Accounts receivable as of december 31, 2016, nala incorporated reported accounts receivable for $275,000 less allowance for doubtful accounts of $27,000 on their balance sheet. during 2017, nala incorporated had the following transactions related to their receivables balance: 1. sales on account $180,000 2. collections of accounts receivable 125,000 3. sales returns 20,000 4. write-offs of accounts receivable deemed uncollectible 35,000 5. recovery of bad debts previously written off 2,500 a) prepare the journal entries for each of these five transactions b) prepare the journal entry to record bad debt expense for 2017, assuming that the aging of accounts receivable indicates that estimated bad debts are 10% of accounts receivable.
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Business, 21.06.2019 16:30, Ivy2k
]4. seiler company has the following information: materials work-in-process finished goods beginning inventory 300 400 500 ending inventory 700 900 1500 material purchase 7,700 cost of goods sold 15,600 direct labor 5,500 what was the manufacturing overhead for the period? a. $3,400. b. $4,300. c. $3,000. d. $5,500.
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Business, 22.06.2019 11:10, allieallie
Use the information below to answer the following question. the boxwood company sells blankets for $60 each. the following was taken from the inventory records during may. the company had no beginning inventory on may 1. date blankets units cost may 3 purchase 5 $20 10 sale 3 17 purchase 10 $24 20 sale 6 23 sale 3 30 purchase 10 $30 assuming that the company uses the perpetual inventory system, determine the gross profit for the month of may using the lifo cost method.
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Business, 22.06.2019 15:50, jackievelasquez7881
Singer and mcmann are partners in a business. singer’s original capital was $40,000 and mcmann’s was $60,000. they agree to salaries of $12,000 and $18,000 for singer and mcmann respectively and 10% interest on original capital. if they agree to share remaining profits and losses on a 3: 2 ratio, what will mcmann’s share of the income be if the income for the year was $15,000?
Answers: 1
Accounts receivable as of december 31, 2016, nala incorporated reported accounts receivable for $275...
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