At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $654,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $327 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions.

Answer and Explanation:

The journal entries are shown below:

On December 31

Bad debt expense Dr  $5,232      ($654,000 × 0.80%)

      To Allowance for doubtful debts  $5,232

(To record the bad debt expense)  

On Feb 01

Allowance for doubtful debts Dr $327

     To Account receivable $327

(To record the uncollectible amount)

On June 5

Account receivable $327

         To Allowance for doubtful debts Dr $327

 (To record the uncollectible amount)

On June 5

Cash Dr $327

  To Account receivable $327

(To record the cash received)

Dukelow Corporation has two divisions: the Governmental Products Division and the Export Products Division. The Governmental Products Division's divisional segment margin is $41,300 and the Export Products Division's divisional segment margin is $93,700. The total amount of common fixed expenses not traceable to the individual divisions is $106,800. What is the company's net operating income (loss)?
a) $241,800
b) $135,000
c) $28,200
d) $135,000

Suppose your company needs $43 million to build a new assembly line. Your target debt-equity ratio is .65. The flotation cost for new equity is 6 percent and the flotation cost for debt is 2 percent. Your boss has decided to fund the project by borrowing money because the flotation costs are lower and the needed funds are relatively small. a. What do you think about the rationale behind borrowing the entire amount?

On January 1, 2019, Sandhill Corporation acquired machinery at a cost of $1290000. Sandhill adopted the double-declining balance method of depreciation for this machinery and had been recording depreciation over an estimated useful life of ten years, with no residual value. At the beginning of 2022, a decision was made to change to the straight-line method of depreciation for the machinery. The depreciation expense for 2022 would be

What are the step(s) when using the Sales with Payment customer
workflow?

who want to do 1v1 lol with me

Ivanhoe Corporation, a manufacturer of Mexican foods, contracted in 2020 to purchase 1000 pounds of a spice mixture at $4.00 per pound, delivery to be made in spring of 2021. By 12/31/20, the price per pound of the spice mixture had dropped to $3.70 per pound. In 2020, Ivanhoe should recognize:______________

ABC Inc.'s capital structure is 40% debt, 15% preferred, and 45% common equity, and its tax rate is 40%. For financing, (a) ABC sold a non-callable bond several years ago that now has 15 years to maturity with 8% annual coupon, paid semiannually, at a price of $1,065, and a par value of $1,000. (b) ABC sold a perpetual preferred stock for $95.50 per share, with a $7.50 annual dividend and a flotation cost of 3.00% of the price. (c) ABC also has beta

This company purchased a truck at a cost of $12,000. The truck has an estimated residual value of $2,000 and an estimated life of 5 years, or 100,000 hours of operation. The truck was purchased on January 1, 2012, and was used 27,000 hours in 2012 and 26,000 hours in 2013. Refer to Fabian Woodworks. If the company uses the units-of-production method, what is the depreciation rate per hour for the equipment

ABC Company has completed the basic format to be used in preparing the statement of cash flows (indirect method). Listed below in random order are line items to be included in the statement of cash flows.
Purchase of equipment $2,210
Decrease in inventory 253
Increase in prepaid rent 75
Payment of dividends 360
Depreciation expense 184
Increase in accounts receivable 530
Increase in accounts payable 160
Gain on sale of land 136
Net income 1,878
Repayment of notes payable 493
Cash received from the sale of land 67
Issuance of common stock 2,440
Required:
1. What is the net cash provided by operating activities?
a. $926 Inflow.
b. $1,198 Inflow.
c. $420 Inflow.
d. $324 Inflow.
2. What is the net cash provided by Investing activities?
a. $2,143 outflow.
b. $2,279 outflow.
c. $1,959 outflow.
d. $2,095 outflow.
3. What is the net cash flow by financing activities?
a. $1,587 Inflow.
b. $1.947 Inflow.
c. $2,080 Inflow.
d. $2,440 Inflow.

8-4 Valuing Commercial Real Estate BuildingOne Properties is a limited partnership formed with the express purpose of investing in commercial real estate. The firm is currently considering the acquisition of an office building that we refer to simply as building B. Building B is very similar to building A, which recently sold for $36,960,000. BuildingOne has gathered general information about the two buildings, including valuation information for building A:

A falling price level is a symptom of an unhealthy economy, if prices have fallen due to _________. It is symptom of a healthy economy if prices have fallen due to _________

Ivanhoe purchased a patent from Vania Co. for $1,240,000 on January 1, 2018. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2028. During 2020, Ivanhoe determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020

After the introductory period, all consumers who have this Platinum Card will...

koshys coffe in bagalore is quaint establishment nesteld near mg road in the central business distirct it serves coffee and fruit cake to a clientel that has been enjoying these products for over fifty years the demand for coffee beans is 6600 cases per year each case has 24 ten pound bags it would be distraus fro them to run out of coffe so tye keep a safety stock of 30 cases the cases cost 4800 and it costs 5 per case to order coffee. as coffee is perishable prudct the holding ocst is fairly hight 40/case/year the lead time to recive an order is seven days koshys is open 300 days a year.
What is their annual ordering cost if they order at their EOQ level?

Peter has just paid $100 for a comic book, not because he thinks it is worth $100 or because he likes comic books, but because he thinks he can sell it for $200 next month. Peter is:

3. Hayden Company currently sells widgets for $160 per unit. The variable cost is $60 per unit and total fixed costs equal $240,000 per year. Sales are currently 40,000 units annually, and the income tax rate is 40 percent. Required: a. Calculate the contribution margin per unit.

Dan Pink argues that for 21st century tasks in creative businesses the mechanistic, reward-and-punishment approach will not work best because creativity is often constrained when immediate monetary rewards are offered in return for success. a. Trueb. False

Jeff and Riley were married for 35 years when Riley died in July of 2016. The couple have two children who are 6 and 10 years old. Which of the following applies to Jeff regarding filing status?a) Jeff can file using any status he wants for the next 3 yearsb) Since Jeff’s spouse died during the year, he may be entitled to the special qualifying widower with dependent child benefits for tax year 2017 and 2018c) Since Jeff’s spouse died during the year, he may be entitled to the special qualifying widower with dependent child benefits for tax year 2016 onlyd) Since Jeff’s spouse died during the year, he may be entitled to the special qualifying widower with dependent child benefits for tax year 2017 only

A company had a beginning balance in retained earnings of $43,300. It had net income of $6,300 and declared and paid cash dividends of $5,700 in the current period. The ending balance in retained earnings equals:

During March 2019, Alaska Corporation recorded $266,000 of costs related to factory overhead. Alaska's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $250,000 would be incurred, and 12,500 direct labor hours would be worked. During March, 12,500 hours were actually worked. Use this information to determine the amount of overhead over or under applied. Enter overapplied overhead as a negative number. (round

Zycon has produced 10,000 units of partially finished Product A. These units cost $15,000 to produce, and they can be sold to another manufacturer for $20,000. Instead, Zycon can process the units further and produce finished Products X, Y, and Z. Processing further will cost an additional $22,000 and will yield total revenues of $35,000. Identify whether the item is relevant or irrelevant to the sell or process further decision.

Identify the impact on either the supply or demand of loanable funds following the events listed below. Economic conditions deteriorate, prompting households to save a larger portion of their income. will In an effort to balance the budget, the government increases taxes paid by businesses. will Economic conditions improve, increasing the demand for goods and services. will Innovations in robotics technology vastly improves productivity within manufacturing firms. will

The journal entry to record the use of utilities in a factory could include which two of the following: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
Debit to Factory Overhead
Credit to Factory Overhead
Debit to Factory Utilities Payable
Credit to Factory Utilities Payable
Credit to Raw Materials
Credit to Factory Wages Payable

Portions of the financial statements for Peach Computer are provided below.
PEACH COMPUTER
Income Statement
For the year ended December 31, 2021
Net sales $1,925,000
Expenses:
Cost of goods $1,100,000
sold
Operating expenses 610,000
Depreciation expense 55,000
Income tax expense 45,000
Total expenses 1,810,000
Net income $ 115,000
PEACH COMPUTER
Selected Balance Sheet Data
December 31
Increase (I) or Decrease
2021 2020 (D)
Cash $107,000 $87,500 $19,500 (I)
Accounts receivable 45,500 51,500 6,000 (D)
Inventory 80,000 57,500 22,500 (I)
Prepaid rent 3,500 6,000 2,500 (D)
Accounts payable 50,000 39,500 10,500 (I)
Income tax 5,500 12,500 7,000 (D)
Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)

Select the correct answer.
Information security professionals hack into computer systems.
A True
B. False

A payroll tax is collected by which of the following methods?
A.
It is automatically deducted as a percentage of the paycheck.
B.
The paycheck is brought to the bank for the tax to be deducted.
C.
The payroll tax is paid with the income tax on April 15 of each year.
D.
The government deducts a percentage of your paycheck directly from your personal bank account.


Please select the best answer from the choices provided

A
B
C
D

Assume that Clark Electronics has a monopoly in the production and sale of a new device for detecting and destroying a computer virus. Clark Electronics currently incurs short-run losses, but it continues to operate.
a. What must be true for Clark to continue to operate in the short run?
b. Draw a correctly labeled graph, and show each of the following for Clark.
i. The profit-maximizing price and output
ii. Area of loss
C. Assume Clark is maximizing profit. What will happen to its total revenue if Clark raises its price? Explain.
d. If demand for the new device increases, explain what will happen to each of the following in the short run.
i. Profit-maximizing output
ii. Total cost

On January 1, two years ago, Parkway Corporation purchased all of the outstanding common stock of Shaw Company for $220,000 cash. On that date, Shaw's net assets had a book value of $148,000. Equipment with an 8-year life was undervalued by $20,000 in Shaw's financial records. Shaw has a database that is valued at $52,000 and will be amortized over ten years. Shaw reported net income of $25,000 in the year of acquisition and $32,500 in the following year. Dividends of $2,500 were declared and paid in each of those two years.
The third year of operations is now complete. For each of the two companies, selected account balances as of December 31 for this third year are as follows: Park way ShawRevenues 250,000 142,500Expenses 175,000 100,000 Equipment 125,000 60,000 Retained earnings, begining of the year 150,000 75,000Dividend paid 25,000 5,000What is consolidated net income for the third year of operations if the parent company uses the partial equity method?
A) $109,800
B) $112,000
C) $115,000
D) $117,500
E) $113,500

Using your accounting knowledge, fill in the following separate income statements a through e. Identify any negative amount by putting it in parentheses.
Statements:
a b c d e
Sales $100,000 $805,000 $2,000 $450,000 $100,000
Cost of goods sold
Merchandise inventory (beginning) $10,000 $0 $100 $80,000 $25,000
Total Cost of merchandise purchases $30,000 $300,000 $0 $100,000 $10,000
Merchandise inventory (ending) ($10,000) $10,000 ($10) ($50,000) ($10,000)
Cost of goods sold $30,000 $290,000 $90 $130,000 $25,000
Gross Profit $70,000 $515,000 $1,910 $320,000 $75,000
Expenses $10,000 $150,000 $1,000 $400,000 $50,000
Net Income (loss) $60,000 $365,000 $910 ($80,000) $25,000

Corporation produces shiny discs. A special order has been placed by the customer for 2,200 units of the shiny disc for $27 a unit. While the disc would be modified slightly for the special order, the normal unit product cost for each disc is $20.50:
Direct materials $ 5.80
Direct labor 4.00
Variable manufacturing overhead 2.90
Fixed manufacturing overhead 7.80
Unit product cost $ 20.50
Assume that direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs.The customer would like modifications made to each disc that would increase the variable costs by $1.90 per unit and that would require an investment of $16,000 in special equipment that would have no salvage value.This special order would have no effect on Rick Corp.'s other sales. The company has enough spare capacity for producing the special order.What would be the annual financial advantage (disadvantage) for Rick as a result of accepting this special order?a. $40,760b. ($15,700)c. ($2,000)d. $16,200