User Account

All Pages

Open the allowance for bad debts account for the year

Assignment Help Accounting Basics
Reference no: EM133156139

Question - Amogelang's business had always made an allowance for doubtful debts at the rate of 4% of accounts receivable. On 1 January 2020 the amount for this brought forward from the previous year was $320. During the year to 31 December 2020 the bad debts written off amounted to $680. On 31 December 2020 the accounts receivable balance was $16, 800 and the usual allowance for doubtful debts is to be made.

a. Open the bad debts accounts for the year ended 31 December 2020.

b. Open the allowance for bad debts account for the year?

c. Show the income statement extract for the year? 

d. Show the relevant Statement of Financial Position extract as at 31 December 2008.

Reference no: EM133156139

Questions Cloud

Why did he or she start the business : 1. Why did he or she start the business? 2. What factors have led to the business's success?
Learned about bargaining strategies to inform : In a concise paragraph, paraphrase what you have learned about bargaining strategies to inform a friend about the options for negotiating his or her starting sa
What are valid percent and cumulative percent : What are valid percent and cumulative percent and why are they important
Azure cloud environment and azure devops menus : Given that you have learned the names of the SDLC phases, which SDLC phases have you seen/used in this lab?
Open the allowance for bad debts account for the year : On 31 December 2020 the accounts receivable balance was $16, 800. Open the allowance for bad debts account for the year
Dispute between competition bureau and canadian real estate : Summarize the dispute between the Competition Bureau and the Canadian Real Estate Association and outline the key points of the consent agreement signed by the
Understanding of organizational behavior : Discuss how the understanding of Organizational Behavior as a body of knowledge helps a supervisor to deal effectively with management challenges of satisfactio
What is amount that the intangible asset will be recorded : What is the amount that the intangible asset and amortization expense will be recorded in the consolidated financial statements for the year ended 12/31/X0
Recommend the best economic system for toyota : Recommend the best economic system for Toyota, Ford, and Volkswagen. Market economy, Mixed Economy or Planned economy

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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