In 2007 the fitzu co. had net credit sales of $750,000. on january 1, 2007, allowance for doubtful accounts had a credit balance of $16,000. during 2007, $30,000 of uncollectible accounts receivable were written off. past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivable basis). if the accounts receivable balance at december 31 was $200,000 what is the required adjustment to the allowance for doubtful accounts at december 31, 2007? a. $20,000.b. $34,000.c. $36,000.d. $30,000.
(200,000 * 0*10) + (30,000 - 16,000)
20,000 + 14,000 = $34,000
net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.
government control and resources