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Indiana Co. began a construction project in 2009 that will provide it $150 million when it is completed in 2011. During 2009, Indiana incurred $36
Indiana Co. began a construction project in 2009 that will provide it $150 million when it is completed in 2011. During 2009, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. Suppose that, in 2010, Indiana incurred costs of $63.75 million and estimated an additional $42.75 million in costs to complete the project. Using the percentage-of-completion method, Indiana should record??? False Value Hardware began 2009 with a credit balance of $32,000 in the allowance for sales returns account. Sales and cash collections from customers during the year were $650,000 and $610,000, respectively. False Value estimates that 6% of all sales will be returned. During 2009, customers returned merchandise for credit of $28,000 to their accounts. What is the balance in the allowance for sales returns account at the end of 2009??? For 2009, Rahal's Auto Parts estimates bad debt expense at 1% of credit sales. The company reported accounts receivable and an allowance for uncollectible accounts of $86,500 and $2,100, respectively, at December 31, 2008. During 2009, Rahal's credit sales and collections were $404,000 and $408,000, respectively, and $2,340 in accounts receivable were written off. Rahal's adjusted allowance for uncollectible accounts at December 31, 2009, is??? The balance in accounts receivable at the beginning of 2009 was $300. During 2009, $1,600 of credit sales were recorded. If the ending balance in accounts receivable was $250 and $100 in accounts receivable were written off during the year, the amount of cash collected from customers during 2009 was??? Rahal's 2009 bad debt expense is???
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