after a careful analyses of account receivable a decision is made to establish an 327841

Aug 29, 2021 | Uncategorized

  1. After a careful analyses of Account Receivable a decision is made to establish an Allowance for Doubtful Account in the amount of $2,200.
  2. Estimated economic life of the building is 40 years; residual value is zero. Estimated economic life of equipment is 20 years with residual value of $12,000.
  3. Interest on the bond is payable Jan. 1 and July 1.
  4. Salaries and wages earned but repaid on Oct 31 amount to $5,000.
  5. 5.The inventory at Oct, 31, 1999 cost $26,000.
  6. 6.The income tax expense is estimated to be 40% of income before income taxes

WORM a 12 column work sheet to adjust accounts and classify the balances as to income

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