Homework Answers
Correct answer-----------Notes receivable.
Notes receivable are not considered as other receivables. A long term motes receivable and a short term notes receivable are reported on different sections of balance sheet.
Notes receivable are classified as current asset if they are shourt term otherwise as long term other assets
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ment Multiple Choice Question 58 Which of the following receivables would not be classified as an...
Which of the following receivables would not be classified as an "other receivable"? a. Advance to...
Which of the following receivables would not be classified as an "other receivable"? a. Advance to an employee b. Refundable income tax c. Notes receivable d. Interest receivable 19. Notes or accounts receivables that result from sales transactions are often called a. sales receivables. b. non-trade receivables. c. trade receivables. d. merchandise receivables. 20. Larson Company on July 15 sells merchandise on account to Stuart Co. for $1,000, terms 4/10, n/30. On July 20 Stuart Co. returns merchandise worth $400...
Of the following, which usually would not be classified as a current liability? Multiple Choice A...
Of the following, which usually would not be classified as a current liability? Multiple Choice A nine-month note to be paid with the proceeds from the sale of common stock. Bonds payable maturing within the coming year. Estimated warranty liability. Subscription revenue received in advance.
19. The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting...
19. The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting entry for bad debt expense. The company's management estimates that 2% of net credit sales will be uncollectible for the year 2015. Net credit sales for the year amounted to $250,000. What will be the balance of the Allowance for Bad Debts reported on the balance sheet at December 31, 2015? A) $7,275 B) $3,075 C) $7,000 D) $5,285 20. Which of the following...
of the following, which typically would not be classified as a current liability? Multiple Choice o...
of the following, which typically would not be classified as a current liability? Multiple Choice o A six-month bank loan to be paid with the proceeds from the sale of common stock. . Rent revenue received in advance. 0 0 A long-term noté payable maturing within the coming year. 0 Estimated liability from cash rebate program Google Chrome
PART A The allowance for credit losses account is classified as Multiple Choice a contra-revenue account....
PART A The allowance for credit losses account is classified as Multiple Choice a contra-revenue account. a contra-equity account. a contra-asset account. a contra-expense account. PART B An analyst notes that ABC Inc.’s allowance for credit losses as a percentage of year-end accounts receivable has changed. Which of the following would not be a plausible explanation for the change? Multiple Choice ABC’s management is using the allowance for credit losses to “manage” earnings. The company ages its receivables and the...
Which of the following statements about the receivables turnover analysis is correct? Multiple Choice Accounts receivable...
Which of the following statements about the receivables turnover analysis is correct? Multiple Choice Accounts receivable decline as companies sell on credit. Accounts receivable increase as companies receive payment. Receivables turnover refers to how fast receivables are collected. The days to collect will increase as the receivables turnover increases.
0. Allowance for Doubtful Accounts on the balance sheet: a is offset against total current assets....
0. Allowance for Doubtful Accounts on the balance sheet: a is offset against total current assets. b. increases the cash realizable value of accounts receivable. c appears under the heading "Other Assets." d. is deducted from accounts receivable. or a company with significant uncollectible receivables, the direct write-off method is unsuitable because: A) it overstates liabilities on the balance sheet. B) it violates the matching principle. C) direct write-offs would be immaterial. D) it is not allowed for tax reasons....
0. Allowance for Doubtful Accounts on the balance sheet: a is offset against total current assets....
0. Allowance for Doubtful Accounts on the balance sheet: a is offset against total current assets. b. increases the cash realizable value of accounts receivable. c appears under the heading "Other Assets." d. is deducted from accounts receivable. or a company with significant uncollectible receivables, the direct write-off method is unsuitable because: A) it overstates liabilities on the balance sheet. B) it violates the matching principle. C) direct write-offs would be immaterial. D) it is not allowed for tax reasons....
Multiple Choice Question 106 Which of the following accounts is classified as a contra revenue account? Sales R...
Multiple Choice Question 106 Which of the following accounts is classified as a contra revenue account? Sales Returns and Allowances Purchase Discounts Cost of Goods Sold Sales Revenue Multiple Choice Question 107 Sales revenues are usually considered earned when goods have been transferred from the seller to the buyer. adjusting entries are made. cash is received from credit sales. an order is received.
1. Which of the following payments is not a taxable benefit to the employees? Multiple Choice...
1. Which of the following payments is not a taxable benefit to the employees? Multiple Choice Premiums for group term life insurance. Gym membership fees to improve the employee's general health and job performance. Public transit pass costs for the employee to get to and from work. Physical health counselling services fees. 2. An employer paid the following amounts for the employee: preparation of personal tax return, to minimize stress ($300); laptop computer to use at work and at home...
19. The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting entry for bad debt expense. The company's management estimates that 2% of net credit sales will be uncollectible for the year 2015. Net credit sales for the year amounted to $250,000. What will be the balance of the Allowance for Bad Debts reported on the balance sheet at December 31, 2015? A) $7,275 B) $3,075 C) $7,000 D) $5,285 20. Which of the following...
of the following, which typically would not be classified as a current liability? Multiple Choice o A six-month bank loan to be paid with the proceeds from the sale of common stock. . Rent revenue received in advance. 0 0 A long-term noté payable maturing within the coming year. 0 Estimated liability from cash rebate program Google Chrome
0. Allowance for Doubtful Accounts on the balance sheet: a is offset against total current assets. b. increases the cash realizable value of accounts receivable. c appears under the heading "Other Assets." d. is deducted from accounts receivable. or a company with significant uncollectible receivables, the direct write-off method is unsuitable because: A) it overstates liabilities on the balance sheet. B) it violates the matching principle. C) direct write-offs would be immaterial. D) it is not allowed for tax reasons....
0. Allowance for Doubtful Accounts on the balance sheet: a is offset against total current assets. b. increases the cash realizable value of accounts receivable. c appears under the heading "Other Assets." d. is deducted from accounts receivable. or a company with significant uncollectible receivables, the direct write-off method is unsuitable because: A) it overstates liabilities on the balance sheet. B) it violates the matching principle. C) direct write-offs would be immaterial. D) it is not allowed for tax reasons....
Multiple Choice Question 106 Which of the following accounts is classified as a contra revenue account? Sales Returns and Allowances Purchase Discounts Cost of Goods Sold Sales Revenue Multiple Choice Question 107 Sales revenues are usually considered earned when goods have been transferred from the seller to the buyer. adjusting entries are made. cash is received from credit sales. an order is received.
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