Accoutning - Uncollectible Accounts Expense and Allowence for Uncollectible Accounts?
Question:
A/R shows a debit balance of $986,750. The allowence for Uncollectible Accounts have a credit balance of $42,500. Net sale for the year were $10,200,000. In olden times, 2 percent of net sale have proved uncollectible, and an aging of A/R calculate that an allowence balance of $60,000 is needed.
Calculate (1) Uncollectible Accounts Expense and
(2) the climax balance of the Allowence for Uncollectible Accounts using (a) the percentage of lattice sales method and (b) th accounts receviable aging method. Make the chronicle entry to record the expense for the percentage of lattice sales method one and only.
Net sales Method: Expense Balance
A/R aging Method: Expense Balance
Answer:
The percentage of network sales method say that, based on chronological history, 2% of all sale were uncollectible. So, to determine the uncollectible accounts expense you simply find 2% of your lattice sales, or (.02 * 10,200,000) = 204,000.
The closing moments balance contained by your allowance for uncollectible accounts will be (42,500 + 204,000) = 246,500.
With the accounts receivable aging method, you look at how old the accounts are (how long they've be outstanding) and look at past history to determine how recurrently you collect on old accounts. That have already been done for you, and they pass you the fiture of $60,000. The tricky thing to remember is, whenever you enjoy the aging method, the number they give you is the finish balance within the account. You involve to determine how much to increase or decrease that justification by to get the expense amount. In this covering, it has a starting go together of $42,500, and you want the ending be a foil for to be $60,000, so you need to increase the story by (60,000 - 42,500) = 17,500. That is the amount for the uncollectible accounts expense.
In both cases, the journal entry will be set up duplicate:
Debit Uncollectible accounts expense
Credit Allowance for Uncollectible Accounts
and then plug within the numbers above.
(However, I find it interesting that the two methods produced such different results--an uncollectible accounts expense of 204,000 versus 17,000. You might double check that you put the numbers in correctly, or that they didn't furnish you a separate number for net credit sales--if that's the skin you would use that number and multiply it by 2%).
Good luck!
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Cash crate???
Question:
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Answer:
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Can I draw from a mortgage short my spouse?
Question:
My house is in both mine and my wife's name. It is paid stale. My wife left 4+ months ago and I don't know where on earth she is. If I need money, could I find a mortgage without my wife? If I requirement to sell the house, can I do it in need my wife? What should I do, if I need money?
Answer:
No. If her cross is on the deed, later you'd need her approval to use the house as collatoral for a loan or to go it.
You should talk to a legal representative, though. He may be able to find a instrument around it. It depends on what state you live in, but if she vanished for no reason it could be considered departure and, if you've proven a good hope effort to contact her, you may know how to move forward with a mart or loan provided that some sort of considerations are put in place to protect her portion of the investment.
If her dub is on the Deed you need 2 bring back a hold of her otherwise you can't do nothing
I would read out see an attorney, if you have ample money to buy an hour or two of time. That way your option are layed out clearly for you and you don't have any endorsed worries.
You can sell as long as your creation says John or Mary Smith. If it say 'AND' you might have a problem. Sounds approaching you need a laywer.
I would assume surrounded by most states the law is matching, but in Florida you cannot lug out a second mortgage (Home Equity) without your wife if her designation is on the deed to the property. Essentially, you would be placing her property (half the home value) at risk should you evasion on the loan.
I think you stipulation an attorney that specializes in Real Estate ruling in your state. Depending on property settlement law, your wife could be entitled to some of the proceeds of the sale.
Issy
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Looking for a place to for give a hand to Pay past its sell-by date Creditor's of my step son . Who is not making much money ?
Question:
My step son makes $448.56 a week rob home. His bills are more then he make. he is on limited working directive from his doctor. He does not own Property eirther.
Answer:
If you just want to temporarily abet him pay his bills, freshly make the payments for him. That will oblige protect his credit rating. If his situation is not likely to remodel, filing for collapse MIGHT be a solution, but his future means to borrow will be severely limited.
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Contact all of the creditors and negotiate a re - money plan. Give them the scenario. Most creditors will work with you for a few months. The other odds depending on the amount of debt is bankruptcy.
how long after a collapse do u own to linger to ba competent to ...?
Question:
have material estate transferred into your name. not a purchase or a mortgage, a moment ago deeded to u as a gift?
Answer:
You might want to ask your attorney. I'd voice anytime after the bankruptcy have been finalized and is no longer until through the courts, but you might want to get that confirmed.
I know surrounded by the mortgage industry you can obtain a mortgage soon out of bankruptcy. I would guess that this would be ok near a gift as okay. You would want prove that it is a gift. The title and work for the property must not have have your name formerly the bankruptcy later showing it transferring back into your baptize that would be fraud. The bankruptcy must also be dismissed.
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Question:
Answer:
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Bank body near culture of video camera at ATM's?
Question:
If someone gains access to your ATM card and your password,
how long are the recordings from the video cameras at the ATM
kept? I guess what I'm need to know, is how far back can they
step to see if someone other than yourself access your account and verify whether a transaction be actually made?
Answer:
By decree banks are required (if I am not mistaken) to promise with issues of fraudulent hum in customers side between 30 to 60 days. Which means you enjoy to report and file a claim inside 60 days (most banks) of the activity to hold a chance to carry your money back. I would read the disclosures of the bank's policies. I hope everything works out for you. As far as the ATM is concerned they will investigate and tolerate you know.
If someone has access your account, report it to the police and the edge
report the transaction and date, and together they will investigate it.
Make sure the transaction isn't something you did but forgot about...or within could be problems
Invest for my daughter?
Question:
My daughter is getting married this summer. She's in her rash twenties. One of the ideas my wife and I are considering as a honeymoon gift is to start an small investment for her. It's not the lone gift I'd distribute, we're likely going to wage for her honeymoon, give a brass gift etc... But I'd resembling for her to have a start sour investment for her new inherited too. I sure wish someone would hold at least sit me down and explained the benefits of investing early within life to me.
So what's the best investment? Start a 401K, start an on-line stock trading account, buy into a mutual fund or I don`t know just open out and fund a standard saving description with some place approaching HSBC (I think nearby paying about 5.00% right in a minute.)
I'm open to any and adjectives ideas.
Answer:
You might consider buy her some stock and have the stock issued to you in pass form for you to frame.
I've found that a framed stock certificate is usually held for a looooong time (and might even receive her excited about investing).
I know nought about money. That's a really nice contribution though.
If your son-in-law is responsible with investments and financially nouns, I'd sit them down and discuss it with them both. He may own some ideas already and be passageway ahead of you.
If he's an air-head who likes to blow doesn`t matter what he gets his grubby paw on, I'd set some money aside in ... oh, probably CDs or anything you can get a clean, fixed rate on... in my own entitle, to be used as a "Daddy, I need" account, you know, because he won't give support to her manage it.
I'm not existing happy near HSBC, but would definitely look at a credit alliance savings portrayal. Credit unions typically hold higher interest rates than bank, and generally work near people to nouns cars and homes, etc. at really good rates, too.
I don't know what to invest contained by but whatever you do...you should enjoy it fixed so if she breaks up with her up to date husband he won't be able to go and get half or adjectives of it. Marriages aren't that stable these days. When some associates have a considerable sum of money it is very appealing for the other spouse to finagle to get it. Let your daughter own control of it.
Depending on how much you want to give her and where on earth you live, perhaps you might consider giving them the down recompense to buy a house. They'll pay more or less the same contained by a mortgage payment as surrounded by rent, but 30 years from now they'll enjoy a lot more than they would near any other kind of investment.
Otherwise, I would suggest starting a compact disc ladder (1 year, 2 year, 3 year, 4 year, and 5 year) beside automatic rollover to 5 years. This way, respectively year there's a return coming. If they want to take it out, they can use it and verbs to get interest every twelve months. If they don't need it, it can roll over into 5 years again and verbs to grow faster.
Would you consider yourself a nickel and dimer?
Question:
Answer:
necessities, yes
allows me to be less frugal on entertainment
No, but I am frugal.
No! I'm a dollars to doughnuts kinda guy!!
I spend money on trait items but I don't buy a lot of stuff. I buy the best surrounded by groceries, the best in electronics, the best surrounded by shoes, but by that I don't mean the most expensive. It's lately about spending your money on what you obligation and will use on quality items as anti just buying anything.
No, I wanna be rich! Where's the Money?
SHo me da money!!!
Where can I return with counsel roughly speaking which charities to bequeath my money to?
Question:
I have come into some money and want to furnish some of it to charity, but I don't want my money going to cowboys. Where can I get information?
Answer:
I don't know where on earth you can get information but I would suggest a Children's charity similar to Children in Need (I am a sponsor) or Great Ormond Street.
I recommend Saint Jude's Hospital or Ronald McDonald's house (the one for kids.)
A moral websight is www.charities.com
May God bless you.
decide which areas concern you eg. cancer, animals, children and consequently contact the main HQ of a okay known one. Local hospice other welcome contibutions and would be my suggestion
Why not try Mr Krabshe like money :o)
Try modest needs. I chew over they are found at modestneeds.org
They are a great charity to give to.
charity commision
contact a loved ones
charities aid foundation
the chartieis lottery - www.playmonday.com
or I am sure lots of people on here will supply you specific ones. my daughter suffers from a rare condition and the charity that supports the parents is other looking for funding. Im on the committee so can help you offer to them if you like.
I am trying to amount out how to achieve annual returns for yesteryear 10 yrs on a clear in your mind mutual fund.confused?
Question:
For example for the beginning Jan 06 it's 22.67 for the closing price and the starting point Jan 05 it's 18.87. I thought the calculation would be (18.87 - 22.67) / 22.67. But am getting a gloomy, not sure if thats rightcan anyone help??
Answer:
When calculating increase/decrease you put the dais year (the year you are comparing to) in the denominator. So Jen is right IF in attendance were no distributions.
But you also own to factor in any dividends or income gains distributions. You can't of late go by the starting point and ending prices.
The straightforward way to draw from the annual return is to contact the mutual fund itself and request information or go to their website. Not solely is this easier, but it gives you the opportunity to compare the returns of the fund you are interested contained by to many other funds.
Just swap the numbers:
(later price - in advance price) / earlier price
(22.67 - 18.87) / 18.87 = 20% return for Jan 05 - Jan 06
Go to Yahoo nouns and look up the fund. The go to the fund page and look up historical information.