Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due$ 90,0001% 31-60 days past due20,0002 61-120 days past due11,0005 121-1806,00010 Over 180 days past due4,00025 Total accounts receivable$ 131,000 The balance of the allowance for uncollectible accounts is $520 on December 31, before any adjustments. (a) What amount of bad debts expense will LaFond report in its income statement for the year

Answer:

LaFond Company

In its income statement for the year, LaFond will report:

Bad Debts Expense = $2,930

Explanation:

a) Data and Calculations:

Age Group                 Accounts Receivable   Estimated Loss %  Allowance

0-30 days past due              $ 90,000                  1%                         $900

31-60 days past due                20,000                  2                           $400

61-120 days past due                11,000                  5                           $550

121-180 days past due               6,000                 10                           $600

Over 180 days past due            4,000                25                         $1,000

Total accounts receivable  $ 131,000                                              $3,450

Allowance for Uncollectible Accounts Balance = $520

Bad Debts Expense = $2,930 ($3,450 - $520)

Exercise 12-17B Direct: Preparing statement of cash flows and supporting note LO P1, P3, P5

Cash and cash equivalents balance, December 31, 2016 $ 35,000
Cash and cash equivalents balance, December 31, 2017 98,420
Cash received as interest 3,500
Cash paid for salaries 101,500
Bonds payable retired by issuing common stock (no gain or loss on retirement) 145,000
Cash paid to retire long-term notes payable 175,000
Cash received from sale of equipment 85,750
Cash received in exchange for six-month note payable 35,000
Land purchased by issuing long-term note payable 84,100
Cash paid for store equipment 33,250
Cash dividends paid 21,000
Cash paid for other expenses 56,000
Cash received from customers 679,000
Cash paid for inventory 353,080
Use the above information about the cash flows of Ferron Company to prepare a complete statement of cash flows (direct method) for the year ended December 31, 2017. (Amounts to be deducted should be indicated with a minus sign.)

f Brent, a contractor refuses to complete a room addition unless the homeowner pays him an additional $20,000, this may be construed as:

To avoid insolvency, regulators decide to provide the bank with $25 million in bank capital. However, the bad news about the mortgages is featured in the local newspaper, causing a bank run. As a result, $30 million in deposits is withdrawn. Show the effects of the capital injection and the bank run on the balance sheet. Was the capital injection enough to stabilize the bank

A joint survey by Parade magazine and Yahoo! found that 59% of American workers say t

The potential output of a country relies on three sources: human capital, physical capital, and technology. Changes in any one of these can change the growth rate in a country. In order to fully understand the sources of growth in an economy, both empirically and theoretically, it is important to understand what each group contains. Classify each item as something that affects human capital, physical capital, or technology.


a. More culinary school graduates
b. Company cars
c. Adult literacy increase
d. Development of smaller mp3 players
e. New distribution techniques
f. Doctors learning to use a new cancer treatment
g. Company computers
h. A new cancer treatment
i. More college students

Damian invests $5,000 today in an account earning 6% per year. How much is the investment worth in 4 years

A new contract has just been ratified between the local truck drivers union and farley's national trucking. Jerry, a line manager at farleyś, wants to know how the new contract affects his role as a manager. Who would be the best person to provide him with the info?
The coordination liaison
the workers compensation coordinator
the truck drivers
the labor relations specialists

Sarah is interviewing the sales manager to learn more about the skills, responsibility, and behaviors associated with the position. based on sarah's actions, we can conclude that she is conduction a

compensation classification
job analysis
employment comparison
performance appraisal

A professor has two daughters that he hopes will one day go to college. Currently, in-state students at the local University pay about $21,225.00 per year (all expenses included). Tuition will increase by 3.00% per year going forward. The professor's oldest daughter, Sam, will start college in 16 years, while his youngest daughter, Ellie, will begin in 18 years. The professor is saving for their college by putting money in a mutual fund that pays about 9.00% per year. Tuition payments are at the beginning of the year and college will take 4 years for each girl. (Sam's first tuition payment will be in exactly 16 years)

The professor has no illusion that the state lottery funded scholarship will still be around for his girls, so how much does he need to deposit each year in this mutual fund to successfully put each daughter through college. (ASSUME that the money stays invested during college and the professor will make his last deposit in the account when Sam, the OLDEST daughter, starts college.)

Answer Format: Currency: Round to: 2 decimal places.

Sandra would like to organize LAB as either an LLC (taxed as a sole proprietorship) or a C corporation. In either form, the entity is expected to generate an 9 percent annual before-tax return on a $710,000 investment. Sandraâs marginal income tax rate is 37 percent, and her tax rate on dividends and capital gains is 23.8 percent (including the 3.8 percent net investment income tax). If Sandra organizes LAB as an LLC, she will be required to pay an additional 2.9 percent for self-employment tax and an additional 0.9 percent for the additional Medicare tax. LABâs income is not qualified business income (QBI) so Sandra is not allowed to claim the QBI deduction. Assume that LAB will distribute all of its after-tax earnings every year as a dividend if it is formed as a C corporation. (Round your intermediate computations to the nearest whole dollar amount.)

Required:
a. How much cash after taxes would Sandra receive from her investment in the first year if BAL is organized as either an LLC or a C corporation?
b. What is the overall tax rate on BALâs income in the first year if BAL is organized as an LLC or as a C corporation?

Your company has a customer who is shutting down a production line, and it is your responsibility to dispose of the extrusion machine. The company could keep it in inventory for possible future product and estimates that the reservation value is $250,000. Your dealings on the second-hand market lead you to believe that there is a 0.4 chance a random buyer will pay $300,000, a 0.25 chance the buyer will pay $350,000, a 0.1 chance the buyer will pay 400,000, and a 0.25 chance it will not sell. If you must commit to a posted price, what price maximizes profits?

Sofia worries that if something happens to her husband and he dies, she will lose everything—their home, their cars, etc. Which type of business should Sofia consult to see if there is a plan available to cover her expenses if her husband dies?

A.
stock-held savings institution

B.
web-only financial institution

C.
mutual fund company

D.
life insurance company

Predetermined Overhead Rate, Overhead Variances, Journal Entries Craig Company uses a predetermined overhead rate to assign overhead to jobs. Because Craig's production is machine intensive, overhead is applied on the basis of machine hours. The expected overhead for the year was $4,910,400, and the practical level of activity is 372,000 machine hours. During the year, Craig used 379,000 machine hours and incurred actual overhead costs of $4,922,800. Craig also had the following balances of applied overhead in its accounts:

Work-in-process inventory $620,800
Finished goods inventory 627,200
Cost of goods sold 1,952,000

Required:

a. Compute a predetermined overhead rate for Craig. Round your answer to the nearest cent.
b. Compute the overhead variance, and label it as under- or overapplied.
c. Assuming the overhead variance is immaterial, prepare the journal entry to dispose of the variance at the end of the year.
d. Assuming the overhead variance is material, prepare the journal entry that appropriately disposes of the overhead variance at the end of the year.

The management of Rocko's Pizzeria is considering a special promotion for the last two weeks of October, which is normally a relatively low-demand period. The special promotion would involve selling two medium pizzas for the price of one, plus 1 cent. The medium pizza normally sells for $12.99 and has variable expenses of $4.50. Expected sales volume without the special promotion is 600 medium pizzas per week.
Required:
(a) Calculate the total contribution margin generated by the normal volume of medium pizzas in a week. (Do not round your intermediate calculations. Omit the "$" sign in your response.) Contribution margin $
(b) Calculate the total number of medium pizzas that would have to be sold during the 1-cent sale to generate the same amount of contribution margin that results from the normal volume. (Do not round your intermediate calculations.)

Rose Riley's parents have booked and paid for a family trip to Aspen, Colorado, during her spring break. Rose's friends recently decided to drive to Destin, Florida, for spring break. Rose needs to decide whether to join her parents in Aspen or drive to the beach with her friends. The opportunity costs of joining her friends on the trip to Destin include each of the following EXCEPT:_________
a) her contribution to gas money for the drive to Destin.
b) the ski lift ticket her parents have already purchased for her.
c) her parents' anger if she skips the family trip to Aspen.
d) the hotel costs she will split with her friends in Destin.

The following information was taken from the records of Marigold Inc. for the year 2020: Income tax applicable to income from continuing operations $160,820; income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on available-for-sale securities (net of tax) $12,900.

Gain on sale Of equipment $81,700
Loss on discontinued operations 64,500
Administrative expenses 206,400
Rent revenue 34,400
Loss on write-down of inventory 51,600

Cash dividends declared $129,000
Retained earnings January 1, 2020 840,000
Cost of goods sold 731,000
Selling expenses 258,000
Sales Revenue 1634,000

Shares outstanding during 2020 were 100,000.

Required:
Prepare a single-step income statement (with respect to items in Income from operations)

Smith Company adds its annual cash investment to plan assets in the amount of $5 million. The journal entry to record this includes

Agee Company uses a process-costing system... Agee Company uses a process-costing system for its single product. Material A is added at the beginning of the process; in contrast, material B is added when the units are 50% complete. The firm's ending work-in-process inventory consists of 6,000 units that are 75% complete. Which of the following correctly expresses the equivalent units of production with respect to materials A and B in the ending work-in-process inventory?

a. A, 4,800; B, 0.
b. A, 4,800; B, 4,800.
c. A, 6,000; B, 0.
d. A, 6,000; B, 4,800.
e. A, 6,000; B, 6,000.

"Easton Company uses 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 130 $11 5/5 Purchase 280 $13 5/15 Purchase 140 $15 5/25 Purchase 160 $17 Sales were 430 units at $25. Using the FIFO method, determine the dollar value of Ending Inventory for the month of May.”

You expect to receive $9,300 three years from today. You also expect to receive $13,100 five years from today. When you receive each of the amounts, you will immediately deposit them into an investment account that pays interest rate of 7.3 percent per year. How much do you expect to be in your investment account nine (9) years from today

Suppose that the U.S. government decides to charge wine producers a tax. Before the tax, 10 million bottles of wine were sold every month at a price of $4 per bottle. After the tax, 3 million bottles of wine are sold every month; consumers pay $7 per bottle, and producers receive $2 per bottle (after paying the tax).
The amount of the tax on a bottle of wine is -----per bottle. Of this amount, the burden that falls on consumers is-------per bottle, and the burden that falls on producers is------per bottle.
True or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers.
a) True
b) False

Why couldn't the toilet paper cross the road?

c. During a conversation with the credit manager, one of Tabor's sales representatives learns that a $1,281 receivable from a bankrupt customer has not been written off but was considered in the determination of the appropriate year-end balance of the Allowance for Bad Debts account balance. What is the effect of write-off on 2019 net income

An established process for assessing quality of care or services in which an organization demonstrates that it meets a set of minimum standards is called

If people begin to favor science fiction novels to a greater degree than previously, the demand for science fiction novels _____________

In the Investment marketplace, Investors will likely accept a high-risk investment only if it promises
Select the best answer from the choices provided.
А.
real returns
B.
nominal returns
C. high returns
D. low, constant returns

Kogler Corporation's relevant range of activity is 7,000 units to 11,000 units. When it produces and sells 9,000 units, its average costs per unit are as follows:
Average cost per unit

Direct Materials $4.85
Direct Labor $4.70
Variable manufacturing overhead $1.65
Fixed manufacturing overhead $10.00
Fixed selling expense $3.45
Fixed administrative expense $1.50
Sales commissions $0.60
Variable administrative expense $0.55
If the selling price is $27.00 per unit, the contribution margin per unit sold is closest to:
A: $17.45
B: $0.30
C: $14.65
D: $5.80

I knew their support was conditional even though they seemed friendly (use unconditional)​

Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows:

Engine parts $760,400
Shop direct labor 555,000
Shop and repair equipment depreciation 57,000
Shop supervisor salaries 158,500
Shop property taxes 28,800
Shop supplies 22,100
Advertising expense 15,200
Administrative office salaries 65,400
Administrative office depreciation expense 8,400
Total costs and expenses $1,670,800

The average shop direct labor rate is $15.00 per hour.

Required:
Determine the predetermined shop overhead rate per direct labor hour.

what is market structure​

An investor is in a 30% combined federal plus state tax bracket. If corporate bonds offer 8.75% yields, what yield must municipals offer for the investor to prefer them to corporate bonds