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!
Assignment
The following balances appeared in the ledger of Lo Gloss and Co on 31st May, 2015.
Accounts Receivable Dr 354,360Bad and Doubtful Debts Dr 16,840Allowance for Doubtful Debts Cr 12,310Sales Cr 2,648,420
The transactions for June were:
(i) Sales cash $123570 credit $98000(ii) Cash collected from customers $114630(iii) A cheque for $300 (not included in (ii)) was received from a debtor whose debt of $800 had been previously written off.(iv) Investigation of a credit balance in a debtors account showed that a credit sale of $500 for goods had not been recorded.(v) Doubtful Debts are normally provided for each month at the rate of 2 per cent of credit sales. After an analysis of accounts receivable balances on 30th June (after the transactions for June had been recorded) below, it was decided to write off all debts more than 12 months overdue and to adjust allowance for doubtful debts to agree with the uncollectable estimate given by the accounts receivable age analysis:
Age of Account Accounts Receivable Uncollectable Estimate0-1 month 95000 0.8%1-6 months 188500 4.0%7-12 months 48400 10.0%More than 12 months 5650 80.0%
Required:
Record the above information in appropriate ledger accounts including balances at beginning. Create extra accounts as necessary (either T or three column)
What is disintermediation? What advantages does it present?
The Nunnally Company has equal amounts of low-risk, and high-risk projects. Nunnally estimates that is overall WACC is 12%. The CFO believes that this is the correct WACC for the company's average-risk projects
how would the following errors affect the account balances and the basic accounting equation assets liabilities
andrew orr and victoria graham formed a partnership dividing income as followsannual salary allowance to orr of
The most important accounting problem in dealing with merchandise inventory is the application of which of the following conventions or rules?
Compute the departmental overhead rates using machine hours as the cost driver.Compute a company-wide overhead rate using machine hours as the cost driver.Compute the overhead costs per batch of MaxiFlow and Alaska assuming:
What is the purpose of the Statement of Cost of Goods Manufactured?
Jon shear expects an investment o $25,000 to return $6,595 annually. his investment is earning 10% per year. how many annually payments will he receive?
Compute equivalent units production for both materials and conversion costs.
The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo on March 5 for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice on March 29.
explain abraham maslows concept of the hierarchy of needs. give an example of how a student might use this hierarchy as
Which one of the following is not one of the seven steps in the accounting cycle? ( :) Count the cash Examine source documents Perhaps construct a trial balance Determine and post adjusting entries
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