Impact on profit and the balance sheet

Impact on profit and the balance sheet

Indicate the impact that each of the following errors or omissions would have on a company’s 2019 net profit, assets and liabilities. Use the symbols U = understate, O = overstate or NE = no effect to indicate the impact. Dollar amounts are not required. 1 Management uses the percentage-of-sales approach method to calculate the allowance for doubtful accounts. Management calculated the allowance for doubtful debts on the basis of 2 per cent of sales. However by year-end it was aware that the rate should have really been 3 per cent of sales. Management does not adjust the allowance for doubtful accounts at year-end. Sales equal $1 million.

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