homework oct1 - bad debt expense allownace for doubtful...

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Income statement Gross Sales 263,000 Less sales returns and allownaces 8000 Net sales revenue 255,000 Cost of goods sold 143,000 gross profit 112,000 operating expenses administrative expense 20,000 selling expense 45,200 bad debt expense 1,200 income from ops 45,600 income tax expense 13,680 net income 31,920 earnings per share 8 31,920/4000 E6-9 a Bad debt expense to record estimated bad debt expense b allowance for doubtful accounts to write off a specific bad event E6-14 December 31, 2010 adjusting entry
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Unformatted text preview: bad debt expense allownace for doubtful accounts to adjust for estimated bad debt expense for Aged accounts receivable not yet due 250,000 up to 120 days past due 50,000 over 120 days past due 30,000 E-16 100% 56% 44% total= 66,400 26% 18 5 13 23,700 allownace for doubtful accounts 23,700 240 accounts receivable 240 22350 22,350 r 2010 computed as follows estimated percentage uncollectible estimated amount uncollectible x3.5% x10% x30%...
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This note was uploaded on 12/01/2009 for the course H ADM 121 at Cornell University (Engineering School).

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homework oct1 - bad debt expense allownace for doubtful...

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