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Complete journal entries for the following transactions related to accounts receivable and the allowance for doubtful accounts: 1. Sales for the month of June were $75,000. Using a percentage allowance method of 1% record the allowance for doubtful accounts. 2. On June 30, it was determined that two customers with receivables totaling $980 were not likely to pay. 3. On July 15, surprisingly one of the customers who owed $400 and was written off on June 30, paid their bill. 4. On July 31, our fiscal year ends, the allowance for doubtful accounts has a balance of $1,780
The company uses an aging method to calculate the desired allowance balance. An accounts receivable aging shows the following: 30 days or less = $68,500 31 -60 days = $10,400 61-90 days = $4,300 Over 90 days = $1,200 The company wants an ending reserve equal to: 30 days or less = 1% 31-60 days = 3% 61-90 days = 5% over 90 days = 15%
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
Accounting problems, Draw a detailed timeline incorporating the dividends, calculate the exact Payback Period b) the discounted Payback Period. the IRR, the NPV, the Profitability Index.
Term Structure of Interest Rates
Write a report on Internal Controls
Prepare the bank reconciliation for company.
Create a cost-benefit analysis to evaluate the project
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Distinguish between liquidity and profitability.
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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