Entries by mary WAMBUGU

Alpha Company sold goods to customers who used Under-the-Hill bank credit cards. Credit card sales on July 8, 2016 amounted to $12,000 and were subject to a 2.5% bank fee.

August 24, 2019 in /by

1)Alpha Company sold goods to customers who used Under-the-Hill bank credit cards. Credit card sales on July 8, 2016 amounted to $12,000 and were subject to a 2.5% bank fee. Use this information to prepare the General Journal entry (without explanation) for July 8, 2016. If no entry is required then write “No Entry Required.” 2)Alpha […]

 

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Alpha Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of:

August 24, 2019 in /by

Alpha Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $115,000 < 30 days old 98% 65,000 30 to 60 days old 85% 20,000 61 to 120 days old 75% 5,000 > 120 days […]

 

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March 1, 201, Dorchester Company’s beginning work in process inventory had 10,000 units. This is its only production department. Beginning WIP units were 50% complete to conversion costs.

August 24, 2019 in /by

March 1, 201, Dorchester Company’s beginning work in process inventory had 10,000 units. This is its only production department. Beginning WIP units were 50% complete to conversion costs. Dorchester introduces direct materials at the beginning of the production process. During March, all beginning WIP was completed and an additional 21,500 units were started and completed. Dorchester […]

 

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Which of the following statements apply to the continuous budget methodology? I. The current financial forecast reflects the most recent monthly results and any material changes to the company’s outlook or economy.

August 24, 2019 in /by

Question Which of the following statements apply to the continuous budget methodology?  I.  The current financial forecast reflects the most recent monthly results and any material changes to the company’s outlook or economy.  II.  Forecasts are updated every few months, reassessing the company’s outlook several times a year.  III.  The decision-making process to develop the budget takes place […]

 

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