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At the end of its first year of operations, December 31, 2020, Johnny Company had accounts receivable of P 7000000 net of the related allowance for doubtful accounts. During 2020, the entity record charges to bad debt expense of P 700,000 and wrote of P 150,000 of uncollectible accounts receivable
Problem 1: On December 31, 2020, what amount should be reported as accounts receivable before the allowance for doubtful accounts?
Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable costs..
Assuming that each activity's cost pool is allocated using a separate cost driver as indicated above, calculate the total overhead to be allocated to one unit of each product.
1.Patterson, Inc. receives a $10,000 payment two years in advance of delivering a completed novel.
Determine whether the financial instruments should be classified as a financial liability or equity instrument of the respective companies.
At a level of 21,500 units sold, Gail Corp has sales of $602,000, a contribution margin ratio of 55%, and a profit of $90,860. What is the break-even point in units?
Explain is there an alternative substantive procedure that you could perform that would provide convincing evidence that this balance is collectible?
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earring to various retail outlets located in shopping malls across the country. Prepare a master budget for the three-month period ending June 30. Include th..
Estimate the value of the common stock. Mestron Motors' common stock currently pays an annual dividend of $1.80 per share.
John Jamison transferred $200,000 of tax exempt bonds to a trust for the benefit of his grandchildren 2 years ago. He died this year. Assume the gift tax paid was approximately $60,000. What amount is includible in his gross estate. If the transfer w..
Pablo has a $63,000 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate non liquidating distribution, cash of $25,000, cash basis receivables with an inside basis of $0 and a fai..
The current contract amount for the project is $150,000. The estimated cost at completion is $130,000. The actual costs to date are $47,000 and the total billed to the owner is $55,000. Is the project over or under billed? By how much?
income statement preparation using contribution and absorption costingstraightforward income statementsthe independence
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