Answer:
See below
Explanation:
The net realizable values are as follows
ai For accounts receivables
Ending balance of account receivables = Beginning balance of account receivables + Credit sale - Collections uncollectible amount
= $187,800 + $860,400 - $687,720
= $360,480
aii For allowance for doubtful debt
= Beginning balance + Previously written off amount - Uncollectible amount + Bad debt expense
= $9,630 + $2,859 - $7,381 + $18,412
= $23,070
Answer:
Answer is given below.
Explanation:
it is absolutely exploitative to adjust the maturing of the records receivable with no legitimate explanation so as to diminish the remittance made so as to expand the benefit and show an off base monetary record figures to the partners. The controller can't subjectively choose to change the records receivable to cut down the noncollectable records as at some point or another a similar will be found during review and a similar will be hailed off as a fake. The long haul results you would confront incorporate landing terminated from the position, having your authorized dropped in the event that you are CPA and may likewise confront lawful prosecutions. You should disclose to the controller that so as to simply introduce a decent benefit for the present year it can place into the danger for the future and put their vocation in question. Additionally, a similar won't be valued by the investors and the organization may go on free its altruism.
I guess the closest answer is $31,060.
If you purchased a parcel of land for $10,000. If you expect a 12% annual rate of return on your investment. Therefore you can sell the land for in 10 years in $31,060.
The correct answer is exchange or trade
Answer:
B. Debit Income summary Debit $ 23,000
Retained Earnings Credit $ 23,000
Explanation:
The closing entries are recorded to close the current year's income statement to the retained earnings account,
According to the data in the question, the revenue is closed to the credit of the income Summary of $ 68,000 and the expenses are closed to the debit of the Income Summary of $ 45,000. This leaves a credit balance of $ 23,000 in the income summary account which is closed by debiting the income summary account and crediting the retained earnings account.
Since the revenue exceeded the expenses, the result ia a profir which should increase the retained earnings account, which would be the case by a credit to the retained earnings account.
