Medical services

Assignment Help Financial Accounting
Reference no: EM133272698

An accountant is confirming an AR balance as of year end. The invoice was for 2020 and was over 900k. $300k of the balance was paid during 2021 and 100k was paid during 2022: the remaining is left unpaid

Advise what the auditor should do if portion of the balance was paid in 2021 And there is an outstanding amount which has not been paid. this is medical services and they are having problems getting the entire balance paid accordingly.

Should an adjustment be made? If so what adjustment. What accounts would be adjusted based on this: example debit x account and credit y account.

Reference no: EM133272698

Questions Cloud

Calculate the taxable value of the motor vehicle : A company files its FBT returns on a quarterly basis. Calculate the taxable value of the motor vehicle for the quarter ended 31 December 2017.
Total invested funds are measured : Total invested funds are measured as: A. Debt + debt equivalents + equity + equity equivalents. B. Debt + debt equivalents - equity + equity equivalents.
Calculating revenue or expenses for organization : Prepare the explanation you would give Sidney. calculating revenue or expenses for an organization that follows IFRS.
Report for change in investment fair value : In 2018, Hammond will not report for change in the investment's fair value. Hammond will report a gain on sale of trading securities of $24,000.
Medical services : This is medical services and they are having problems getting the entire balance paid accordingly.
How much profit will be allocated to marguerite : Three M's is a partnership. The 3 partners are Millicent, Malika and Marguerite. How much profit will be allocated to Marguerite?
Issues facing retailers regarding occupying real estate : What are the issues facing retailers regarding occupying real estate as a location for sales. create difficulties for market analysts evaluating retail demand
Investment for change in fair value by crediting unrealized : Joe will adjust the investment for change in its fair value by crediting Unrealized Gain in Delight Investment.
Stock returns are independent-one stock increases in price : In the second economy, stock returns are independent-one stock increases in price has no effect on the prices of other stocks.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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