User Account

All Pages

Allowance for doubtful accounts

Assignment Help Accounting Basics
Reference no: EM13866484

Abrat Company failed to accrue an allowance for doubtful accounts of $13,500 in its Year 1 financial statements. Upon discovery of this error in Year 2, what correcting journal entry will Abrat Company make? Ignore income taxes 

Reference no: EM13866484

Questions Cloud

Where can you buy cheaper hamburgers: britain or u.s : In July 2014, the average price of a Big Mac was £2.80 in Britain and $4.20 in the U.S. The actual exchange rate was $1.60/£. Please answer the following questions:1)Where can you buy cheaper hamburgers: Britain or U.S.?
Is the process before and after the swap are the same : Is the Process before and after the swap are the same? Give reason. What do you mean by u-area (user area) or u-block?
Describes the moral development experienced : Describes the cognitive development experienced during the assigned developmental stage. Describes the moral development experienced during the assigned developmental stage
What is the present value of an annuity of $500 : 1) What is the present value of an annuity of $500 per year (first cash flow occurs one year from today) for 26  years if the interest rate is 17 % p.a.? 2) What is the future value of an annuity of $150 per year (first cash flow occurs one year from..
Allowance for doubtful accounts : Abrat Company failed to accrue an allowance for doubtful accounts of $13,500 in its Year 1 financial statements. Upon discovery of this error in Year 2, what correcting journal entry will Abrat Company make? Ignore income taxes
Input impedance on transmission : An antenna having an input impedance on transmission of 70+j30 ohms is used on reception by connecting directly to a 50 ohms transmission line which is perfectly matched to a pure resistance load.
What two requirements would the board of directors have : Prepare any journal entries that National Chocolate Corp. should make on the four dates mentioned in the press release. What two requirements would the board of directors have considered before making the dividend decisions?
Many jurors assume the defendant has insurance : Many jurors assume the defendant has insurance coverage and therefor no harm is done by awarding the plaintiff damages. What are the moral hazards? What is the affect on insurance premiums on consumers?
The fifo to the average cost inventory : At the beginning of 2011, the Brett Company decided to change from the FIFO to the average cost inventory cost flow assumption for financial reporting purposes. The following data are available in regard to its pretax operating income and cost of goo..

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are responsibility budges what responsibility centers

1-explain the relationship between the management functions of planning and controlling costs.2-briefly explain at

  What entry would willis company make

On January 3, 2011, Willis Company purchased 3,000 of the 10,000 outstanding shares of Demi Corp for $300,000. On October 31, 2011, Demi Corp declared dividends of $40,000 and on December 31, Demi Corp had net income of $800,000. What entry would ..

  Interest rate compounded annually problem

You want to buy a new car 5 years from now for N$300 000. Assuming a 6% interest rate compounded annually, how much should you invest today to yield N$300,000 in 5 years?

  Doaktown products manufactures fishing equipment for

doaktown products manufactures fishing equipment for recreational uses. the miramichi plant produces the companys two

  Expense of employee jobs

Prepare a written assignment or ethical issue analysis involving using IMA standards to determine an employer's responsibility when cost savings come at the expense of employees' jobs.

  Apple do to improve its cash position and why

Go to http://finance.yahoo.com. Enter in "AAPL" and click on the "get quote" button, and it will bring up information on Apple.

  Consolidated financial statements basics

In the current year, Company C lost $100,000. How should the parties report the above arrangements in its consolidated financial statements?

  Liberty celebrations inc manufactures a line of flags the

liberty celebrations inc. manufactures a line of flags. the annual demand for its flag display is estimated to be

  Last year the sales at jersey company were 260000 and were

last year the sales at jersey company were 260000 and were all cash sales. the expenses at jersey were 111000 and were

  Prepare kingdom amortization schedule

The normal selling price of the jousting equipment is $325000 and the cost of the asset to Kingdom Leasing Inc. was $250000.

  Discuss how you will report the breach

Assume that you are a key member on an audit engagement team and discover a breach in internal controls. Discuss how you will report the breach and your expectations of management for a resolution to the breach.

  Compute the departmentu2019s equivalent units of production

the production department in a process manufacturing system completed 191500 units of product and transferred them to

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