FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Calculate the allowance ratio for the year ending 30 June 2021 for Sameera's Accounting Service. Round the percentage change to one decimal place
Transcribed Image Text:Sameera's Accounting Services
Comparative Balance Sheets
As at 30/06/2021
As at 30/06/2020
Current assets
Cash
Accounts receivable (gross)
124,536
82,145
96,411
(5,200)
173,692
Allowance for bad debts
(21,200)
Net accounts receivable
Inventory
Supplies
Prepaid rent
Total Current assets
152,492
91,211
11,675
7,325
400
275
5000
2,500
294,103
183,456
Non-current assets
Equipment
Less: Accumulated depreciation
150,000
150,000
(8,000)
(16,000)
Total non-current assets
TOTAL ASSETS
142,000
325,456
134,000
438,103
|Current liabilities
Accounts payable
Loan payable - Short Term
Unearned Revenue
332,100
224,254
10,000
19,579
10,329
Total current liabilities
361,679
234,583
Non-current liabilities
Loan payable - Long Term
Mortgage
Total non-current liabilities
33,000
2,000
7,000
40,000
2,000
236,583
TOTAL LIABILITIES
401,679
Shareholders' Equity
Contributed capital
Retained earnings
Total Shareholder's Equity
20,000
68,873
20,000
6,424
26,424
88,873
TOTAL LIABILITIES & SHAREHOLDERS'S EQUITY
428,103
325,456
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