Business, 06.08.2019 17:10 macyfrakes
Liang company began operations on january 1, 2012. during its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. these transactions are summarized as follows. 2012 a. sold $1,354,000 of merchandise (that had cost $979,200) on credit, terms n/30. b. wrote off $18,900 of uncollectible accounts receivable. c. received $673,600 cash in payment of accounts receivable. d. in adjusting the accounts on december 31, the company estimated that 2.20% of accounts receivable will be uncollectible. 2013 e. sold $1,508,600 of merchandise (that had cost $1,292,400) on credit, terms n/30. f. wrote off $27,600 of uncollectible accounts receivable. g. received $1,337,300 cash in payment of accounts receivable. h. in adjusting the accounts on december 31, the company estimated that 2.20% of accounts receivable will be uncollectible. required: prepare journal entries to record liang’s 2012 summarized transactions and its year-end adjustments to record bad debts expense. (the company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (round your intermediate calculations to the nearest dollar amount.)
Answers: 2
Business, 21.06.2019 16:00
Five times the sum of a number and 27 is greater then or equal to six times the of that number and 26. what is the solution set to this proportion?
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Business, 21.06.2019 22:10
Fess receives wages totaling $74,500 and has net earnings from self-employment amounting to $71,300. in determining her taxable self-employment income for the oasdi tax, how much of her net self-employment earnings must fess count? a. $74,500 b. $71,300 c. $53,900 d. $127,200 e. none of the above.
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Business, 22.06.2019 14:30
Bridge building company estimates that it will incur $1,200,000 in overhead costs for the year. additionally, the company estimates 50,000 direct labor hours will be spent building custom walking bridges for the year at a total direct labor cost of $600,000. what is the predetermined overhead rate for bridge building company if direct labor costs are to be used as an allocation base?
Answers: 3
Liang company began operations on january 1, 2012. during its first two years, the company completed...
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