Business, 13.06.2020 22:57 emilypzamora11
During Burns Company's first year of operations, credit sales totaled $156,000 and collections on credit sales totaled $113,000. Burns estimates that bad debt losses will be 1.0% of credit sales. By year-end, Burns had written off $380 of specific accounts as uncollectible. Required: 1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. Show the year-end balance sheet presentation for accounts receivable.
Answers: 1
Business, 21.06.2019 13:50
Time value an iowa state savings bond can be converted to $750 at maturity 5 years from purchase. if the state bonds are to be competitive with u.s. savings bonds, which pay 5% annual interest (compounded annually), at what price must the state sell its bonds? assume no cash payments on savings bonds prior to redemption. ignore taxes.
Answers: 3
Business, 22.06.2019 14:30
Your own record of all your transactions. a. check register b. account statement
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Business, 22.06.2019 18:00
Biochemical corp. requires $600,000 in financing over the next three years. the firm can borrow the funds for three years at 10.80 percent interest per year. the ceo decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. assume interest is paid in full at the end of each year. a)determine the total interest cost under each plan. a) long term fixed rate: b) short term fixed rate: b) which plan is less costly? a) long term fixed rate plan b) short term variable rate plan
Answers: 2
Business, 22.06.2019 20:30
Hank itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. the following are required for production of a 70-gallon batch. 2,700 ounces of grape concentrate at $0.04 per ounce 77 pounds of granulated sugar at $0.43 per pound 133 lemons at $0.79 each 350 yeast tablets at $0.24 each 350 nutrient tablets at $0.14 each 2,500 ounces of water at $0.001 per ounce hank estimates that 4% of the grape concentrate is wasted, 9% of the sugar is lost, and 32% of the lemons cannot be used. compute the standard cost of the ingredients for one gallon of wine. (round intermediate calculations and final answer to 2 decimal places, e.g.
Answers: 3
During Burns Company's first year of operations, credit sales totaled $156,000 and collections on cr...
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