User Account

All Pages

What amount should appear for receivables expense

Assignment Help Financial Accounting
Reference no: EM132578853

At 31 December 2012 a company's receivables totalled $400,000 and an allowance for receivables of $10,000 had been brought forward from the year ended 31 December 2011.

Firstly, it was decided to direct write off debts totalling $38,000 due from customer which has been declared bankrupt. After writing off the debt, the allowance for receivables is to be adjusted to the equivalent of 10% of the receivables.

Question 1: What amount should appear for receivables expense in the company's statement of profit or loss for the year ended 31 December 2012? Please show the journal entries (use T-accounts)

Reference no: EM132578853

Questions Cloud

How would one get specialized in tax : How would one get specialized in tax, give me some examples of career paths. Now what type of education would a tax accountant need?
Definition of family : What is a definition of family that encompasses the different family structures prevalent today?
Calculate depreciation for first year using double-declining : Calculate depreciation for the first year using the double-declining -balance method of depreciation.? (Do not round any intermediate? calculations)
Analyzing fictional character personality : During this module you have examined eight personality theoretical perspective and some of their corresponding theories.
What amount should appear for receivables expense : What amount should appear for receivables expense in the company's statement of profit or loss for the year ended 31 December 2012?
Business organization strategies : Create a presentation that describes the 10 categories of innovation as defined by Keely. Include a discussion of each category and its potential implications
How to calculate the gain or loss on disposal : A company purchased an asset on 1 January 2013 at a cost of $1,000,000. It is depreciated over 25 years. Calculate the gain or loss on disposal.
Do you consider yourself a spiritual or religious person : Do you consider yourself a spiritual or religious person? Explain why? What is the importance of your faith in your daily life? The answer should be based.
Leadership and management roles in change management : Identify and research two leadership strategies. Develop a description of the leadership strategies. Formulate an overview of how the strategy is used.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the amount of cash flows

Using the above information, prepare the income statement for Gail's Greenhouse for the month ended January 31, 2010 and what is the amount of cash flows provided by operating activities to be presented on the statement of cash flows?

  Total actual manufacturing overhead costs incurred

The following cost data relate to the manufacturing activities of Newberry Company during the just completed year: Total actual manufacturing overhead costs incurred: Compute the amount of under applied or over applied manufacturing overhead cost for..

  Preparation of journal entries for various tax related

preparation of journal entries for various tax related transactions.the following payroll liability accounts are

  What is the? firms average annual compound growth rate

Warren? Buffett's Berkshire Hathaway Company went public in 1965. The public offering price was? $18 per share. The stock was trading at? $190,500 on July? 1, 2014, and the market value of the firm was? $304.8 billion. What is the? firm's average ann..

  What are the average total assets

Using the Annual Report of a publicly-traded company of your choosing, answer the following questions in this discussion.

  Standard deviation data alone

Using standard deviation data alone, which security is considered more risky Using coefficient of variation as your sole analysis, which is the best choice of Security.

  What are generally accepted accounting principles

Why is the perpetual inventory system superior to the periodic system for business purposes.What are Generally Accepted Accounting Principles ( GAAP)

  Balance sheet reported assets-amount of net income

Vance Company's balance sheet reported assets of $11,900, liabilities of $4,500 and common stock of $1,600 as of December 31, 2010. If Retained Earnings on the December 31, 2011 balance sheet is $9,000 and Vance paid a $2,000 dividend during 2011, th..

  Wainwright corporation

Analyze each transaction and show the effect of each on the accounting equation for a corporation

  Make necessary journal entries to record these transaction

Make all necessary journal entries to record these transactions. Expensetransactions should be initially recorded by object classification;

  Taylor corp is growing quickly dividends are expected to

taylor corp. is growing quickly. dividends are expected to grow at a 31 percent rate for the next three years with the

  Compute the companys predetermined overhead rate

Logan Products computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year, it estimated that 41,000 direct labor-hours would be required for the period's estimated level of production. Compute t..

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