User Account

All Pages

What accounting entries should Alex make

Assignment Help Accounting Basics
Reference no: EM132829398

Question - Alex has total receivables outstanding at 31 December 2002 of $28,000.He believes that about 1% of these balance will not be collected and wishes to make an appropriate allowance. Before now, he has not made any allowance for receivables at all.

On 31 December 2003 his trade accounts receivable amount to $40,000. His experience during the year has convinced him that an allowance of 5% should be made.

What accounting entries should Alex make on 31 December 2002 and 2003, and what figures for trade receivables will appear in his statement of financial position as at those dates?

Reference no: EM132829398

Questions Cloud

Conventional flexible budget-activity-based flexible budget : CEO of Pride Company argued that a conventional flexible budget or activity-based flexible budget is the latest trend in budgeting and therefore the company
Main problem leading to the underperformance of lbs : What was the main problem leading to the underperformance of LBS? Justify your answer.
How do calculate the present value of the investment : If the investor requires a 10% rate of return at what price would it be appropriate to purchase this asset? Calculate the Present value of the investment
Briefly describe the history of victimology : Briefly describe the history of victimology. Describe the criminal case that you selected. Then, explain how the criminal case has influenced legislation.
What accounting entries should Alex make : On 31 December 2003 his trade accounts receivable amount to $40,000. What accounting entries should Alex make on 31 December 2002 and 2003
Why is ethics important in corrections : Identify and list three reasons why it is wrong for a correctional officer to have a romantic relationship with an inmate. Why is ethics important in correction
What is the total amount of tina taxable gifts : What is the total amount of Tina's taxable gifts for 2021? A transfer of property valued at $100,000 to a GRAT. Tina retained an annuity valued at $40,000
The case against corporate social responsibility : Find an article that is favorable to CSR; then provide a link and a summary of the article in your discussion board post.
What is the initial contribution margin : Consider a Scandinavian wind turbine manufacturer attempting to understand the profit impact of a price change on turbines. Currently, a 1.5-megawatt

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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