accounts receivable. Given the recession and the high-interest rate environment, the president, nervous that the parent company might expect the subsidiary to sustain its 10% growth rate, suggests that the controller increase the allowance for doubtful accounts to 9%. The president thinks that the lower net income, which reflects a 6% growth rate, will be a more sustainable rate for Marvin Company.
Should the controller be concerned with Marvin Company's growth rate in estimating the allowance? Explain your answer.
Compute the total unit sales required to earn an after-tax P105,000 profit.30% tax rate is to be assumed. CRANMORE Company sells three products
Prepare income statement using VARIABLE method. The information had been gathered for the year ended December 2019 from Rjfn manufacturing.
What is the currency exchange rate between the U.S. and the U.K. if the rate of gold per ounce is 34.85 in the U.S. dollar and 3.07 in U.K. pound sterling
Estimated production:The product is priced at $ 4.00. The desired at the end of each quarter inventory equal to 10% of production needs the following quarter.The final inventory of the year 20X5 production was 12,840 units. Requested: Take a direct m..
Gambit Stores accepts from Leonard Co. a $3,400, 90-day, 6% note dated May 10 in settlement of Leonard's overdue account. (a) What is the maturity date of the note?
10% increase over last year. For the company to increase income by P15,000 in the coming year, the marginal contribution margin rate must be
The fair value of the asset is P80,000 at the end of the lease. How much is the cost of goods sold recognized on January 1, 2020
Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31
The company anticipates annual cash flows of $140,000 resulting from the new clock. Calculate the net present value of the dock
What the raw material cost of units completed in June is? Hinghol Company has a cycle time of 3 days, uses a Materials and In process (MIP)
What are the two factors that have to be considered when making determinations on an accounting system?
Prepare an income statement for the month. Your income statement should include the cost of unused capacity as a period expense.
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