What will be the result of in the accounting records

Assignment Help Financial Accounting
Reference no: EM133160820

Questions -

Q1- How would a company report a contingency that is "reasonably possible"?

Q2- Why do companies set up the allowance for doubtful accounts instead of just decreasing accounts receivable for any expected uncollectible balances?

Q3- Ornate Inc. ended 2023 with $600 in allowance for bad debts. In January 2024, Ornate wrote off $450 in accounts receivable that appear to be uncollectible. At the end of 2024, Ornate recorded bad debt expense of $250. What is the balance in the allowance for doubtful accounts at the end of 2024?

Q4- In September 2021, LaToya Corporation purchased (paid for) insurance for the next six months (October 2021 - March 2022) in the amount of $48,000. On December 31, LaToya's accountant forgot to make the adjusting entry that was needed. What will be the result of in the accounting records as a result of this oversight?

Reference no: EM133160820

Questions Cloud

Describe experience with diversity-inclusion in workplace : Describe your experience with diversity and inclusion in the workplace. Share an example or two. What role does mindfulness play in D & I?
What are the major provisions of the law : Title VII of the civil rights act of 1964: What are the major provisions of the law? (Depending on the size and scope of the law, you might not be able to inclu
Research the status of drug testing : You've read about testing as part of employment. Drug testing has become very common, but has its supporters as well as detractors.
Prepare the sales section of the income statement : Oriole Company provides the following information for the month ended October 31, 2020; sales on credit $343,200, Prepare the sales section of income statement
What will be the result of in the accounting records : LaToya's accountant forgot to make the adjusting entry that was needed. What will be the result of in the accounting records as a result of this oversight
What is the market required rate of return on the pcj stock : The market price of the PCJ stock is $26/share. MWC just paid a dividend of $2.00 per share. What is the market required rate of return on the PCJ stock
BSB131 Applied Business Analytics Assignment : BSB131 Applied Business Analytics Assignment Help and Solution, Queensland University of Technology - Assessment Writing Service
How does this affect the general ledger and income statement : Joe paid an installment loan payment of $25,000. $3,445 of the payment was interest. How does this affect the General Ledger and Income Statement
About educational practices or professional developments : Recommend a "go-to" resource that has informed you about educational practices or professional developments related to adult education.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Cost accounting as the basis of compensation system

Industrial Electronics, Inc. This case has been selected to give you experience in using cost accounting as the basis of a compensation system. You will have to evaluate an existing system, a proposed system, and comment on the strengths and weakness..

  Assuming that the corporation had no insurance coverage

Wallace Company lost of its inventory in a fire in December just before the year-end physical inventory was taken. Merchandise with a selling price of $ 21,000 remained undamaged after the fire. Damaged merchandise with original selling price of $15,..

  Why are financial markets important to the health of economy

Why are financial markets important to the health of the economy? Some economists suspect that one reasons that economies in developing countries

  What amount should Blue Spruce report as a liability

The redemption cost would be $6,136,000. What amount should Blue Spruce report as a liability for stamp redemptions at December 31, 2020

  Compute how much is the interest income for the current year

Based on Halsey Company, what is the total unearned interest income and how much is the interest income for the current year?

  What is the amount of goodwill to be reported

On January 2, 2021, X Co. acquired all the ordinary share of Y Co. for P2,060,000. What is the amount of goodwill to be reported

  How much is left for after all taxes are? paid

The corporate tax rate is 21%?, and your personal tax rate on? (both dividend and? non-dividend) income is 20%. How much is left for after all taxes are? paid

  What is the balance of the retained earnings account

Warren Enterprises began operations during Year 1. What is the balance of the Retained Earnings account as of December 31, Year 1?

  Record the adjusting entry for uncollectible accounts

The company estimates future uncollectible accounts. The company determines $3,500 of accounts receivable on January 31 are past due, and 50%

  Income statement performance report

Oscar Joyous has sales of 15,000 units of its product at a unit price of $7.50 Actual sales for the years were 14,100 units at $9.00 each. Variable costs were budgeted at $2.60 per unit, and actual variable costs were $2.70 per unit. Actual fixed cos..

  Calculate the change in net working capital

Calculate operating cash flow and the change in net working capital. Estimated sales price in year 3 $160. Estimated sales price in year 2 $175.

  Olga is the proprietor of a small business

Olga is the proprietor of a small business. In 2015, the business's income, before consideration of any cost recovery or § 179 deduction, is $250,000.

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