What type of account is Allowance for Bad Debts?

What is the journal entry for recovery of bad debts written off?

when converting an income statement from a cash basis to an accrual basis, which of the following is incorrect?

A. An adjustment for depreciation reduces net income.

B. A decrease in salaries payable decreases net income.

C. A reduction in prepaid expenses decreases net income.

D. An increase in accrued payables decreases net income.

Is Bank Reconciliation not required in every company?

What are the duties and responsibilities of a Bank Reconciliation Officer?

How often can adjusting entries be journalized?

Which of the following securities pay dividends?

A. Treasury bills

B. debt securities

C. corporate bonds

D. common stocks

issuing bonds at a discount journal entry

When a new partner is admitted to a partnership, there should be a(n)

a. revaluation of assets

b. realization of assets

c. allocation of assets

d. return of assets

How to prepare a bank reconciliation statement for the month.

What is the effect of bad debts on revenue recognition?

York Company engaged in the following transactions for the year 2016. The beginning cash balance was $86,000 and the ending cash balance was$59,100.

1. Sales on account were $548,000. The beginning receivables balance was$128,000 and the ending balance was $90,000.

2. Salaries expense for the period was$232,000. The beginning salaries payable balance was $16,000 and the ending balance was$8,000.

3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was$16,000 and the ending balance was $10,000.

4. Recorded$30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $42,000 and$12,000, respectively.

5. The Equipment account had beginning and ending balances of $44,000 and$56,000 respectively. There were no sales of equipment during the period.

6. The beginning and ending balances in the Notes Payable account were $36,000 and$44,000, respectively. There were no payoffs of notes during the period.

7. There was $4,600 of interest expense reported on the income statement. The beginning and ending balances in the Interest Payable account were$8,400 and $7,500, respectively.

8. The beginning and ending Merchandise Inventory account balances were$22,000 and $29,400, respectively. The company sold merchandise with a cost of$83,600 (cost of goods sold for the period was $83,600). The beginning and ending balances in the Accounts Payable account were$8,000 and $6,400, respectively.

9. The beginning and ending balances in the Notes Receivable account were$60,000 and $100,000, respectively. Notes receivable result from long-term loans made to employees. There were no collections from employees during the period.

10. The beginning and ending balances in the Common Stock account were$120,000 and $160,000, respectively. The increase was caused by the issue of common stock for cash.

11. Land had beginning and ending balances of$24,000 and $14,000, respectively. Land that cost$10,000 was sold for $6,000, resulting in a loss of$4,000.

12. The tax expense for the period was $6,600. The Taxes Payable account had a$2,400 beginning balance and an $2,200 ending balance.

13. The Investments account had beginning and ending balances of$20,000 and $60,000, respectively. The company purchased investments for$50,000 cash during the period, and investments that cost $10,000 were sold for$22,000, resulting in a $12,000 gain.

Required

Determine the amount of cash flow for each item and indicate whether the item should appear in the operating, investing, or financing activities section of a statement of cash flows. Also, identify any items that do not affect the cash flow statement. Assume York Company uses the direct method for showing net cash flow from operating activities.

Which of the following statements is true of the debt to equity ratio?

A. If the debt to equity ratio is less than 1, then the company is financing more assets with debt than with equity.

B. If the debt to equity ratio is greater than 1, then the company is financing more assets with equity than with debt.

C. The higher the debt-to-equity ratio, the lower the company's financial risk.

D. The higher the debt-to-equity ratio, the greater the company's financial risk.

Which of the following costs should not be included in the cost of a building?

a. Parking lot repaving
b. Closing costs
c. Remodeling of office space prior to use
d. Broker's commission