This
week, you will focus on addressing current assets such as receivables
and inventory. Identifying the proper policies for accounting for
uncollectible accounts will allow your company to better match expense
and revenues as well as state the net realizable value. Accounting for
inventory is just as important for your business to know cost value as
well as total cost of goods. Understanding these principles will help
your business effectively grow and help you understand how to manage the
costs properly.
This week, add to your content the following items:
Identify an appropriate policy for accounting for uncollectible accounts.
Identify an appropriate policy for accounting for the value of inventory.
Further modify your data table, journal entries, T accounts, and trial balance to incorporate the impact of these controls.
Revise the full set of financial
statements based on any changes you made to your policies. E. Are you
profitable? Are you solvent? Have you created value?
You must submit your work as a Microsoft Word document.
WORK ON THE GREEN PART THAT ALREADY HIGHLIGHTED