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Question
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,000 (debit) before any year-end adjustment. The balance of Accounts Receivable is $180,000. The company estimates that 5% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts.
Answer
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When using the equity method to account for an investment, cash dividends received by the investor from the investee should be recorded:
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b. As an increase in the Investments account.
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d. Future value of an annuity
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f. Compound interest
g. Present value of a single amount
h. Time value of money
i. Simple interest
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_____ A series of equal periodic payments.
_____ Accumulation of a series of equal payments.
_____ Interest earned on the initial investment and on previous interest.
_____ Accumulation of an amount with interest.
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Which three factors are necessary in calculating the present value of a single amount?
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$2,315 Total Liabilities
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826
790 Income Statement Data Sales
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77 Tax Expense
32 Net Income
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23 Notes Payable (difference)
557.32 Cash (monthly payment) 704.55 (to record the second monthly payment)
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00 Notes Payable (difference)
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Companies are required by law to withhold federal and state income taxes from employees paychecks and remit these taxes to the government.
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