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"Valuation of Accounts Receivables"
Discuss the primary advantages and disadvantages of applying the direct write-off and the allowance method of writing off accounts. Even though the direct write-off method is not acceptable for generally accepted accounting principles (GAAP) reporting, take a position on whether or not estimating the allowance for doubtful accounts distorts gross income. Propose an alternative method to increase the accuracy of reporting. Explain your rationale.
Identify at least three (3) risk factors inherent in estimating the amount of customer write-offs. Explain the procedural steps in which accountants or auditors would follow to identify where material misstatement of receivables and associated gross income has occurred. Explain your rationale.
"Bad Debts"
Assume that you work as an accounting manager and notice that the number of bad debt has increased significantly over the past year. Discuss what factors might be yielding this result and how you would address the problem.
Pick any business and with this specific business in mind, discuss some possible "early warning signs" to indicate that this business needs to review its bad debt holdings.
Prepare the entries, if any, on each of the three dates that involved dividends. How are dividends and dividends payable reported in the financial statements prepared at December 31?
what is a contingent liability? give an example of a contingent liability that is usually recorded in the
What constitutes a pledge or contribution? When does a not-for-profit organization recognize pledge revenue and contribution revenue? How do contributions differ from exchanges?
Tonga Industries reported the following: Net Sales $450,000 Cost of goods sold $360,000 Operating expenses $60,000 Tax Rate 40% The net income is:
speedy print makes advertising hangers that are placed on doorknobs. it charges 0.04 and estimates its variable cost to
you have been asked to prepare a presentation for the next board of directors meeting regarding managerial accounting.
Tanner Company was acquired for cash in a transaction that created goodwill. At what amounts will the building and land be reported in the consolidated balance sheet immediately following the purchase?
when the amount of over-under applied manufacturing overhead is small the manufacturing overhead account is generally
Accepted a $12,000, 60-day, 8% note dated December 13 in granting Allie Sumera a time extension on her past-due account receivable. What is the interest receivable and interest revenue?
georgia custom cabinet company is setting standard costs for one of its products. the main material is cedar wood sold
ludwig enterprises makes only one product. the company has a theoretical capacity of 50000 unit annually. practical
what type of company would use a process costing system? what about a job-order costing system? provide two examples
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