Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Sophia pays her rent quarterly in arrears and her year end is 31st December. During the year she has made payments as follows: 1st May

image text in transcribed
image text in transcribed
Sophia pays her rent quarterly in arrears and her year end is 31st December. During the year she has made payments as follows: 1st May (re quarter ending 30th Apr) 2,750 1st Aug (re quarter ending 31st Jul) 2,750 1st Nov (re quarter ending 31st Oct) 3,000 Sophia anticipates that her next quarter's payment will be the same as she paid in November, How much will she show for rent on her statement of profit or loss at 31st December? (Round to the nearest whole number) (Enter the value with no sign, comma or decimal places) Answer: 1000 Arts Co has a total balance on their receivables account at the year end of 40,500. After reviewing their customer accounts, Arts Co have decided to do the following: write off a debt amounting to 1,400 make a 100% specific provision relating to a debt of 6,300 create a general receivables provision of 3% Arts Co have a receivables provision brought forward of 2,700. What will be the value of the general receivables provision? 7284 What will be the irrecoverable debt expense on the Por L? 5984 What will be the value of the receivables provision carried forward? 7284 What will be the value of net receivables shown on the statement of financial position? 31816 (Enter the values with no sign, comma or decimal places)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Assurance Risk And Governance

Authors: Michael Büchling

1st Edition

1485131618, 9781485131618

More Books

Students explore these related Accounting questions