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The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the year, $380,000; allowance for uncollectible accounts at the beginning of the year, $27,000 (credit balance); credit sales during the year, $1,350,000; accounts receivable written off during the year, $18,000; cash collections from customers, $1,250,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable.Required:1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
Discuss the economic consequences issues that are present in each of the following transaction situations.
after graduation you plan to work for dynamo corporation for 12 years and then start your own business. you expect to
Prepare the appropriate journal entry to record the June purchases of shares under the employee share purchase plan.
the partnership equity accounts are considered to quite important within a partnership since it represents the partners
1.cmp inc. maintains perpetual inventory records. during january the company made purchasese of 40000 and sold goods
Lucia is a 69-year-old single individual who receives a taxable pension of $10,000 per year and Social Security benefits of $7,000. Lucia is considering the possibility of selling stock she has owned for years and using the funds to purchase a ..
corporation manufactures several types of accessories. for the year the gloves and mittens line had sales of 500860
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determine the amount of money in a savings account at the end of five years given an initial deposit of 3000 and an 8
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The contribution margin of the finished products is $6 each. Inventory carrying costs are $0.40 per unit per day. What is the change in the daily contribution margin if the change is made?
using high-low to calculate fixed cost calculate the variable rate and construct a cost function pizza vesuvio makes
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