Business, 11.11.2019 21:31 irvinbhangal2

Problem 9-4a accounts receivable transactions and bad debts adjustments lo c1, p2, p3liang company began operations on january 1, 2016. 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.2016a. sold $1,353,200 of merchandise (that had cost $981,700) on credit, terms n/30.b. wrote off $20,600 of uncollectible accounts receivable. c. received $667,000 cash in payment of accounts receivable. d. in adjusting the accounts on december 31, the company estimated that 1.00% of accounts receivable will be uncollectible.2017e. sold $1,522,600 of merchandise (that had cost $1,253,000) on credit, terms n/30.f. wrote off $34,300 of uncollectible accounts receivable. g. received $1,256,900 cash in payment of accounts receivable. h. in adjusting the accounts on december 31, the company estimated that 1.00% of accounts receivable will be uncollectible. required: prepare journal entries to record liang’s 2016 and 2017 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: 1

Show answers

Another question on Business

Business, 22.06.2019 05:20

Carmen co. can further process product j to produce product d. product j is currently selling for $20 per pound and costs $15.75 per pound to produce. product d would sell for $38 per pound and would require an additional cost of $8.55 per pound to produce. what is the differential revenue of producing product d?

Answers: 2

Answer

Business, 22.06.2019 17:20

Andy owns islander surfboard inc. in the past, andy has always given his employees bonuses during the holidays if they reached certain sales goals. this year, even though the company is thriving, he decided to cut bonuses from employees and award them to himself instead. what ethical theory of leadership is andy following?

Answers: 1

Answer

Business, 22.06.2019 19:20

Garrett is an executive vice president at samm hardware. he researches a proposal by a larger company, maximum hardware, to combine the two companies. by analyzing past performance, conducting focus groups, and interviewing maximum employees, garrett concludes that maximum has poor profit margins, sells shoddy merchandise, and treats customers poorly. what actions should garrett and samm hardware take? a. turn down the acquisition offer and prepare to resist a hostile takeover. b. attempt a friendly merger and use managerial hubris to improve results at maximum. c. welcome the acquisition and use knowledge transfer to impart sam hardware's management practices. d. do nothing; the two companies cannot combine without samm hardware's explicit consent.

Answers: 1

Answer

Business, 22.06.2019 22:10

What is private equity investing? who participates in it and why? how is palamon positioned in the industry? how does private equity investing compare with public market investing? what are the similarities and differences between the two? why is palamon interested in teamsystem? does it fit with palamon’s investment strategy? how much is 51% of teamsystem’s common equity worth? use both a discounted cash flow and a multiple-based valuation to justify your recommendation. what complexities do cross-border deals introduce? what are the specific risks of this deal? what should louis elson recommend to his partners? is it a go or not? if it is a go, what nonprice terms are important? if it’s not a go, what counterproposal would you make?

Answers: 1

Answer

You know the right answer?

Problem 9-4a accounts receivable transactions and bad debts adjustments lo c1, p2, p3liang company b...

Questions