2. Solomon Shingles uses the aging method to estimate bad debt expense. At the beginning of the year, the company had an accounts receivable balance of $47,600 anda credit balance in the allowance for doubtful accounts of S 9,960. During the year Solomon had credit sales of $1,248,600, and collected accounts receivable in the amount of $1,205,400. $21,200 of accounts receivable were determined to be uncollectible and written off. The company had the following analysis of accounts receivable at the end of the year: un Default Current 1-15 days past due 16-45 days past due 46-90 days past due Over 90 days past due $40,800 10,600 6,200 7,200 1% 2% 8% 15% 30% 4 $69,600 Windsor has a December 31 yearend Required: Answer the questions below on the following page: 1. Prepare the journal for the write-off of the accounts receivable of $21,200 2. Calculate the desired ending balance of the allowance for doubtful accounts at the end of the year 3. Prepare the journal entry to record bad debt expense at year end
Which of the following is not an acceptable method of determining the required annual payment of federal income tax for corporations? A) 100 percent of the prior year's tax liability (with a few exceptions) B) 100 percent of the current year's tax liability C) 100 percent of the estimated current year tax liability using the annualized income method D) All of the choices are acceptable methods of determining the required annual payment of federal income tax for corporations. Explain. Explain.
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