Business, 03.12.2019 23:31 dman09082000
Lail inc. accounts for bad debts using the allowance method. on june 1, lail inc. wrote off andrew green's $2,500 account. based on lail's estimation, andrew green will never pay any portion of the balance in his account.
what effect will this write-off have on lail inc.'s balance sheet at the time of the write-off?
a. an increase to stockholders' equity and a decrease to liabilities.
b. no effect.
c. an increase to assets and an increase to stockholders' equity.
d. a decrease to assets and a decrease to stockholders' equity.
Answers: 3
Business, 21.06.2019 20:00
When an interest-bearing note comes due and is uncollectible, the journal entry includes debiting
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Business, 21.06.2019 20:50
Last year, western corporation had sales of $5 million, cost of goods sold of $3 million, operating expenses of $175,000 and depreciation of $125,000. the firm received $40,000 in dividend income and paid $200,000 in interest on loans. also, western sold stock during the year, receiving a $40,000 gain on stock owned 6 years, but losing $60,000 on stock owned 4 years. what is the firm's tax liability?
Answers: 2
Business, 21.06.2019 23:30
Martha is the head of the accounts department in a small manufacturing company. the company follows the accrual-basis method of accounting. it recently purchased raw materials worth $5,000 from its vendors. however, the company paid only $3,000 to its vendors. it plans to pay the remaining amount after three months. considering this information, which entry should martha record in the company’s accounts? a. $5,000 as accounts receivable b. $3,000 as accounts payable c. $2,000 as accounts payable d. $2,000 as accounts receivable
Answers: 3
Business, 22.06.2019 06:00
List three careers that require knowledge of science. list three careers that require the use of of math. list three careers that require the use of foreign language. list three careers that require the use of good writing skills. list three careers that require the use of good computer skills.
Answers: 3
Lail inc. accounts for bad debts using the allowance method. on june 1, lail inc. wrote off andrew g...
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