Boyd Companies was formed in 2015 with the merger of ADF Manufacturing and Freeman Good Foods. The company reported the following rounded amounts for the year ended December 29, 2018 (all amounts in millions):
DebitsCreditsAccounts Receivable$ 1,040 Allowance for Doubtful Accounts $ 31Sales (assume all on credit) 17,500
Required:
Assume Boyd uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet.
Assume instead Boyd uses the aging of accounts receivable method and estimates that $77 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense.
Assume instead Boyd’s uses the aging of accounts receivable method and estimates that $77 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense assuming Boyd’s unadjusted balance in Allowance for Doubtful Accounts at December 29, 2018, was a debit balance of $38.
If one of Boyd’s customers declared bankruptcy, what journal entry would be used to write off its $25 balance?
ollected from population census 2010.Every citizen is required by the law to adopt one of the religion because it becomes a mark of identification in passports and identification cards. About 207.2 million Muslims and 23 million Christians live in the Indonesia. So Islam is the first largest religion of the Indonesia and Christianity comes on the number second. Indonesian Christianity further classified into protestant and catholic and found in the Easter parts of it. Hinduism, Buddhist and Confucian also comes in the history of the Indonesia.
• Social Institutions: Sharia (Islamic law) prevails in the Indonesia and it governs the family relations. Every country establishes a limit for marriage age and in Indonesia archaeology it is 16 years for women and 19 years for boy. Forced marriages are forbidden by Islamic law but in certain parts of Indonesia, parents force their children to get married. Registration of marriage is compulsory. If the marriage is not registered then it is crime under law. If a person’s wife is unable to give birth to child, physically disabled he is entitled to have multiple wives. Islamic law gives the privilege to women to initiate divorce and after divorce man can immediately remarried but to women they have to wait for 40 days, law also impose some restrictions on the movement of women and have reserved some quotas for enhancing women participation in politics (OECD Development centre).
• Level of Industralisation: Indonesia which is ranked fourth in the world for higher population has got independence in the post 1945. Through to the 1960 Modern Industrialisation process had started. Indonesia has left behind other Asian neighbours. In this period industry has earned about third quarter of half as per capita income. In 1960-67 import was the main reason for rapid industrialisation. Since 1970 diversified industrial structure came into existence by shifting dominance of simple consumer goods and resource processing. From the mid 1980 industries started exports to enhance its growth. Major exports driver in that period were textiles, garments and footwear. Due to the major state investments a substantial growth was recorded in the heavy industries. But in early 1990, due to the higher competition in the markets, slower growth rate was recorded in the industries. In 1997 Indonesia faced crisis and between 1998 to 2004 Indonesia has elected five presidents and major modifications was recorded in the political structure. Indonesia recovered soon from the crisis. Now Indonesia has lots of jobs in service sector and technological advancements and deregulations has become the reasons for fastest growth occurrence (Aswicahyono, Hill & Narjoko 2011).
Characterstics of Indonesia Workplace: In Indonesian workplace relationship between superiors and employees are of paternal and maternal nature. Employees believe on their managers and superiors so much that they think whatever they do will be good. They are too much satisfied with the working conditions, co-