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A business makes an allowance for doubtful debts of 3% of accounts receivable, also a provision of 1% for discount on accounts receivable. On 1 January 2015 the balances brought forward on the relevant accounts were allowance for doubtful debts £930 and provision for discounts on accounts receivable £301.
(a) Enter the balances in the appropriate accounts, using a separate Allowance for Doubtful Debts Account. During 2015 the business incurred bad debts of £1,110 and allowed discounts of £362. On 31 December 2015 accounts receivable amounted to £42,800.
(b) Show the entries in the appropriate accounts for the year 2015, assuming that the business's accounting year ends on 31 December 2015, also statement of profit or loss extracts at 31 December 2015.
Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $31,500 to her employer's qualified pension fund. She elects to receive her retirement benefits as an annuity of $3,150 per month for the remainder of he..
1.You have been engaged to audit the ?nancial statements of Quinn Corporation for the year ended December 31, 2010. During the year Quinn obtained a long-term loan from a local bank. The ?nance terms are as follows: 1. The loan is secured by invento..
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As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March of 2012 were as follows: $120,000, $140,000 and $150,000. 20% of each months sales are for cash. Of the remaining..
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Roxanne Carter Corporation reported the following for 2014: net sales $1,205,000; cost of goods sold $721,000; selling and administrative expenses $321,800; and an unrealized holding gain on available-for-sale securities $22,000. Prepare a statement ..
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Suppose you were starting a graphics printing business. It will cost you $2000 for a computer and commercial ink jet printer. What is your breakeven? You want to consider a color laser printer instead of an ink jet. The fixed costs would be $4000 and..
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