Allister Company Does Not Use Allowance Method…
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Asks what problem this would present if bad debts material and significant
Asks what problem this would present if bad debts material and significant
Given the amount in their cash account along with the amount of cash overdraft… determine how the cash account would be stated in the balance sheet under IFRS and U.S. GAAP.
They give you five items and ask you to determine if each would be included or excluded from the cash and cash equivalents in the balance sheet.
They told you they sold satellite systems. Determine what year income before tax is affected by discounts and by how much.
Your numbers will vary.
Given sales, estimated returns, cost goods sold, etc… find the year-end adjusting journal entry.
Your numbers will vary.
Given recorded sales, experienced sales, returns, etc., and ask for the journal entry…. prepare the year-end adjusting journal entries to account for anticipated sales returns.
Your numbers will vary.
Given the amount of accounts receivable and the estimated percent of accounts that will be uncollectible… prepare a journal entry for the allowance.
Your numbers will vary.
Given credit balance in allowance, gross accounts receivable, and % estimate…. prepare journal entry to adust its allowance for uncollectible accounts.
Your numbers will vary.
Given the debit amount of uncollectible accounts, the gross accounts receivable, and the percent of the accounts that are uncollectible… prepare a journal entry for the adjustment of the allowance.
Your numbers will vary.
Given the amount in accounts and the percent that are uncollectible for four different age groups of accounts… determine the balance for allowance of uncollectible accounts.
Your numbers will vary.