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2 years ago

Prepare the adjusting entry to record bad debts under each separate assumption.

1 answer:

3 0

The preparation of the adjusting entries to record bad debts for Hawke Company under each separate assumption are as follows:

A) Bad Debts $169,790 Allowance for Doubtful Accounts $169,790

B) Bad Debts $189,173 Allowance for Doubtful Accounts $189,173

C) Bad Debts $102,935 Allowance for Doubtful Accounts $102,935

<h3>Data and Calculations:</h3>

A) Allowance for doubtful accounts = $142,320 ($3,558,000 x 4%)

Bad Debts Expense = $169,790 ($142,320 + $27,470)

B) Allowance for doubtful accounts = $161,703 ($3,558,000+ $1,832,100 x 3%)

Bad Debts Expense = $189,173 ($161,703 + $27,470)

C) Allowance for doubtful accounts = $75,465 ($1,078,074 x 7%)

Bad Debts Expense = $102,935 ($75,465 + $27,470)

<h3>Question Completion:</h3>

On December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales

$1,832 100 $3,558,000

In addition, its unadjusted trial balance includes the following items. Accounts receivable $1.078.074 debit

Allowance for doubtful accounts $27,470 debit.

Learn more about allowances for doubtful accounts at brainly.com/question/26498002

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Computing Basic and Diluted Earnings per Share Soliman Corporation began the year 2018 with 25,000 shares of common stock and 5,

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Soliman Corporation

1. Basic EPS

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2. Diluted EPS

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a) Data and Calculations:

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Common Stock:

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July 1, 2018 Treasury (6,000)

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Loraine is a shareholder of Taley Corp. She would like to inspect and copy the company's minute book, accounting records, and sh

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Answer:

Lets asume Taley Corp. is in Georgia

shareholders are typically not afforded the same rights as members of the board. Yet, shareholder rights allow for the inspection of business records as long as they follow the rules for inspecting documents under Georgia law

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In Georgia, the statute provides shareholders have the right to copy the following records during normal business hours at the corporation’s principal office upon request

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