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Question - At December 31, 2014, Flossy Co. reported accounts receivable of $216,000 and an allowance for uncollectible accounts of $8,400. During 2015, accounts receivable increased by $22,000, and $7.800 of bad debts were written off. An analysis of Flossy Co.'s December 31, 2015, accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. What the Bad debt expense for 2015?
a. $600
b. $7,800
c. $6,540
d. $7,140
A U.S. firm has purchased, for 50,000 FCs, an electric generator from a foreign firm. The exchange rates were 1 FC = $0.80 on the delivery date and 1 FC = $0.76 when the payable was paid. What is the final recorded value if the two-transaction met..
At 1 July 2010, Epsilon Pty Ltd had 100 items of inventory which had cost $50 each. What was Epsilon Pty Ltd's cost of goods sold for the year
Hope received $135,000 in cash from pledges made in 2011 that were unrestricted as to purpose but intended to be expended in 2012.
The fixed cost is $ 1,200,000 a year. The product's current sales are 23,400 units. What is the margin of safety in dollars and percentage
The budgeted amount of raw materials to be purchased is determined by: adding the desired ending inventory of raw materials to the raw materials needed to meet the production schedule.
the just completed year hanna company had a net income of 35000. balances in the companys current asset and current
Burger Corp has $500,000 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $600,000, and its net income after taxes was $25,000.
Identify 8-10 controls in your environment at work or home and address the following questions for each one: What is the risk rating
General and Technical Rule Cases. Read the following cases. For each, state whether the action or situation shows a violation of the AICPA Code of Professional.
Ocean Escape Cruise Lines has a boat with a capacity of 1,200 passengers. What would be the profit or loss for the cruise
Construct a balance-of-payments table - Exports are $1120 billion in merchandise, $550 billion in service, and $480 billion factor income
If Wilton estimates that 8% of its receivables will prove to be uncollectible, prepare the December 31, 2019, journal entry to record bad debt expense
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