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The chief accountant for Dickinson Corporation provides you with the following list of accounts receivable that were written off in the current year:
Date: Customer: amount:
march 31 eli masters ltd. $7,700june 30 crane associates $6,800sept 30 annie lowell's dress shop $12,000dec 31 vahik uzerian $6,830
Instructions
Problem (a) Do you agree with Dickinson Corporations policy on recognizing bad debt expense? Why?
Problem (b) By what amount would net income differ if bad debt expense was calculated using the allowance method and percentage-of-sales approach?
Problem (c) Under what conditions is using the direct write-off method justified?
Sales are $1.5 million, cost of goods sold is $600,000, depreciation expense is $150,000, other operating expenses is $300,000, addition to retained earnings is $146,250, dividends per share is $1, tax rate is 30 percent, and number of shares of comm..
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