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A business makes mostly credit sales. At the end of the year, its accountant does an aging analysis of its accounts receivables, analyzing the receivables according to how old they are. Generally, the older a receivable is, the greater the risk of not collecting it or not collecting the entire amount owed by the customer. At the end of the year, the business has $4,538,600 total accounts receivable. This ending balance doesn't include specific accounts receivable that were written off during the period. Based on its aging analysis, the business estimates that sooner or later about $95,000 of the ending balance of its accounts receivable will not be paid by customers. What year-end adjusting entry is made?
A truck costs $16,000 with a residual value of $1,000. It has an estimated useful life of 5 years. If the truck was bought on July 3, what would be the book value at end of year 1?
xyz has been an s corporation since its inception six years ago. on january 1 of the current year the corporations two
1. on march 31 2013 home decorating pavilion received a bank statement containing a balance of 9750. the balance in the
Suppose sales increase by 20 percent next month, calculate the effect that increase will have on her profit.
What is the difference between a qualified employee discount and a bargain purchase by an employee?
The selected accounts appear in the adjusted trial balance columns of the worksheet for Batan Company - Indicate the financial statement column
Research and analyze the accounting system of your selected country; present results in a brief paper.
Explain how organizations in the not-for-profit sector differ from organizations in the public sector or for-profit business sector. Provide an example of an entity in each sector.
On January 15, 2013, Yancey Company paid property taxes on its factory building for the calendar year 2013 in the amount of $840,000. In the first week of April 2013, Vancey made unanticipated major repairs to its plant equipment at a cost of $2,1..
If Saguaro Corporation makes a timely election under § 248 to amortize qualifying organizational expenses, how much may the corporation deduct for tax year 2008?
Palms, Inc. wants to sell enough palm trees to earn a profit of $20,000. If the unit sales price is $40, unit variable cost is $22, and total fixed costs are $120,400, how many trees must be sold to earn income of $20,000
Second Baptist would start a church school. And Baker would open a car dealership. If you are the financial adviser for the school district, which offer would you prefer? Why?
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