ASK THE NAKED ACCOUNTANT...

http://www.youtube.com/watch?v=4eS9Ui-9K6c

 

Send $$ questions and I'll answer them...please don't be shy....

 

Dear Naked Accountant,

I am 25 years old, just graduated from UT, have a decent job & want to avoid stupid financial mistakes.  Can you offer any

guidelines?

Hyde Park

Retro Guy

Dear Retro Guy: 

Good question.  I’ll pass along my three Golden Rules. Although they sound easy, many people find them difficult to follow especially as they get older and have more responsibilities like spouse, children, pets, etc.

1. Always live below your means.

2. Always have three to six months of living expenses in an account that is easy to access (liquid)

3. Always, always, always have cash…to invest in the next lucrative opportunity!

 

DON'T LEAVE YOURSELF NAKED TO A RECESSION.

WATCH THIS VIDEO:

http://www.youtube.com/watch?v=4eS9Ui-9K6c

Comments

[Accounting Noob]

Hey Naked Accountant,
Im in college and in accounting 201. My teacher is not very responsive. I learn online so.. I have a question that im stumped on. Please help.

At December 31 of the current year, a company reported the following: Totals sales for the current year: 780,000 includes 160.000 in cash sales. Accounts received balance at Dec 31, current year: 190,000. Bad debts written off during the current year: 6800. Balance of allowance for doubtful accounts at jan 1, current year:8,300. Prepare the necessary entries to record bad debts expense assuming this company's bad debts are estimated
A. 1.5% of credit sales
B. 5% of accounts receivable

Thanks
Accounting noob