Question
It's filling out the balance sheet or income statement but I'm not sure which one I should write the numbers on. One of their customers
It's filling out the balance sheet or income statement but I'm not sure which one I should write the numbers on.
One of their customers just got bankrupt and they are all out of assets. They owed Starbucks $37 million. Record the incident in the table below.
=Balance Sheet=
-Assets
-----Cash
------Investments
-----Accounts Receivable, Gross
----- Allowance for bad debt
----- Inventory
----- Prepaid Expenses
----- PP&E
----- Accumulated Deprecation
----- Goodwill
----- Intangible Assets
-Liabilities + Equity
----- Accounts Payable
----- Deferred Revenues
----- Warranty Liabilities
----- Bonds Payable
----- Discount on Bonds
----- Common Stock (Contributed Capital)
----- Additional Paid In capital
----- Retained Earnings (Earned Capital)
=Income Statement=
-----Revenues
-----Cost of Good Sold
-----Description
-----Expenses/ other
-----Net Income
Where and what numbers should I put on in this case?
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Audit Defense A Management Audit Readiness Guide
Authors: Ed Danter
1st Edition
3030924653, 978-3030924652
