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Question - HOTEL Company has recorded bad debts expense in the past at a rate of 1.5% of net sales. In 2022, HDTEL decides to increase its estimate to 2%. If the new rate had been used in prior years, cumulative bad debts expense would have been P380,000 instead of P285,000. In 2022, bad debts expense will be P120,000 instead of P90,000.
Required - If HOTEL's tax rate is 30%, what amount should it report as bad debts expense in the income statement as an effect of change?
Net credit sales during the year amounted to $8041000. The average collection period of the receivables in terms of days was
What amount of the transaction price would the company allocate to its performance obligation to provide the needed services to the customer
Unruh co. which has a taxable payroll of 400,000, is subject to FUTA tax 0f 6.2% and a state contribution rate of 5.4%. however, because of stable employment sxperience, the company's state rate has been reduced to 2%. What is the total amount of ..
Compute the unit product cost that would appear on the job cost sheet for this job, show work please.
As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. What is happening to the Cash account
Prepare the journal entry to close net income for the year to retained earnings. Net income was $500,000. What is the preferred dividend per share
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A, B, and C are partners with present capital balances of P40,000, P50,000, and P20,000. Calculate the capital balances for each individual in new partnership
R Company was created on January 1, 2021. Prepare the shareholders' equity section as of December 31, 2021 and December 31, 2022
Problem - Behavioral Effect of Standard Costs. Discuss the behavioral issues involved in Merit Inc.'s standard cost dilemma
In reporting segment information, what amount should be shown as operating profit of Division 1 for the current year
Prepare the journal entries to account for the lease transaction in the books of the lessor, Machine Guarantee Limited
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