Why doesnt net realizable value change when an account is written off in the use of the

Question:

Why doesn’t net realizable value change when an account is written off in the use of the Allowance account?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

See More Books

Question Posted: Feb 28, 2020 12:15 PM

See More Questions

How would the net realizable value of Accounts Receivable change when an account is written off under the allowance method?
The following list describes aspects of either the allowance method or the direct write-off method to account for bad debts. For each item listed, indicate if the statement best describes either the...
The following transactions were completed by The Bronze Gallery during the current fiscal year ended December 31: June 6. Reinstated the account of Ian Netti, which had been written off in the...
Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June: 6/1 Quark invests 24,000 into the business. 6/3 Purchased 2,100 of equipment on...
Outline a second synthesis of N-ethyl-N-methylaniline (the target molecule in Study Prob-lem 23.3) by reductive amination.
Beth Schulman makes the point that workers in nursing homes, retail stores, hotels, and child care are _______. a) well paid considering that their work is not very important b) lucky they have jobs...
A contract is created to refurbish a luxury yacht: new color schemes, new furniture, new wall and floor coverings, new light fixtures, and window treatmentsthe whole works. Of course, it is not just...
Use trial and error to find a better layout for Mason Machine Tools in Problem 3. Compute the ld score and compare it to Masons current and proposed layouts in Problem 3.
Laverne owns 100% stock of the Pizza Bowl, Inc. (PB), which operates a classy combination bowling alley/pizza parlor. Her basis in the stock is $24,000. In its first year of existence, PB earned...
The following account balances are for Lisa Assaad, Certified Public Accountant, as of April 30, 20X1. INSTRUCTIONS Using the accounting equation form, determine the balance for Lisa Assaad, Capital,...
Recording Bad Debts Expense is a closing entry. True or false? Defend your position.
Explain the purpose of the Bad Debts Recovered account.
Find out what other forms of marketing communications Starbucks uses in Canada and the United States. Does it advertise? Use public relations? What about social media? Is the Starbucks loyalty card...
- A block of mass m = 6, 1 kg slides on a rough surface and moves toward a spring with a spring constant k = 1932 N/m, as shown in the figure below. When the block is d 25, 2 m away from the spring,...
Would you rather have an excellent benefits package or higher pay? Explain.
To what extent is it Human Resources' responsibility in creating safety, inclusion, awareness and equal treatment of LGBTQ employees? Please present arguments in support of your position.
3D wave speeds have been calculated using ultrasonic transducers. The estimated values are V = 6200 m/sec, vs = 3200 m/sec. Assuming the material density as p=2700 kg/m, compute: a) Young Modulus E...
TIPS and FOE are instrumental to employers in thwarting the success of a union organizing campaign. Define each acronym and explain why they are important to management in labor relations practices.
Describe, in general terms, why Congress implemented the AMT.
When the Department of Homeland Security created a color-coded system to prepare government officials and the public against terrorist attacks, what did it do right and what did it do wrong?
To assist you in recording these transactions for the month of January, at the end of this problem is the schedule of accounts receivable as of December 31 and an updated chart of accounts with the...
Spring Co. bought merchandise from All Co. with terms 2/10, n/30. Joanne Ring, the bookkeeper, forgot to pay the bill within the first 10 days. She went to Mel Ryan, the head accountant, who told her...
Spring Co. bought merchandise from All Co. with terms 2/10, n/30. Joanne Ring, the bookkeeper, forgot to pay the bill within the first 10 days. She went to Mel Ryan, the head accountant, who told her...
Solve the system of differential equations. 0 XI= X; X 1 X (%) = 3
Consider the case of Alexander Industries: Alexander Industries is considering a project that requires an investment in new equipment of $3,570,000. Under the new tax law, the equipment is eligible...
Consider an investment where shares are bought @ Rs . 1 5 0 and sold @ Rs . 4 1 0 . The investment is held for 3 years. Calculate HPR and HPY. If shares bought @ Rs . 2 0 0 and sold @Rs . 1 1 0 and...

Why doesnt net realizable value change when an account is written off in the use of the

Question:

Step by Step Answer:

Both the Allowan...View the full answer

College Accounting A Practical Approach

Students also viewed these Business questions