Calculate the allowance ratio for the year ending 30 June 2020. Assume the number of days in the year is 365. Round the percentage change to one decimal place Current LiabilitiesAccounts PayableLoan Payable - Short TermUnearned RevenueTotal Current Liabilities220,531340,00010,00017,57910,329367,579230,860Non-current LiabilitiesLoan Payable - Long TermMortgage33,0007,0002,000Total Non-current Liabilities40,0002,000TOTAL LIABILITIES407,579232,860Shareholders' EquityContributed CapitalRetained EarningsTotal Shareholders' Equity20,0006,42420,00068,87326,42488,873TOTAL LIABILITIES &434,003321,733SHAREHOLDERS' EQUITY Kristina's Consulting BusinessComparative Balance SheetsAs at 30/06/2020As at 30/06/2019Current assetsCash122,53680,145Accounts receivable (gross)183,692(21,200)96,411(5,200)Allowance for bad debtsNet accounts receivableInventorySuppliesPrepaid Rent162,49211,67591,2115,1673002103,0003,000Total Current Assets300,003179,733Non-current AssetsEquipmentLess Accumulated Depreciation150,000(16,000)150,000(8,000)Total Non-current Assets134,000142,000TOTAL ASSETS434.003321.733

Allowance Ratio considering : Beginning Allowance is numerator and Current Year's Accounts…

Answered: Calculate the allowance ratio for the…

Calculate the allowance ratio for the year ending 30 June 2020. Assume the number of days in the year is 365. Round the percentage change to one decimal place

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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