Under the allowance method, estimated uncollectible receivables are credited to
a. A contra asset account
b. Cash (net) realizable value.
c. Debt realizable value
d. Allowance for doubtful accounts.
Answer is d. Allowance for doubtful accounts.
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Amounts owed for products or services purchased on account are accounts receivable
Indicate whether the statement is true or false
Last year, Martyn Company had $440,000 in taxable income from its operations, $50,000 in interest income, and $100,000 in dividend income. Using the corporate tax rate table given below, what was the company's tax liability for the year? Taxable IncomeTax on Base of BracketPercentage on Excess above Base$0-$50,000$015%$50,000-$75,0007,50025 $75,000-$100,00013,75034 $100,000-$335,00022,25039 $335,000-$10,000,000113,90034 $10,000,000-$15,000,0003,400,00035 $15,000,000-$18,333,3335,150,00038 Over $18,333,3336,416,66735 ? Assume a 70% dividend exclusion for tax on dividends.
A. $176,800 B. $221,000 C. $215,696 D. $160,888 E. $212,160
A merger involving firms that are not competitors, customers, or suppliers is termed a:
A) tying arrangement. B) vertical merger. C) conglomerate merger. D) horizontal merger.
In May of 2018, the Town of Anthrop receives a $60,000 grant restricted for transporting all senior citizens to polling locations on Election Day in November of 2018.Required:Prepare the journal entry, and identify the fund in which it is recorded, to record the receipt of the grant.
What will be an ideal response?