Felbin Inc. is in the second quarter of its first year of operations, and it plans to use the allowance method to account for its receivables. The CFO estimates sales for the year will be $4.75 million, with $4.5 million on credit. The tax rate for Felbin is 30%. The CFO asks you to prepare an analysis of what the year-end journal entries might look like under the two different assumptions. Based on your analysis, the CFO will determine which one of the two independent approaches to take when recording bad debts expense at year-end. Using the CFO's estimate of sales and accounts receivable for the year and the information in the exhibits above, prepare the following proposed journal entries for the CFO to review.

Spirula trading inc sublets a part of its offices building to jade inc. for a period of ten years . where will the company disclose this information?

Ummit record company is negotiating with two banks for a $157,000 loan. fidelity bank requires a compensating balance of 24 percent, discounts the loan, and wants to be paid back in four quarterly payments. southwest bank requires a compensating balance of 12 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. the stated rate for both banks is 9 percent. compensating balances will be subtracted from the $157,000 in determining the available funds in part a. a-1. calculate the effective interest rate for fidelity bank and southwest bank. (do not round intermediate calculations. input your answers as a percent rounded to 2 decimal places.) a-2. which loan should summit accept? southwest bank fidelity bank b. recompute the effective cost of interest, assuming that summit ordinarily maintains $37,680 at each bank in deposits that will serve as compensating balances

During 2016, nike inc., reported net income of $3,760 million. the company declared dividends of $1,022 million. the closing entry for dividends would include which of the following? select one: a. credit cash for $1,022 million b. credit dividends for $1,022 million c. debit net income for $1,022 million d. credit retained earnings for $1,022 million e. debit dividends for $1,022 million