Financial Accounting for Undergraduates
Financial Accounting for Undergraduates
2nd Edition
ISBN: 9781618530400
Author: FERRIS
Publisher: Cambridge
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Chapter 8, Problem 5EYK

a.

To determine

Identify the amount of total accounts receivable and the allowance for doubtful accounts at the end of fiscal year 2011 and 2010.

b.

To determine

Identify the percent of total accounts receivables was the allowance for doubtful accounts at the end of 2011 and 2010.

c.

To determine

Calculate the accounts receivable turnover and the average collection period of Incorporation GM for the year 2011 and 2010.

d.

To determine

Comment on whether Incorporation GM management of accounts receivable improved or not over the two year period (2011 and 2010).

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General Accounting Question give true answer
A company performed $25,905 of services and received $9,000 in cash with the remaining amount to be paid in 60 days with no interest. What would the effect of this transaction be on the company's current month- end accounting equation? A. $25,905 increase in Assets; No effect on Liabilities; $25,905 increase in Stockholders' Equity. B. $16,905 increase in Assets; No effect on Liabilities; $16,905 increase in Stockholders' Equity. C. $25,905 increase in Assets; $25,905 increase in Liabilities; No effect on Stockholders' Equity. D. $9,000 increase in Assets; $16,905 decrease in Liabilities; $25,905 increase in Stockholders' Equity.
Give correct option for following data of this general accounting question

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Financial Accounting for Undergraduates

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Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License