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leonid [27]
3 years ago
7

Use the following information to answer the next two questions: Q14 and Q15. The Cavallas Co. had the following balances in sele

cted accounts on 12/31/10. Balances in Selected Accounts: Account Debit Credit Accounts receivable 100,000 Allowance for doubtful accounts 1,000 Bad Debt Expense 0 Sales 500,000 Sales returns 50,000 14. The company estimates that 4% of Accounts Receivable will never be collected. The adjusting journal entry to record the estimate of bad debt expense is:
Business
1 answer:
Annette [7]3 years ago
3 0

Answer:

Debit bad debt with $4,000, and credit Accounts receivable also with $4,000.

Explanation:

New bad written off = Accounts receivable × 4% = $100,000 × 4% = $4,000

The journal entries will be as follows:

<u>Details                                            Dr ($)                 Cr ($)          </u>

Bad debt                                        4,000

Accounts receivable                                                4,000

<u><em>Being a bad written off the accounts receivable                      </em></u>

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Answer:

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3 years ago
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The following information relates to Wildhorse Co. for the year ended December 31, 2020: net income $1,305 million; unrealized h
Bess [88]

Answer:

a. The Other comprehensive income for 2017  is $-11.2 million

b. The Comprehensive income for 2017 is $1,293.8 million

c. The Accumulated other comprehensive income at December 31, 2017 is $45.2 million

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a. According to the given data the company incurred a loss of $11.2 million as an unrealized income from available-for-sale debt securities. It is the actual loss.

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b. In order to calculate the Comprehensive income for 2017 we would have to use the following formula:

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=$1,305 million−$11.2million

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​Therefore, comprehensive income for 2017 is $1,293.8 million

c.  In ordert to Calculate the accumulated other comprehensive income we would have to use the following formula:

Accumulated  comprehensive  income = Existing income−Unrealised holding loss

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3 years ago
Frantic Fast Foods had earnings after taxes of $1,070,000 in 20X1 with 311,000 shares outstanding. On January 1, 20X2, the firm
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Answer:

X1 EPS =  $ 3.44 per share

X2 EPS = $ 3.88 per share

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EPS = \frac{income}{shares}

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1,070,000 x ( 1  +  24%) = 1,326,8‬00

X2 shares outstanding:

beginning 311,000 + issued 31,000 = 342,000

EPS: 1,326,800 / 342,000 =  3,8795 = 3.88

7 0
3 years ago
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