for accounts receivable and allowance for doubtful accounts: Accounts Receivable -- $330‚000; Allowance for Doubtful Accounts -- $11‚000. During 2014‚ Bob had $3‚350‚000 of credit sales‚ collected $3‚290‚000 of accounts receivable‚ and wrote off $14‚000 of accounts receivable as uncollectible. At year end‚ Bob performs an aging of its accounts receivable and estimates that $8‚000 will be uncollectible. What will be the amount of the AJE at year end to adjust the allowance for doubtful accounts? a.
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it is dealt with in accordance to her directions. Thus‚ the 10% is still part of her AI. To conclude‚ Emma’s full salary of $150‚000 is AI under OI. ALLOWANCE VS REIMBURSEMENT The issue of whether Emma’s provided clothing and make-up allowance limit is an allowance or reimbursement is looked into. Using TR 92/15 as guidance‚ ‘allowance’ is understood to be a specific predetermined amount paid to recipient to cover an expense regardless of whether the expected expense is incurred. In contrast
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of each year) Pmt (FV of OA) = FV (adj.) n=18 i=6% factor = 30.90565 x 1.06 = 32.7599 Pmt(32.7599) = 200‚000 Pmt = $6‚105 a. $6‚471. b. $6‚105. c. $11‚111. d. $5‚924. Ch 7 p43. Why is the allowance method preferred over the direct write-off method of accounting for bad debts? (conceptual question) Balance
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statement‚ $873‚500 was collected from customers while $18‚750 related to uncollectible accounts was listed among the "non-cash expenses." If Echo’s beginning balance in the allowance for uncollectibles was ‚ the ending balance in this account must be A) $15‚000 B) 21‚350 C) $36‚350 D) $17‚6003.An analyst notes that ABC Inc.’s allowance for uncollectible accounts as a percentage of year-end accounts receivable has changed. Which of the following would be a plausible explanation for the change? A) ABC’s
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to pricing concern primarily how consumers will perceive various prices or price changes. 4. The three primary considerations pertaining to demand influences for a product are: a. segmentation variables used‚ breakeven point‚ and required discounts. b. internal rate-of-return‚
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FACT BOOK Leading Brands (Soap) Marketing Strategies and Programs WAFFLE TIME BELGIAN WAFFLE Company Background WAFFLE TIME Felix Huertas Street corner A.H. Lacson Extension‚ Sta. Cruz‚ Manila Waffle time is a food business which focuses on creating delicious waffles with different fillings and no concentrating on franchising its carts Rank in the industry & 2012 sales Popular brands marketed in the Philippines BELGIAN WAFFLE Felix Huertas Street corner A.H. Lacson Extension‚ Sta
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I. Introduction Business is a way of profit earning through legal activities. The most important parameter towards profit making is the presence of an opportunity gap in the market because homogeneous products have a great sense of competition as compared to heterogeneous. Bananas are vigorously growing‚ herbaceous plants growing in every humid tropical region. Edible bananas are believed to have originated in the Indo-Malaysian region reaching to northern Australia. They constitute
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– June 30‚ 2008) 147‚000 Advances to suppliers (short term) 24‚000 Dividends (cash) declared during 2005 120‚000 Rent receivable 34‚000 Investment in shares of Life Systems Corporation (long term‚ at market) 322‚000 Unamortized discount on bonds payable 42‚000 Loans to employees (company president; payment date uncertain) 225‚000 Land (building site in use) 3‚300‚000 Building 7‚450‚000 Equipment 3‚236‚000 Trademark 610‚000 Deferred equipment rearrangement
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Acc101 – Quiz on Receivables Show your supporting computations in good form. Encircle your final answer. Problem 1 For the year ended December 31‚ 2009‚ Colt Co. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts‚ 1/1/09 P51‚000 Provision for uncollectible accounts during 2009 (2% on credit sales of P2‚000‚000) 40‚000 Uncollectible accounts written off‚ 11/30/09
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F151. Assets become liabilities when they expire. F152. Revenue results from collection of accounts receivable. F153. A company’s fiscal year must correspond to the calendar year. T154. Accounting periods should be of equal length to facilitate comparison between periods. T155. When there is no direct connection between revenues and costs‚ the costs are systematically allocated among the periods benefitted. T156. Applying accrual accounting results in a more accurate measurement of profit for the
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