Bundle: Essentials of Business Communication, 11th + MindTap Business Communication, 1 term (6 months) Printed Access Card
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ISBN: 9781337736312
Author: Mary Ellen Guffey, Dana Loewy
Publisher: Cengage Learning
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Chapter 8, Problem 8.4AAC
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To determine:
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The financial statements of Crane report net credit sales of $1.6 million. Accounts receivable are $43,000 at the beginning of the year and $350,000 at the end of the year. Calculate Crane's accounts receivable turnover and average collection period for accounts receivable in days.
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- Marin Company follows the practice of pricing its inventory at LCNRV, on an individual item basis. Item Quant Cost per No. ity Unit Estimated Selling Price Cost to Complete and Sell 1320 1,900 $ 3.94 $5.54 $ 1.97 1333 1,600 3.32 4.18 1.23 1426 1,500 5.54 6.15 1.72 1437 1,700 4.43 3.94 1.66 1510 1,400 2.77 4.00 1.72 1522 1,200 3.69 4.80 0.98 1573 3,700 2.21 3.08 1.48 1626 1,700 5.78 7.38 1.85 From the information above, determine the amount of Marin Company inventory.arrow_forwardIn the cost reconciliation report under the FIFO method, the costs to be accounted for equals the cost of beginning work in process inventory plus the cost of units transferred out. True or False. Please explain.arrow_forwardBilly Company uses a predetermined overhead rate based on direct labor dollars. Billy Company estimated that its 20x9 overhead would total $946,000 and that 20x9 direct labor costs would be $720,000. During 20x9, actual overhead costs were $960,000, and actual direct labor costs were$850,000. By how much was Billy's overhead over- or underapplied?arrow_forward
- Please given answer general Accountingarrow_forwardUma Company uses the allowance method of accounting for uncollectable accounts. On May 3, the Uma Company wrote off the $3,500 uncollectable account of its customer, J. Rowlence. On July 10, Uma received a check for the full amount of $3,500 from J. Rowlence. On July 10, what are the entry or entries Uma makes to record the recovery of the bad debt? Entries in table formatarrow_forwardFinancial accounting questionarrow_forward
- MID Company had originally expected to earn operating income of $130,000 in the coming year. MID's degree of operating leverage is 3.5. Recently, MID revised its plans and now expects to increase sales by 23% next year. What is the percent change in operating income expected by MID in the coming year?arrow_forwardQue. - On 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% completed as 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 also started but did not complete 8,500 units. These units remained in the ending WIP inventory and were 70% completed as to conversion costs. Dorchester uses the weighted average method. Use this information to determine for March 2019 the equivalent units of production for conversion costs.arrow_forwardMID Company had originally expected to earn operating income of $130,000 in the coming year. MID's degree of operating leverage is 3.5. Recently, MID revised its plans and now expects to increase sales by 23% next year. What is the percent change in operating income expected by MID in the coming year? Accountingarrow_forward
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