Solution-Compute ending a-r balance and any shortage or

Compute ending a-r balance and any shortage or overage

Assignment Help Accounting Basics

Reference no: EM131799933

Problem

It is always a good idea to verify amounts in the general ledger just to be sure there are no problems or stupid mistakes (in the real world, there is no answer book).

So test the accuracy of the Accounts Receivable balance at the end of the first year of operations for the Poston Corp, using whatever is useful from the following information.

The A/R ending balance in the General Ledger is $27,300

Collections from customers, $68,000

Merchandise purchased, $83,000

Ending merchandise inventory, $36,500

Goods sell at 60% above cost.

All sales are made on account.

Compute ending A/R balance and any shortage or overage.

Reference no: EM131799933

Questions Cloud

What sampling frame might use for the project : New Mexico National Bank (NMNB) operates branches in 23 cities and towns throughout the state of New Mexico. The bank offers a complete range of financial.

Discuss payments and property plant and equipment : Research a recent article on auditing acquisitions, payments, property plant and equipment (fixed assets), notes payable, or owner's equity

Experience bad or challenging or unsatisfying : Describe your worst experience working on or with a team and your role on the team. What made that experience bad or challenging or unsatisfying?

When a forward bias is applied to a p-n junction : In an unbiased p-n junction, holes diffuse from the p-region to n-region because - When a forward bias is applied to a p-n junction

Compute ending a-r balance and any shortage or overage : It is always a good idea to verify amounts in the general ledger just to be sure there are no problems. Compute ending A/R balance and any shortage or overage.

Create a plan that organizes the physical and monetary needs : Create a plan that organizes the physical and monetary needs to accomplish the goal of 15% sales plan

Describes relationship management-social responsibility : Describes Relationship Management & Social Responsibility. Choose two different companies and explain briefly how two different companies

Define fast-food consumption patterns in the given states : A marketing researcher analyzing the fast-food industry noticed the following: The average amount spent at a fast-food restaurant in California was $3.30.

Identify the type of generic strategy option adopted by gf : Identify the type of generic strategy option adopted by GF when it launches the new Quality brand in the Mainland, using any appropriate strategy model.

User Account

All Pages

Compute ending a-r balance and any shortage or overage

Reference no: EM131799933

Reference no: EM131799933

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT