The following balances were extracted from the trial balance as at 31 December 2007: Trade receivables Provision
Question:
The following balances were extracted from the trial balance as at 31 December 2007:
Transcribed Image Text:
Trade receivables Provision for doubtful debts Dr 8,500 Cr 420
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
2007 Dec 31 Statement of P...View the full answer
Answered By
Mahesh G
I have more than 7 years of experience in teaching physics, mathematics and python programming to more than 600 students including both online and offline tutoring.
I follow the following 7 step fundamental approach towards tutoring.
1. Curiosity, scope, enlightenment of the topic in hand.
2. Problem Definitions and elaboration.
3. Requisite mathematics, analytical abilities and quantitative
aptitude.
4. Preparing Algorithms for problem statement.
5. Concepts with analogies and building algorithm.
6. Introspection and improvising.
7. Daily class wise Cheat sheets(its not cheating) for consolidation.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Basics
ISBN: 9780273725008
1st Edition
Authors: Frank Wood, Mr David Horner
Question Posted:
Students also viewed these Business questions
-
Discuss how issues management can help organizations and companies? 1. Give example where a company needs issues management 2. Outcome if issues management is not applied.
-
ABC begins its business on January 1, 2022. The owner invests $5,000 in cash and $5,000 of equipment into the business. ABC borrows $5,000 from the bank. ABC purchases $6,000 of equipment, paying...
-
AXA Ltd has recently decided to expand the range of products. To produce a new product, the company will need to purchase a new machine. This machine will cost 400,000 and last for four years, at the...
-
The system shown consists of 3 cables. For example; cable C12 joins points 1 and 2. The coordinates of point 1 are (6.4, 0, 0) m, those of point 2 are (0, 9.5, -6.1) m, and those of point 3 are (0,...
-
What is meant by dirty floating? How well is the present managed floating system operating?
-
A company is planning an IPO. Its underwriters have said the stock will sell at $50 per share. The underwriters will charge a 7% spread. How many shares must the company sell to net $93 million,...
-
Can you present a graphic that presents the payroll disbursement amounts by date for the contact employee who has been terminated but has been paid after termination (i.e., ghost employees)?
-
A chain of appliance stores, APP Corporation, purchases inventory with a net price of $500,000 each day. The company purchases the inventory under the credit terms of 2/15, net 40. APP always takes...
-
A 5-year housing project costing P500,000 is projected to give the following annual returns: Year 1 - P 75,000 Year 2 - 150,000 Year 3 - 225,000 Year 4 - 300,000 Year 5 - 350,000 Will you accept the...
-
The following balances were extracted from the trial balance as at 31 December 2009: The provision is to be maintained at 3% of debtors. Show the provision for doubtful debts account for the year...
-
A firm decides to create a provision for doubtful debts equivalent to 6% of debtors at the yearend. The debtors figures for the years ended 31 December are as follows: Show the provision for doubtful...
-
Suppose the cohesion of the slide mass shown in the sketch decreases to zero and no surcharge, seismic load, or water is present. Determine whether the slide mass will accelerate, and if so, the...
-
Adacan Industries located in Saskatchewan has a workers' compensation premium rate of $1.76 per $100.00 of assessable payroll. The actual assessable payroll for the previous year consisted of:...
-
A random variable x has the probability density = {Ae-xx 0 p(x) = (0 x 00) (x < 0). a. Determine the normalization constant A in terms of . b. Determine the mean value of x and its most probable...
-
What is the most important factor that determines how much of a product individuals will buy or sell in the marketplace?
-
Need help with these google slides - https://docs.google.com/presentation/d/1kgLS1qBc0V886zSxeitWT_4EiP1V8NiGELsnC1ZQtao/edit#slide=id.ge4615323c0_0_58
-
1. The federal income tax on individuals can be described as what type of tax structure? 2. Bonus depreciation is an example of how the government uses tax law to encourage which type of...
-
The double pulley shown has a mass of 14 kg and a centroidal radius of gyration of 165 mm. Cylinder A and block B are attached to cords that are wrapped on the pulleys as shown. The coefficient of...
-
A 2500-lbm car moving at 15 mi/h is accelerated at a constant rate of 15 ft/s 2 up to a speed of 50 mi/h. Calculate force and total time required?
-
Explain what information you would want in order to interpret some financial ratios you had calculated.
-
Explain how to calculate depreciation using the reducing balance method.
-
Why is being able to do arithmetic and algebra an essential skill for an accountant?
-
A flashlight is held at the edge of a swimming pool at a height h = 1.9 m such that its beam makes an angle of = 41 degrees with respect to the water's surface. The pool is d = 3.5 m deep and the...
-
3. A radio manufacturing company finds that, while it costs 6.25 to make component D-420, the same is available in the market at 5.75 each, with an assurance of continued supply. The break-down of...
-
Blackcomet Company sells merchandise on account to Greentree Company in the amount of $3,800. The sales tax rate on the transaction is 4.75%. Required: Compute the amount of sales tax and the total...
Study smarter with the SolutionInn App