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The general ledger account for Accounts Receivable shows a debit balance of $50,000. Allowance for Uncollectible Accounts has a credit balance of $1,000. Net sales for the year were $494,000. In the past, 2 percent of sales have proved uncollectible, and an aging of accounts receivable accounts results in an estimate of $13,500 of uncollectible accounts.
Using the percentage of net sales method, the allowance for uncollectible accounts balance(after adjustment) would be?
A. 8,880
B. 9,880
C. 10,880
D.1,000
Wallace Company lost of its inventory in a fire in December just before the year-end physical inventory was taken. Merchandise with a selling price of $ 21,000 remained undamaged after the fire. Damaged merchandise with original selling price of $15,..
A $750,000 bond was retired at 103 when the carrying value of the bond was $777,500. The entry to record the retirement would include a
On June 1, Cline Co. paid $892,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow: Cash $ 178,000 Accounts receivable 237,000 Capitalized software costs 37..
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Prepare entries necessary to classify the amounts into proper accounts, ..
What do these ratios show in relation to the company's profitability and financial stability?
Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution format income statement.
Determine the value of the company's inventory under the lower-of-cost-ormarket approach.
q. choose an indian company of your choice that has adopted balance score card and detail on it.q.what is a cash
theory questions based on ratio analysis.1.explain the difference between bank solvency and bank liquidity.2.from the
Kayla age 17, is claimed by her parents as a dependent. During 2015, she had interest income from a bank saving account of $2,000 and income from a part time job of $4,200. How much her taxable income is?
Calculate the incremental cash flows to Celtex if the consumer products division obtains Q47 from Synchem versus Meas Chemicals. What advice would you give Debra Donak?
Lei purchased $3,000 stocks, expecting a 10% increase per year in value. What would be the after tax cash flow, when she sells the stocks in 7 years. He ordinary income tax bracket would be 25%?
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