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Q. What is Accounts receivable?
Accounts receivable as well called trade accounts receivable are amounts owed to a business by customers. An account receivable occurs when a company performs a service or sells merchandise on credit. Customers usually provide no written evidence of indebtedness on sales invoices or delivery tickets except their signatures. Notice that the term net in the balance sheet of The Home Depot Exhibit 26. This term specify the possibility that the company may not collect some of its accounts receivable. In the balance sheet the accounts receivable amount is the total of the individual accounts receivable from customers shown in a subsidiary ledger or file.
Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the
The accounting records of Nu-tonics Inc., include the following information for the year ended December 31, 2013: Materials Inventory as at 1 January 2013 $ 20,000 Materials
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that were
Controller: Controller another name for Chief Accountant is generally the head of the whole region of accounting, including internal audit. He is generally in charge of all types
Terry Dorsey started Dorsey Hardware a tiny hardware store two years ago and has struggled to make it successful. The first year of operations effected in a substantial loss in the
1. State the equity equation. 2. Which account represents the beginning equity figure? 3. In which accounts are changes to equity recorded? 4. How do drawings affect the calculati
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Buyer's Direct Mills (BDM) Inc. is a century old textile company that takes raw cotton and spins it into cotton yarn. This yarn is in turn purchased by weaving companies which prod
Calculate the amount of assets for Company
Q. What is sales transaction? - In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer. - An invoice is a document prepared by the
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