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You have credit sales for the year of 1,000,000. return and allowances are 100.000.You write-off an amount for 50,000 during the year. subsequent to this, you receive 20,000.recovery of this account. The allowance balance before the above is 5,000 credit.If you estimate bad debt expense to be 1/2% of sales, what entries do you make during the year?what if instead of the % of sale method, you use the % of receivables method. Here is the aging:
Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?
Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 20,000 shares of common stock were outstanding during 2012.
schopp inc. has been manufacturing its own shades for its table lamps. the company is currently operating at 100 of
What are some general and administrative expenses that can appear on a merchandising company's income statement that would not appear on a service company's income statement?
vineyard test laboratories does heat testing and stress testing on materials and operates at capacity. under its
Average storage bin usage for various inventories was estimated to be 200 per day. The costs and cost drivers were determined to be as follows:
The mortgage holder on the vacation home agreed to reduce the mortgage from $60,000 to $50,000. The value of the personal residence was $80,000 and the value of the vacation home was $45,000 at the dates of the debt reduction.
on may 26 2012 the xx corp. acquired a piece of land by issuing 60000 shares of its 9 par value common stock. the list
which of the following is not a characteristic or limitation of the kind of information that financial reporting by
Make all journal entries necessary on Candra Christensen's books in 2011, 2012, and 2013 to record the forward contract and the purchase of the lobster. For purposes of estimating future settlement payments under the forward contract, assume that ..
In exchange for all of its stock, Aqua receives: assets (basis of $380,000 and fair market value of $1.8 million), trade accounts payable of $125,000, and loan due to a bank of $375,000. The proceeds from the bank loan were used by Shawn to provid..
Analyze the differences between US GAAP and IFRS in accounting for equity statements to determine which presents the greatest challenges for the greatest number of companies. Provide specific examples to support your response.
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