On january 1 2014 tillit corporation changed its method of

Assignment Help Accounting Basics
Reference no: EM13391794

On January 1, 2014, Tillit Corporation changed its method of accounting for bad debts from the direct write-off method to the allowance method. Tillit's controller determined that an allowance of $33,000 should be established on that date.

(1) Ignoring income taxes, what is the amount of adjustment required, and where would it be reported in the financial statements?

(2) Prepare the journal entry (excluding income taxes) required to adjust the accounts.

Reference no: EM13391794

Questions Cloud

How might focusing on the four perspectives of the balanced : how might focusing on the four perspectives of the balanced scorecard benefit an organization? give examples.why and
Compare and contrast the differences among the three main : compare the differences among the three major theoretical perspectives in sociology structural-functionalism conflict
Treasury security carries a 3 annual interest rate find : if the expected default rate on a particular mortgage backed security is 4 per year and the corresponding treasury
Identify some of the significant challenges you believe you : for this assignment you will continue to reflect on what it takes to create ldquoinnovation architecturerdquo to
On january 1 2014 tillit corporation changed its method of : on january 1 2014 tillit corporation changed its method of accounting for bad debts from the direct write-off method to
The following information relates to james company use the : the following information relates to james company.nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp
In brief explain three alternative systems for this : the owner of two pizza parlors located in adjacent towns wants to computerize and integrate sales transactions and
When companies accumulate costs they generally use either a : when companies accumulate costs they generally use either a job-order or a process costing system. the type of system
The resortrsquos objective is to maximize long-term profits : the tropical paradise resort is located on the coast of an exotic pacific island. room rates are 300 per night which

Reviews

Write a Review

Accounting Basics Questions & Answers

  Difference between audit and auditing

Define auditing, what is the difference between audit and auditing? Explain the important techniques of auditing.

  Entries required to record the issuance of bonds

On january 1, 2004 kate products issued ten year convertible bonds of $1800000 at 105. Interest es payable semiannually on june 30 abd dicember 31 at a rate of 12%. straight-line amortization is recorded at the end of the calendar year.

  Qualitative assessment of the investment timing

However, Tropical Sweets will know the level of demand and will implement the project only if it adds value to the company. Perform a qualitative assessment of the investment timing option's value.

  Adjusted gross income for the current year

Determine Tonya's adjusted gross income for the current year. I know that the income is limited to the tax benefit from the prior year, but I am unsure of the tax benefit of the prior year, whether you would use all the of $10,000 or if it's limit..

  What procedures might the engagement team suggest

If the audit engagement team determines that the scope of the investigation is not sufficient to support the preliminary conclusions reached, what additional procedures or inquiries might the engagement team suggest?

  Certificate maturity value

Freddy purchased a certificate of deposit for $20,000 on January 1, 2010. The certificate's maturity value in two years (December 31, 2011) is $22,050, yielding 5% before-tax interest.

  Management assessment of the financial condition

Does management's assessment of the financial condition agree with your assessment from the Financial Statements Paper Part I? Explain. Support your answer by using two of the three following analysis tools - trend, vertical, or ratio analysis.

  Problem related to credit period

Merchandise is ordered on June 13; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on June 16; the merchandise is received by the buyer on June 18; the entry is made in the buyer's accounts on ..

  Evaluate the effect of the increased prominence

Evaluate the effect of the increased prominence of other comprehensive income on financial statement users and companies.

  Would the adoption of ifrs increase transparency

As the U.S considers the adoption of IFRS, changes exist between presentation and disclosure in current U.S GAAP and IFRS. Based on your research, what are some of the similarities and differences between U.S. GAAP and IFRS?

  Proble related to property management firm

She has a property management firm make all management decision for her. During 2010 she incurred a loss, for tax purposes, of 30,000 on the office building. How must Mary Beth treat this on her 2010 tax return?

  A unit selling price

For the current year ending April 30, Hal Company expects fixed costs of $60,000, a unit variable cost of $70,

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd