Bell Products Inc. has the following amounts on its unadjusted year-end trial balance at the end of Year 2: Debit Credit Change from FIFO to LIFO in inventory valuation $10,000 Prior service cost-pensions $35,000 Gain from sale of available-for-sale securities Loss from infrequent item Gain on foreign currency translations $ 11,500 What is the amount to be shown in Bell's accumulated other comprehensive income at the end of Year 2? $33,500 debit $24,000 debit $23,500 debit $4,000 credit O O O $18,000 $27,500
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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