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Questions -
Q1. An analysis and aging of the accounts receivable of Skysong, Inc. at December 31 reveal these data:
Accounts receivable $3140000
Allowance for doubtful accounts per books before adjustment (credit) 240000
Amounts expected to become uncollectible 294000
What is the cash realizable value of the accounts receivable at December 31 after adjustment?
A. $2606000
B. $2900000
C. $3140000
D. $2846000
Q2. Bramble Corp. unadjusted trial balance includes the following balances (assume normal balances):
Accounts receivable $1900000
Allowance for doubtful accounts $33500
Bad debts are estimated to be 10% of outstanding receivables. What amount of bad debt expense will the company record?
A. $199500
B. $156500
C. $154370
D. $194130
Show the entry to record Orr's departure under the Hamilton and Talbot each pay $30 000 of their personal funds to Orr and receive 50% of his equity
1,500 Memberships were sold to the public in the amount of $40 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $25. The member year runs from July 1 to June 30.
Find What is the amount of depreciation expense to be recorded by Firm A for the first year of the lease if Firm A uses the straight line depreciation method?
Lake Michigan Credit Union finances auto loans for its members. Each loan can be classified into one of four categories: paid in full, good standing, poor standing (with one or more missing payments), and delinquent (where the debt is sold to a colle..
Analyse current accounting issues and communicate your theoretical understanding to your professional colleagues and your clients. For this assignment assume
If we applied an ethical perspective of Stakeholder Theory, should bank management care about the recommendation of the charity for One Parent Families.
On Jan 1, 2014, a company issued 10-year,10% bonds payable with par value of $500,000 and received $442,647 in cash proceeds. The market rate of interest at the date of issuance was 12%. The bonds pay interest semiannually on July and Jan 1. The issu..
The company makes several other products that utilize some of the same manufacturing procedures as the new product. Which cost estimation method would be the best method to determine total cost of manufacturing the new product?
Determine the bond which has a largest change in its price as a result of these in its yield to maturity. Please explain with two or more sentences.
2 percentage points, and Oakdale acquires new assets which increase its beta by 79 percent, what will be Oakdale's new required rate of return?
Would a job-order costing system or a process costing system be used for the production process? Give specific reasons for your choice of which costing system
Twin-Cities, Inc., purchased a building for $600,000. Calculate the annual depreciation for the first two years that Twin-Cities owned the building.
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