Entries by mary WAMBUGU

John, Alice, and Dan are all general partners of a partnership. 2. John is the CEO of the partnership and is allocated a salary of $55,000 per year.

August 22, 2019 in /by

1. John, Alice, and Dan are all general partners of a partnership. 2. John is the CEO of the partnership and is allocated a salary of $55,000 per year. 3. Alice is the CFO of the partnership and is allocated a salary of $62,000 per year. 4. Dan is not active in the partnership and is not allocated any […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

Eaton Company has a credit balance of $3,500 in Allowance for Uncollectible Accounts.

August 22, 2019 in /by

Eaton Company has a credit balance of $3,500 in Allowance for Uncollectible Accounts.   a. The estimated bad debts expense under the percentage-of-sales basis (Income Statement approach) is $4,100. Prepare the adjusting entry.    b. The total estimated uncollectible under the percentage-of-receivables basis (Balance Sheet approach) is $5,800 upon the aging analysis. This amount is the desired new balance in Allowance for Uncollectible Accounts. The difference between the […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

Your client owes you $1,000 for previously provided service as of October 1, 2016 (A/R balance: $1,000).

August 22, 2019 in /by

Your client owes you $1,000 for previously provided service as of October 1, 2016 (A/R balance: $1,000). To make sure cash collection, you and your client agree that: 1. You accept a $1,000, 3-month, @12% p.a. (per annum–always annual interest) promissory note from your client as settlement of an outstanding A/Rec on Oct 1, 2016. Your client is an issuer of […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016:

August 22, 2019 in /by

The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016: Item Amount Ending Cash per Bank Statement $22,484 Note collected by bank included interest of $106 $5,106 Bank Service Charges $35 Deposits in Transit $1,776 Outstanding Cheques $4,717 Customer Cheque returned NSF $322 A review of the bank statement reflected that cheque #224 […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"