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Accounting Essay

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Below is an essay on "Accounting" from Anti Essays, your source for research papers, essays, and term paper examples.

HW #1   Derek Fry
D $23,620
D $25,000
a)   Dr. Accounts receivable: $5,600,000
Cr. Revenue: $5,600,00
    b)Dr. Bad Debt Expense: $56,000
        Cr. Allowance for doubtful accounts: $56,000
    c)Dr. Allowance for doubtful accounts: $68,400
        Cr. Accounts receivable: $68,400
    d)Dr. Cash: $9,600
        Cr. Accounts Receivable: $9,600
then
        Dr. Accounts Receivable: $9,600
        Cr. Allowance for doubtful accounts: $9,600
    e)Dr. Bad Debt Expense: $110,632
        Cr. Allowance for doubtful Accounts: $110,632





        Average Cost                       FIFO                               LIFO
Minus ending
inventory                 $20590909.09                   $25,000,000.00                   $13,500,000.00
COGS                     $54,909,090.91                 $50,500,000.00                   $62,000,000.00
Gross Profit             $25,090,909.09               $29,500,000.00                   $18,000,000.00
Sell & Adm Exp       $10,000,000.00                 $10,000,000.00                   $10,000,000.00
Income bef taxes   $15,090,909.09                 $19,500,000.00                   $8,000,000.00
Income tax(35%)   $5,281,818.00                   $6,825,000.00                     $2,800,000.00
Net Income             $9,809,090.09                   $12,675,000.00                   $5,200,000.00



          Average Cost                       FIFO                               LIFO
Minus ending
inventory                 $33,318,181.82           $35,000,000.00                   $31,000,000.00
COGS                     $42,181,818.18           $40,500,000.00                   $44,500,000.00
Gross Profit             $37,818,181.82           $39,500,000.00                   $35,500,000.00
Sell & Adm Exp       $10,000,000.00           $10,000,000.00                   $10,000,000.00
Income bef taxes   $27,818,181.82             $29,500,000.00                   $25,000,000.00
Income tax(35%)   $9,736,363.64...

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"Accounting". Anti Essays. 10 Dec. 2018

<http://teachingsail.com/free-essays/Accounting-410932.html>

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Accounting. Anti Essays. Retrieved December 10, 2018, from the World Wide Web: http://teachingsail.com/free-essays/Accounting-410932.html


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