User Account

All Pages

What should be included in the income statement for bad

Assignment Help Financial Accounting
Reference no: EM133010687

At 30 September 2000, Z Ltd. had a provision for doubtful debts of ?37,000. During the year ended 30 September 2001 the company wrote off debts totaling ?18,000, and at the end of the year, it is decided that the provision for doubtful debts should be ?20,000.

Question 1: What should be included in the income statement for bad and doubtful debts?

a. ?35,000 debit
b. ?1,000 debit
c. ?38,000 debit
d. ?1,000 credit

Reference no: EM133010687

Questions Cloud

What is the amount of depreciation on the building : The building has a 27.5-year MACRS life. What is the amount of depreciation on the building for 2020 for tax purposes
What amount will deposits need to be in order to reach : Carol would like to save up for a down payment on a home she hopes to purchase. What amount will her deposits need to be in order to reach her goal?
What is the maximum amount can spend on a car : Suppose Carol would like to purchase a new car. What is the maximum amount she can spend on a car as not to exceed her $550 a month budget?
Prepare bank reconciliation : Included with the cancelled cheques was a cheque for $300, drawn on another company, The Browne Bros. Prepare bank reconciliation
What should be included in the income statement for bad : What should be included in the income statement for bad and doubtful debts? At 30 September 2000, Z Ltd. had a provision for doubtful debts of ?37,000.
How much gain or loss will Andy recognize from distribution : Partnership Distribution - Andy has an outside basis in Canine Partnership of $520,000. How much gain or loss will Andy recognize from this distribution
What the entry to replenish the fund on december includes a : What The entry to replenish the fund on December 31, 20x1 includes a? On December 31, 20x1, the petty cash fund of Karen Co. with a general leger balance
How much is the cash and cash equivalents to be reported : Cash on hand includes a ?40,000 check payable to ABC Co. How much is the cash and cash equivalents to be reported in the 20x1 financial statements?
What the impact on the NCI share of profit : The remaining useful life of the asset at the date of transfer was 4 years and the tax rate is 30%. What the impact of the above on the NCI share of profit

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!

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