Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Jonathan Milley, the accountant for Bling Sound, Inc. has just completed a review of the General Ledger and is about to begin the adjusting process. His boss, Cantsing has asked to speak to him concerning an outstanding accounts receivable from GGG Studios.
Milley reviews the accounts receivable subsidiary ledger and finds no entry for a receivable from GGG Studios. A review of the customer invoices, shows that GGG Studios contracted for a composition and owes $15,000 to the company. Current reported sales are $175,000.
At the meeting, Milley explains that the receivable has not been recorded on the books and that he will correct that in an adjusting entry. Cantsing asks that Milley does not record the outstanding receivable. He explains that the head of GGG Studios has filed for bankruptcy and there is not chance of collection. Cantsing believes that including the receivable and sale on the financial statements would not be a valid representations of last year's operations.
What should Milley do?
Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $400,000 for the ownership interest. Flint paid the money directly to Chang and to Danos for 50% of each of their ..
Spock Corporation's unadjusted trial balance at Dec 31, 2007, included the following accounts. Spock Corporation estimates its bad debt expense to be 1.5% of net sales.
Why is essential that the planning functions of controllership can help an organization effectively and efficiently achieve a goal?
Under what conditions is an accrual-basis-tax-payer allowed to defer reporting amounts received in the advance payments received for services?
Why do you think present value is an important concept for management to understand? Do you think it should be used for all financial statements items, why or why not?
Your client, a manufacturer of computer components has experienced slowing demand for its product. Recently, it cut back from three shifts a day to two shifts a day and the company has eliminated the backlog of orders that existed in prior years b..
There are several methods, LIFO, FIFO, Weighted Average, Market, and Historical Cost. If you are in the retail/wholesale business, would you use the same method that you would use if you were in the manufacturing business?
Prepare a statement of cash flows using the indirect method.
In Saint-Simon, Inc., the Assembly Department started 18,000 units and completed 21,000 units. If beginning work in process was 9,000 units, how many units are in ending work in process?
Assume that the brand manager forecasts upcoming sales of SUSI to be 150,000 units, and that there are 35,000 units of SUSI in inventory
Waheed Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour.
Prepare an incremental analysis for the special order and should Pro Sports Inc. accept the special order? Explain your answer. What is the minimum selling price on the special order to produce net income of $4.10 per ball?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd