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Evaluate the following scenarios, assuming both companies use the accounts receivable method of estimating bad debts expense.
1. At year-end, Vivian Company had accounts receivable of $ 12,000. The allowance for uncollectible accounts has a balance prior to adjustment of $ (600). An aging schedule prepared on December 31 indicates that $ 1,250 of Vivian's accounts receivable is uncollectible. Net credit sales were $ 110,000 for the year. 2. At year-end, Clausen Company has accounts receivable of $ 24,800. The allowance for uncollectible accounts has a balance prior to adjustment of $ 300. An aging schedule prepared on December 31 indicates that $ 3,300 on Clausen's accounts receivable in uncollectible. Net credit sales were $ 260,000 for the year.
Required:For each situation described above, compute the following:a. The bad debts expense for the year b. The balance in the allowance for uncollectible accounts at year-endc. The net realizable value of accounts receivable at year-endd. Assuming Thompson Company had an accounts receivable balance of $ 75,000 at the beginning of the year, what is Thompson's accounts receivable turnover ratio for the year? e. Based solely on the data provided, how many days it takes each company to collect its receivables, and which company is doing a better job of collecting its receivables. Explain your answer.
Oaks Edge Company's budgeted sales were 22,500 units at $76 per unit. Actual sales were 21,750 units at $79 per unit. What was Oaks Edge sales price variance?
Do you need to develop your own internal GAAP to manage the company? Let's get creative and brainstorm. There's no right answer here, just the opportunity to begin exploring the fascinating topic of International Accounting.
The following information is given for Alpha and Beta Divisions of Fraternity Corporation. If Fraternity Corporation uses ROI to evaluate division managers, and uses historical cost as the investment base, compute the ROI for Alpha and Beta.
Identify five other ways in which the Private Securities Act of 1995 will potentially change auditors' legal liability. Explain how each is of potential benefit to the auditor.
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Include tests of transactions after the balance sheet date as well as tests of transactions during the year under audit. Show
Since break-even focuses on making zero profit, is it of value in determining how many units must be sold to make a targeted profit? if so, what is it. I'm struggling to understand this. Examples would be great as references.
Suppose in year 2011 the risk free rate was 6% the market free rate was 9% and the beta of the share was 1.54. Calculate the costs of equity.
Describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words.
Prepare the adjusting entry (if any) for 2007, assuming the securities are classified as trading. Prepare the adjusting entry (if any) for 2007, assuming the securities are classified as available for-sale.
Discuss the 6 principles of professional conduct. When working in the field of auditing, ethical situations will always arise. Should you ever violate your ethical beliefs under any circumstances?
Government Auditing Standards published by the United States Government Accountability Office define standards associated with the following types of engagements:
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