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    11. ABC company uses the estimate of sales method of accounting for uncollectible accounts. ABC estimates that 3% of all credit sales will be uncollectible. On January 1, 2005, the Allowance for Doubtful Accounts had a credit balance of $2,400. During 2005, ABC wrote-off accounts receivable totaling $1,800 and made credit sales of $100,000. After the adjusting entry, the December 31, 2005, balance in the Uncollectible Accounts Expense would be ________.

    11. ABC company uses the estimate of sales method of accounting for uncollectible accounts. ABC estimates that 3% of all credit sales will be uncollectible. On January 1, 2005, the Allowance for Doubtful Accounts had a credit balance of $2,400. During 2005, ABC wrote-off accounts receivable totaling $1,800 and made credit sal

    Uses the direct write-off method of accounting for uncollectible

    9. The LMN Co. uses the direct write-off method of accounting for uncollectible accounts receivable. The entry to write off an account that has been determined to be uncollectible would be as follows: ________. debit Allowance for Doubtful Accounts; credit Accounts Receivable debit Sales Returns and Allowan

    How are layaway cash amounts recorded?

    "I don't believe my company records unearned income in their balance sheet. We are a retail company, and, although we have layaway, most of our sales are immediate cash for product transactions. Layaways are still counted as part of our inventory until they are paid in full. So, again, I would think my company does not record un

    Marginal Utility Role when Purchasing Items

    Think about purchasing an item you already own, another TV or pair of shoes, for example. Describe the item and your decision to purchase it. Then indicate the role marginal utility would play in your decision to buy that additional item. (If you say "it played no role," you haven't learned what marginal utility means!)

    Busy Pig Company Two Products

    Busy Pig company produces two products. Absorption costing for the products look like this: Product A Product B Direct materials 6000 40 000 Direct wages 10 000 20 000 Indirec

    Portfolio Returns

    Problem: Rate of Return if State Occurs State of Economy Probability of State of Econ Stock A Stock B Stock C Boom 0.30 0.30 0.45 0.33 Good

    Economies of scale Develop a list of variables that may affect economies of scale (taxes, rent, overhead costs, quantity discounts on ordering from suppliers, efficiency of production, etc.) and describe with real life examples of how these factors may affect the price of each unit, and how a firm may incorporate these concepts to take advantage of economies of scale. of economies of scale.

    Economies of scale Develop a list of variables that may affect economies of scale (taxes, rent, overhead costs, quantity discounts on ordering from suppliers, efficiency of production, etc.) and describe with real life examples of how these factors may affect the price of each unit, and how a firm may incorporate these concep

    Distribution of proceeds among partners

    After realization of a portion of the non cash assets of Bemis, Coppo & Dipp LLP, which was being liquidated, the capital balances were Bemis, 54,600; Coppo, 40,500; and Dipp, 17,000. Cash of 34,100 and other assets with a carrying amount of 98,000 were on hand. Creditors' claims totaled 20,000. Bemis, Coppo, and Dipp share net

    ROI and operating income

    Suppose that I have an operating income of 90,000 and net assets with a fair market value of 300,000. Another company pays 450,000 for my net assets and business activities. How do I: 1. Calculate the ROI for Company A. based on its present operating income and the fair market value of its net assets? and, 2. How do I

    Bad Debt question

    Hi! I need help calculating the net realizable value of A/R at 12/31/09, as well as preparing a balance sheet for the company. Current assets section of balance sheet for Company B: A/R - $63,000 Less: Allowance for bad debts - (9,000) $54,000 The company's accounting records revealed the following information fo

    Accounting for Bad Debts issue

    Here's the question: as of January 2009, the balance in Company A's Allowance for Bad Debts account was 9,720. During the year, a total of 23,900 of delinquent receivables was written off as bad debt. The balance in the Allowance for Bad Debt account at December 31, 2009 was 10,480. a. What was the total amount of bad debts

    Job costing-vs-process costing,manufacturing overhead rate

    1.Describe job-costing and process-costing systems. Explain when it would be appropriate to use each. 2.In a job-costing system, explain why it is necessary to apply indirect costs to production through the use of a manufacturing overhead cost allocation rate.

    Public Accounting: Assurance and User Expectations

    Why is public accounting often viewed as a guarantor of results or even as a provider of assurance that one's investment is of high quality? To what extent is the user expectations of public accounting profession appear to be unwarranted?

    Analysis of income effects from eliminating departments

    See pdf file. Exercise 10-7: Analysis of income effects from eliminating departments L.O. C1, A1 Dept. M Dept. N Dept. O Dept. P Dept. T Sales $63,000 $ 35,000 $56,000 $42,000 $ 28,000 Expenses Avoidable 9,800 36,400 22,400 14,000 37,800 Unavoidable 51,800 12,600 4,200 29,400 9,800 Total expenses 61,600 49,000 26,600 43

    Colt Company Contribution

    See pdf file. Exercise 10-9: Sales mix determination and analysis L.O. C1, A1 Colt Company owns a machine that can produce two specialized products. Production time for Product TLX is two units per hour and for Product MTV is five units per hour. The machine's capacity is 2,750 hours per year. Both products are sold to a s

    Fixed, Total Variable and Total Costs

    1. A firm has fixed costs of $60 and variable costs as indicated in the table. a. Graph total fixed cost, total variable cost, and total cost. Explain how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves. b. Graph AFC, AVC, ATC, and MC. Explain the derivation and shape of each

    GDP, CPI and Elasticity of Goods

    1. The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Year Nominal GDP Billions, Price Index (1996 = 100) Real GDP, Billions 1960 $ 527.4 22.19 $____ 1968 911.5 26.2

    After Tax Cash Flow from the Sale of the Equipment

    Salvage Value. Quick Computing installed its previous generation of computer chip manufacturing equipment 3 years ago. Some of the older equipment will become unnecessary when the company goes into production of it's new product. The obsolete equipment, which originally cost $40 million, has been depreciated straight-line over a

    Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-hour week and

    Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-hour week and a 50-week year, regardless of the number of haircuts. Rent and other fixed expenses are $1,750 per month. Hair shampoo used on all

    Taxable income for an individual is defined as

    Please some help with the attached questions. Would be greatly appreciated. Multiple Choice 1. Taxable income for an individual is defined as: a. AGI reduced by itemized deductions. b. AGI reduced by personal and dependency exemptions. c. total income reduced by deductions for AGI. d. AGI reduced b