Journal and ledger as completed because

Assignment Help Finance Basics
Reference no: EM131500818

How are some companies are able to go into the negative so quickly even though on the books they appeared to be making decent profits? The accrual basis shows the revenue even though no transfer of currency has actually taken place on that date. So what would happen if the client is unable to pay the debt or worse refuses to pay the debt because the services weren't rendered properly. Does the company that has already marked the transaction in the journal and ledger as completed because the IOU was assumed to be paid at a later date go back and mark it as a debt? Do you think this happens enough to have a process ready in this situation?

100 words

Reference no: EM131500818

Questions Cloud

What is the bank reserve position : A bank has $20,000 in reserves, $90,000 in bank loans, and $150,000 of deposits. If the reserve requirement is 10 percent, what is the bank's reserve position?
Explore the legal implications of procurement management : Assignment: The Legal Aspects of Project Procurement- This section will explore the legal implications of procurement management.
What is the current price of the bond : Suppose a German company issues a bond with a par value of €1,000, 23 years to maturity, and a coupon rate of 5.8 percent paid annually.
Taxes for the current year : On December 30, you decide to make a $3200 charitable donation. If you are in the 10 percent tax bracket, how much will you save in taxes for the current year?
Journal and ledger as completed because : Does the company that has already marked the transaction in the journal and ledger as completed because the IOU was assumed to be paid
Was kynast an agent of ashland : Case: Brian Hanson sustained a paralyzing injury while playing in a lacrosse match between Ohio State and Ashland University. Was Kynast an agent of Ashland?
Create class-responsibility-collaboration card : Create Class-Responsibility-Collaboration (CRC) cards and a class diagram based on the functional models through the use of graphical tools .
What is the debt coverage ratio : What is the Debt Coverage Ratio? Show how you calculated this. Is it an acceptable ratio to a bank? Why or why not?
Determine the temperature distribution inside the tube wall : In order to enhance heat transfer rates, the inside surface of a tube is extended to form longitudinal fins, as shown in the accompanying figure.

Reviews

Write a Review

Finance Basics Questions & Answers

  Sector mutual fund or biotech exchange traded fund

If you invest your entire capital in a biotechnology sector mutual fund or biotech exchange traded fund (ETF) with 50 biotech stocks in each fund, then you would have eliminated all of the company-specific risks and your portfolio will be almost f..

  Compute the value of the average collection period

Sanders Prime Time Company has annual credit sales of $1,800,000 and accounts receivables of $210,000. Compute the value of the average collection period.

  How are the company assets classified

Analyze the information contained in the company's balance sheet and income statement to answer the following questions: Are the assets included under the company's current assets listed in the proper order? Explain your answer. How are the company's..

  In what ways can a bond investor make money?

In what ways can a bond investor make money?

  Elvis costello has 10 of his stock holdings in stock a with

elvis costello has 10 of his stock holdings in stock a with a beta of 1.30 20 are in stock b with a beta of .60 and the

  Determine the amount of capital gain realized on each assest

a. Determine the amount of capital gain realized on each of the five assets. b. Calculate the amount of tax paid on each of theassets.

  What is the effective annual rate of interest

The terms of the sale were 4/15, net 40. What is the effective annual rate of interest?

  Why do you think the chairmen made these statements

In 2006, Ben Bernanke said the goals of strong output growth and low inflation "are almost always consistent with each other."- Why do you think the chairmen made these statements?

  How long on average does it take the firm

Franklin County Foundry has a total asset turnover rate of 1.10 and their profit margin is 9.40 percent. There are $102,546 in accounts receivable and assets total $1,230,526. The How long on average does it take the firm to collect its receivable..

  Herfindahl-index guidelines

Determine whether the Justice Department would challenge a merger between two firms in an industry with 10 equal-sixed firms, based on its 1984 Herfindahl-index guidelines only. Note: Need to calculate Herfindahl index

  Regulating depository financial institutions

Why the United State public has not acceted the concept "The free market is the best regulator of business" for regulating depository financial institutions.

  Yield for the whole process

A Six Sigma process step is expected to be successful 99.99966% of the time. Hypothetically, if a process had 150,000 steps and each and every step was at exactly a Six Sigma level, what would be the yield for the whole process?

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