CHECK FIGURE: d. Accounts receivable (net) = $232,700Selected unadjusted account balances at December 31, 2023, are shown below for Demron Servicing.Accounts receivable...Allowance for doubtful accounts....AccountDebit$70,000Credit$ 1,100480,000Sales (all on credit).Sales discounts..Required8,000a. Demron estimates that 1.5% of net credit sales will prove to be uncollectible. Prepare the adjusting entry required on December 31,2023, to estimate uncollectible receivables.b. During 2024, credit sales were $620,000 (cost of sales $406,500); sales discounts of $12,000 were taken when accounts receivable of$440,000 were collected; and accounts written off during the year totaled $10,000. Prepare the entries for these transactions.c. Record the adjusting entry required on December 31, 2024 to estimate uncollectible receivables, assuming it is based on 1.5% of netcredit sales.d. Show how accounts receivable would appear on the December 31, 2024, balance sheet.Analysis Component:Comment on the advantages and disadvantages of using the income statement approach for estimating uncollectibles.

Demron Servicing - Uncollectible Accountsa. Adjusting Entry (Dec 31, 2023):Debit: Bad Debt Expense…

Answered: CHECK FIGURE: d. Accounts receivable…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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In 2015, Keenan Company paid dividends totaling $3,600,000 on net income of $10.8 million. Note that 2015 was a normal year and that for thepast 10 years, earnings have grown at a constant rate of 10%. However, in 2016, earnings are expected to jump to $14.4 million and the firm expects to have profitable investment opportunities of $8.4 million. It is predicted that Keenan will not be able to maintain the 2016 level of earnings growth because the high 2016 earnings level is attributable to an exceptionallyprofitable new product line introduced that year. After 2016, the company will return to its previous 10% growth rate. Keenan’s target capital structure is 40% debt and 60% equity.a. Calculate Keenan’s total dividends for 2016 assuming that it follows each of the following policies:1. Its 2016 dividend payment is set to force dividends to grow at the long-run growth rate in earnings.2. It continues the 2015 dividend payout ratio. 3. It uses a pure residual dividend policy (40% of the…
Mr. Appoh has operated a satisfactory account with your branch for a period of 6 years. He is a 40-year old mechanical engineer who runs a professional office engaged in considering and contacting work for the TDC, Tema, as well as for the private sector. Today Mr. Appoh calls to discuss with you his housing mortgage loan matter under your bank's mortgage loan scheme for private house ownership. For the discussion, he had produced a contractor’s estimate of the cost of a private house he plans to build. The cost of the house was estimated at GHȼ30million. He says he has been allocated a plot of land at Tema and he has been given all the necessary documents. He is applying for a mortgage loan of GHȼ20million repayable within a period of 10 years. He has in his house ownership savings account a total of GHȼ16million, more than the minimum savings required of beneficiaries under the scheme. You are prepared to help him. Your bank takes a legal mortgage of the property concerned. Required:…
1.Nestle Pakistan Limited is Knownexample of. A)Merchandise B)Whole seller C)Manufacturing D)Service 2. is used to differentiate between tangible assets and inventories. A)The nature of the company's activity B)The moment in the accounting period when the asset is acquired C)The acquisition cost of the asset D)The physical substance of the asset Explain with correct option
470 q 12 which of the following is not a factor under the free cash flow to equity model? a. depreciation expense b. capital expenditure c. change in working capital d. principal debt repayment e. earnings multiplier
Proper authorization of write-offs of uncollectible accounts should be approved inwhich of the following departments?(1) Accounts receivable (3) Accounts payable(2) Credit (4) Treasurer
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Sales tax rate 7% on account to Trailor Stores, $3,248.00, plus sales tax S321 1 3 Sold merchandise Received cash on account from Jenkins & Sanders LLP, covering S312 for $945.00. R348. 5 Recorded cash and credit card sales, $1,485.00, plus sales tax, $92.14; total, $1,577.14. TS6. Received cash on account from Luxury Suites, $4,219.00, covering 5320, less a 2% discount. R349. 10 Sold merchandise on account to Southwestern University, $1,435.00. Southwestern University is exempt from sales tax. S322. 12. Received cash on account from Daniel Smith Promotions, $1,471.00 covering 5345. R350. 16. Recorded cash and credit card sales, $1,020.50, plus sales tax, $64.59, total, $1,085.09. TS7. 20 prove, and rule the sales journal. Pas the sales journal to the general ledger. Tal and prove the cash receipts journal. Pove cash. On March 31, the balance on the next unused check stub was $11,582.54. Rule the cash receipts journal. 1. Post the cash receipts journal to the general ledger.…
__________________________________________________________________________Question No. 1A) Prepare the total budgeted sales in dollars for the quarter ended March 31, 2021 usingthe following data.Feb Mar AprQuantity of budgeted units for salesJan 25000 Feb 55000 Mar 35000 Apr 40000 Expected selling prices of each unitJan $12 Feb $15 Mar $20 Apr $22 B) What is Budget & how does it helps management in managing business?
Continuation: These positions do not entail a salary as we anticipate that our efforts will yield returns in the form of profits generated during the business simulation. Instead of wages, our focus is on maximizing income through efficient operations and effective strategies throughout the duration of the simulation. Table 9. Administrative Expenses Particulars Rate per Day Manager Care of Mandaragon Cashier Care of Amanoddin & Tumayao Financial Manager Care of Tumayao Total Php 0.00 Selling and Administrative Expenses Since selling and administrative costs are covered by CupEat members, no further expenditures will be necessary. Table 10. Selling and Administrative Expenses Particulars Total Expense Administrative Expenses Cover of CupEat members Communication Expense Cover of CupEat members Promotional Expense Cover of CupEat members Total Php 0.00…
Year Quarter Revenue2010 1 7,131.002010 2 6,566.002010 3 7,560.002010 4 12,947.002011 1 9,857.002011 2 9,913.002011 3 10,876.002011 4 17,431.002012 1 13,185.002012 2 12,834.002012 3 13,806.002012 4 21,268.002013 1 16,070.002013 2 15,704.002013 3 17,091.002013 4 25,587.002014 1 19,741.002014 2 19,340.002014 3 20,578.002014 4 29,329.002015 1 22,717.002015 2 23,184.002015 3 25,358.002015 4 35,747.002016 1 29,128.002016 2 30,404.002016 3 32,714.002016 4 43,741.002017 1 35,714.00 2017 2 37,955.002017 3 43,744.002017 4 60,453.002018 1 51,042.002018 2 52,886.002018 3 56,576.002018 4 72,383.002019 1 59,700.002019 2 63,404.002019 3 69,982.002019 4 87,436.002020 1 75,452.002020 2 88,912.002020 3 96,145.002020 4 125,555.00

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