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Problem 1. All of the following are valid bad debt expense assumptions except:
A. Direct write off method
B. Percentage of sales method
C. Percentage of receivable method
D. Treat bad debts as unusual items that do not often occur.
Problem 2. Below are five steps involved in a typical trade transaction. Which step is out of order?
A. Exporter ships the product to the importer
B. The draft is accepted by the importer's bank becoming a banker's acceptance
C. Exporter prepares a 60 day draft on importer in accordance with the letter of credit.
D. Exporter agrees to ship under a letter of credit
E. Importer's bank issues the letter of credit.
The president asks you to compare the alternatives on a total-annual-cost basis and on a per-unit basis for annual needs of 60,000 units. Which alternative seems more attractive?
Which alternative is more profitable? Show calculations supporting your decision. A company has obsolete inventory costing $71,000.
Alpha Company, on March 1, 2017 has a beginning Work in Process inventory, Determine for the month of March the cost per equivalent unit of direct material
Basis of total product produced and then further to produced units on a per unit basis. If the product is outsourced, this overhead will be reassigned to other operating divisions although total corporate overhead incurred will remain unchanged.
Operating costs for the contract are estimated to be N$1.35 million per annum, excluding depreciation. Calculate the impact of accepting the contract
Prepare the company's journal entry to record the note's issuance, prepare the journal entries for the first and second installment payments
how much of the loss did you assign to the permanently restricted assets, and how much to the temporarily restricted assets? How can you justify this division of the loss?
If a batch of rolls bakes for 45 minutes, and then cools for 15 minutes, what amount of utility cost will be allocated to each batch of rolls?
Complete the companys flexible budget performance report for May. Label each variance as favorable (F) or unfavorable (U) - Indicate the effect of each variance by selecting
Turnover and a longer average collection period for accounts receivable. Which of the following is most likely to be associated with these symptoms?
Discuss why using financial accounting information for managerial decision-making may lead to distorted decisions (Specific examples need to be provided)
The terms of which provide for monthly payments of $1,250. Explain how the liability should be classified on the balance sheet
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