WebCurrent Ratio Current assets / Current liabilities $31,360 / $14,000 Explanation Current assets: Cash$7,000 Accounts receivable 18,000 Office supplies 2,800 Prepaid … WebAt the end of the current year, the accounts receivable account has a debit balance of $792,000 and sales for the year total $8,980,000. The allowance account before adjustment has a credit balance of $10,700. Bad debt expense is estimated at 1/4 of 1% of sales. The allowance account before adjustment has a credit balance of $10,700.

How to Determine Year End Balance in Cash & Cash Equivalents

WebWhy It Matters; 2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate; 2.2 Define, Explain, and … WebJan 1, 2024 · - In QuickBooks and using GAAP, income and expense accounts logically don't have "balances" the way balance sheet accounts do. On your chart of accounts, you probably see nothing in the "Balance Total" column. - At the same time, technically in QuickBooks they really do have balances. philippine statistics office forms

Answered: At the end of the current year, the… bartleby

WebBusiness Accounting Question Content Area Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $62,000 $73,000 Accounts Receivable (net) 75,000 60,000 Inventories 54,000 47,000 Accounts Payable (merchandise creditors) 43,000 37,000 Salaries Payable 2,800 3,800 … WebSet up stakeholder accounts for year-end reporting This article is for small businesses who use Xero Overview Map your client's stakeholder accounts to the right report codes so they display correctly in the reports. There are dedicated report codes for five stakeholders. Web1) Close all revenue/expense accounts to Income Summary. • debit the revenue account in an amount equal to its credit balance, with an offsetting credit to the Income Summary … philippine statistics office iloilo