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Wayen, Inc. sells to wholesalers on terms of 2/15, net 30. Wayen has no cash sales but 50% of Wayen's customer take advantage of the discount. Wayen uses the gross method of recording sales and trade receivables.
An analysis of Wayen's trade receivables at Dec. 31, 20x1 revealed the following:
Age Amount Collectible0-15 days 100,000 100%16-30 days 60,000 95%31-60 days 5,000 90%Over 60 days 2,500 $ 500 167,500
Problem 1: In its Dec. 31, 20x1 balance sheet, what amount should Wayen report for allowance for discounts?
In accounting for long-term construction contracts (those taking longer than one year to complete), the two methods commonly followed are the percentage-of-completion and completed-contract methods.
What is an alternative to carbon credits? Defend your position.
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Boyne Inc. had a beginning inventory of $12,000 at a cost and $20,000 at retail. Net purchases were $120,000 at cost and $170,000 at retail. Net mark-ups were $10,000; net markdowns were $7,000; and sales revenue was $147,000. Compute ending inventor..
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