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Accounts receivable turnover measures * How long it takes to sell inventory on credit How often...
During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that...
During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on TechCom's current year net income and balance sheet assuming the allowance method is 2 points used to account for bad debts? O No effect on net income or on total assets O Decrease in net income; no effect on total assets O Decrease in net income; decrease in total assets O...
The use of internal controls provides guaranteed protection against losses due to operating activities. True False...
The use of internal controls provides guaranteed protection against losses due to operating activities. True False Factors that cause the bank statement balance of a chgawineaccount to be different from the business cRRHeaccount balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. True False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to...
The use of internal controls provides guaranteed protection against losses due to operating activities. * 2...
The use of internal controls provides guaranteed protection against losses due to operating activities. * 2 points O True False 2 points Factors that cause the bank statement balance of a chequing account to be different from the business chequing account balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. * True O False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as...
The shareholders can vote to pay themselves a dividend." True False Cumulative preferred shares carry the...
The shareholders can vote to pay themselves a dividend." True False Cumulative preferred shares carry the right to be paid both current and all prior periods' unpaid dividends before any dividends are paid to common shareholders." True False Which of the following is NOT a principle of internal control? Responsibilities should be clearly established Adequate records should be maintained Responsibility for related transactions should be divided Assets should be insured and employees bonded Audits should always be conducted by employees...
SportsWorld purchased a machine for $190,000. The machine has a useful life of 8 years and...
SportsWorld purchased a machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. SportsWorld estimates that the machine could produce 750,000 units of product over its useful life. In the first year, 95,000 units were produced. In the second year, production increased to 111,000 units. Using the units-of-production method, what is the amount of depreciation that should be recorded for the second year? Multiple Choice $49,440 $22,800 $26,640 $36,000 Factor(s) that might...
Question 9 A machine costing $15,000 was purchased. Delivery and installation cost $2.000 and the residual...
Question 9 A machine costing $15,000 was purchased. Delivery and installation cost $2.000 and the residual value is $1,000. If the estimated life is 4 years and the business uses double-declining-balance depreciation, what is the first year's annual depreciation? $3,750 $4,250 O c $4,000 O d $8,500 Question 10 Sportsworld purchased a machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. Sportsworld estimates that the machine could produce 750,000 units of...
1)The use of internal controls provides guaranteed protection against losses due to operating activities. True False...
1)The use of internal controls provides guaranteed protection against losses due to operating activities. True False 2)Factors that cause the bank statement balance of a çbeauioa account to be different from the business gbeauioeaccount balance include: outstanding cheques deposits in transit, deductions for bank fees, additions for interest, and errors. True False 3)TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. Tech Com should record the transaction as a debit to Accounts Receivable-RDA Electronics and a...
(b) RLF Company estimates that 10% of accounts receivable will become uncollectible. Accounts receivable are $1...
(b) RLF Company estimates that 10% of accounts receivable will become uncollectible. Accounts receivable are $100,000 at the end of the year, and the allowance for doubtful accounts has a $500 debit balance. Bad debt expenses By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Bonita Company purchased a new van for floral deliveries on January 1, 2018. The van cost $50000 with an estimated life of...
The accounts receivable turnover is a method of evaluating the solvency of net accounts receivable. can...
The accounts receivable turnover
is a method of evaluating the solvency of net accounts
receivable.
can be used to compute the average collection period.
is computed by dividing net credit sales for the accounting
period by the cash realizable value of accounts receivable on the
last day of the accounting period.
is only important to internal users of accounting
information.
Calculate the accounts receivable turnover and average collection period. Assume that average net accounts receivable were...
Calculate the accounts receivable turnover
and average collection period. Assume that average net accounts
receivable were $325,000. (Use 365 days for
calculation. Round average collection period to 1 decimal place,
e.g. 15.1.)
Question 14 0.67/1 View Policies Show Attempt History Current Attempt in Progress During its first year of operations, Sandhill Company had credit sales of $3,900,000, of which $410,000 remained uncollected at year-end. The credit manager estimates that $23,400 of these receivables will become uncollectible. Your answer is correct....
During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on TechCom's current year net income and balance sheet assuming the allowance method is 2 points used to account for bad debts? O No effect on net income or on total assets O Decrease in net income; no effect on total assets O Decrease in net income; decrease in total assets O...
The use of internal controls provides guaranteed protection against losses due to operating activities. True False Factors that cause the bank statement balance of a chgawineaccount to be different from the business cRRHeaccount balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. True False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to...
The use of internal controls provides guaranteed protection against losses due to operating activities. * 2 points O True False 2 points Factors that cause the bank statement balance of a chequing account to be different from the business chequing account balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. * True O False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as...
The shareholders can vote to pay themselves a dividend." True False Cumulative preferred shares carry the right to be paid both current and all prior periods' unpaid dividends before any dividends are paid to common shareholders." True False Which of the following is NOT a principle of internal control? Responsibilities should be clearly established Adequate records should be maintained Responsibility for related transactions should be divided Assets should be insured and employees bonded Audits should always be conducted by employees...
Question 9 A machine costing $15,000 was purchased. Delivery and installation cost $2.000 and the residual value is $1,000. If the estimated life is 4 years and the business uses double-declining-balance depreciation, what is the first year's annual depreciation? $3,750 $4,250 O c $4,000 O d $8,500 Question 10 Sportsworld purchased a machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. Sportsworld estimates that the machine could produce 750,000 units of...
1)The use of internal controls provides guaranteed protection against losses due to operating activities. True False 2)Factors that cause the bank statement balance of a çbeauioa account to be different from the business gbeauioeaccount balance include: outstanding cheques deposits in transit, deductions for bank fees, additions for interest, and errors. True False 3)TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. Tech Com should record the transaction as a debit to Accounts Receivable-RDA Electronics and a...
(b) RLF Company estimates that 10% of accounts receivable will become uncollectible. Accounts receivable are $100,000 at the end of the year, and the allowance for doubtful accounts has a $500 debit balance. Bad debt expenses By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Bonita Company purchased a new van for floral deliveries on January 1, 2018. The van cost $50000 with an estimated life of...
The accounts receivable turnover
is a method of evaluating the solvency of net accounts
receivable.
can be used to compute the average collection period.
is computed by dividing net credit sales for the accounting
period by the cash realizable value of accounts receivable on the
last day of the accounting period.
is only important to internal users of accounting
information.
Calculate the accounts receivable turnover
and average collection period. Assume that average net accounts
receivable were $325,000. (Use 365 days for
calculation. Round average collection period to 1 decimal place,
e.g. 15.1.)
Question 14 0.67/1 View Policies Show Attempt History Current Attempt in Progress During its first year of operations, Sandhill Company had credit sales of $3,900,000, of which $410,000 remained uncollected at year-end. The credit manager estimates that $23,400 of these receivables will become uncollectible. Your answer is correct....
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