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Question: Emma's Clothes, Inc has accounts receivable of $210,000. In the current economy, she has noticed an increase in uncollectible accounts. In 2016, her sales were $3,200,000 and in 2017, sales were $3,800,000. She has estimated in the past 2% of sales would eventually be uncollectible. Emma believes that her losses were closer to 3% last year. She has recorded bad debt expense of 2% for 2017. Does she need to make a retroactive correction for 2016, and should she add an additional adjustment to 2017? If so, write the journal entry for the year-end adjustment.
On January 1, 2009, Mania Enterprises issued 12% bonds dated January 1, 2009, with a face amount of $20 million. Determine the price of the bonds at January
entries for held-to-maturity securities on july 1 2014 salt mine corporation purchased at par 8 bonds having a maturity
What is the margin of safety in dollars and What is the margin of safety percentage
danson iron works inc. manufactures angular contact ball bearings for pumps that operate in harsh environments. if the
Prepare a brief essay that discusses the most important factors associated with foreign exchange rate risk. In your essay, indicate why you feel this is a concern to you.
Pebble Company acquired equipment on June 1, 2015, for $236,000. It is a calendar year-end company. The equipment has an estimated useful life of five years and an estimated residual value of $6,000.
What type of direct material variances for quantity and price will arise if the actual number of pounds of material used exceeds budgeted pounds but actual cost per pound was less than budgeted cost per pound?
The income statement does not disclose any detail on the operating expenses that were subtracted in determining operating profit, but refers readers to several.
on february 5 land building and equipment were purchased for a total amount of 1220000. the assessed values of these
in its first month of operation kuhlman company purchased 100 units of inventory for 6 then 200 units for 7 and finally
In 2011, the estimates of useful life and residual value were changed to 20 years and $500,000, respectively. What is depreciation on the building for 2011?
In what way can a business manager use accounting information?
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