Compute an estimate of the ending balance of accounts

Assignment Help Accounting Basics
Reference no: EM13512520

Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $1,500 per month, has just purchased a new BMW. You decided to test the accuracy of the accounts receivable balance of $82,000 as shown in the ledger.

The following information is available for your first year in business.

(1) Collections from customers $198,000
(2) Merchandise purchased 320,000
(3) Ending merchandise inventory 90,000
(4) Goods are marked to sell at 40% above cost

Instructions

Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.

 

Reference no: EM13512520

Questions Cloud

At what common temperature will the ring just slip onto rod : An aluminum ring has an inside diameter of 1.793 cm, and an iron rod has a diameter of 1.798 cm, at what common temperature will the ring just slip onto the rod
Journalize the final distribution of cash to the partners : Journalize the final distribution of cash to the partners.
Explain hypochlorous acid hocl is a weak monoprotic acid : Hypochlorous acid, HOCl, is a weak monoprotic acid. Using the information for this acid in Appendix F, calculate the pH (round to one decimal) and the percent ionization
What is the water pressure at the second floor : A water pipe having a 2.4 cm inside diameter carries water into the basement of a house at a speed of 0.95 m/s and a pressure of 174 kPa. What is the water pressure at the second floor
Compute an estimate of the ending balance of accounts : Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.
Estimate the maximum height reached by the ball : A soccer ball is kicked with an initial speed of 28 m/s at an angle of 22° with respect to the horizontal. Find the maximum height reached by the ball
Explain what will be the concentrations of ha : If a weak acid solution, HA is 0.3M and ionizes 1%, what will be the concentrations of [HA], [H3O+],and [A-] at equilibrium
Prepare the entry to distribute the net income : Indicate the division of net income to each partner, and prepare the entry to distribute the net income.
What is the minimum speed that the football must have : A quarterback is asked to throw a football to a receiver that is 32.9 m away. What is the minimum speed that the football must have

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

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

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

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.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

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 and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd