Accounting Adjustments | Baamboozle - Baamboozle

What is the formula for straight line method?

cost - residual value / number of years useful

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We sold some goods to a Lee Pong worth $1,000 however lee only paid us $300 and was never to be seen again how much bad debt is to be recorded?

$700 (1000-300)

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What are provisions for bad debt?

Monies owed that are based off an estimate of accounts receivables

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A car that was bought for $30,000 and had depreciation of $15,000 was sold for $25,000 what value would be recorded and was it a profit or a loss on the sale

Profit of $10,000 (30000-15000) and then 25000-15000

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A decrease in provision for bad debts is recorded as

A revenue

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A building was bought for $100,000 and is depreciated by 15% every year what is its depreciation using the straight line method?

$15,000 (15%x100000)

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Define a prepaid expense and give one example

Money paid in advance for a service/ expense for example such as rent paid a month in advance

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Prepaid revenue is recorded as

A current liability

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Name 2 causes of depreciation

Wear and Tear, Rust, Erosion, Corrosion, Depletion, Time Factor

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What is provision for depreciation?

The accumulated depreciation of an asset charged over a period of time

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Our total accounts receivables are $120,000 but we estimate 25% will not pay how much money do we expect to get ?

$90,000 (120,000 x 25%) = 30,000 then 120000-30000

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Where is depreciation and provision for depreciation found in your final statements?

Depreciation - Income statement and provision for depreciation is found in the balance sheet

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The reducing balance method charges a larger amount of depreciation in the early years and lesser amounts later on is this True or False?

True

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