Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
In one year, a company had $30,000 Sales Revenue on credit. At the start of the year, the Accounts Receivable showed a $6,000 debit balance and the Allowance for Doubtful Accounts showed a $400 credit balance. Collections of accounts receivable during the year amounted to $22,000. The following gives additional items during the year.
(a) On December 31, an Account Receivable of $450 from a prior year was determined to be uncollectable; therefore, it was written off immediately as a bad debt.(b) On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated bad debt losses on 3 percent of credit sales for the year.
Give the journal entries for the items (a) and (b) at the end of the accounting period. Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the income statement and balance sheet for the year. Disregard income tax considerations.
Discuss the differences in how property, plant, and equipment is audited compared to current assets.
In 2009, the corporation issued a 30% stock dividend to all common shareholders with an option of receiving either the stock or $30,000. Maxwell selected the stock. What is Maxwell's gross income from the above?
you are the newly hired accountant for the gift shop. the owner has just received the december 31 2008 bank statement
multiple choice question based on cash flow statement.1.nbspwhich methods of evaluating a capital investment project
When its president died, the corporation realized $150,000 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $46,000 (the gain is nontaxable).
assume sam sell 2500 books on account for 11 each cost these book is 16500 on 10th october 2012. one hundred of these
A cost behavior analysis indicates that 75% of the cost of goods sold are variable, 42% of the selling expenses are variable, and 40% of the administrative expenses are variable.
For each of the independent situations identified above, consider and conclude whether the entity is a reporting entity and whether it is required by the Corporations Act 2001 to prepare general purpose financial statements.
analyzing financial statement using ratio analysis.springfield bank is evaluating creek enterprises which has requested
Purpose a segmented income statement, in total and for the two products. Use the contribution approach
Clearly show the objective function and the mixing constraints for the linear program that Melnick would use to determine the optimal monthly production of each wax.
One client gave the company a computer with a retail price of $2,500 and a fair market value of $2,000 in exchange for accounting services. Based on these facts, what is the company's gross income for the year
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd