Financial statements and cash-basis financial statements
Discuss the differences between accrual-basis financial statements and cash-basis financial statements. Determine which provides more useful information and the reasons it is more useful.
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Brown cow dairy uses the aging approach to estimate Bad Debt expense. The balance of each account receivables is aged on the basis of three time periods as follows; 1) 1-30 days old, $12,000; 2) 31-90 days old, $5000; and 3) more than 90 days old.
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Two employees ("cash collection clerks") are responsible for collecting cash from the lockers. Based on instructions from the office manager, one clerk collects cash from specific locations on the west side of the city and the other collects from
Innovative Tech Inc. uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During Nov. 2010, ITI sold services on account for $100,000.
Sarita Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $67,000. The machine's useful life is estimated at 10 years, or 420,000 units of product, with a $4,000 salvage value.
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In early January 2009, Sanchez Builders purchases equipment for $102,000 to use in operating activities for the next five years. It estimates the equipment's salvage value at $21,000.
What was the total standard cost of the materials used during August?How many yards of material are required at standard per kit?
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