1.The following accounts were abstracted from Todd Company's
unadjusted trial balance at December 31:
Todd Company estimates that 3% of net credit sales will become uncollectible. After adjustment at December 31, the allowance for doubtful accounts should have a credit balance of:
Select one:
a. $24,000
b. $34,000
c. $90,000
d. $80,000
e. $100,000
2.
The following information was taken from Cody Co.'s accounting
records for the year ended December 31, 2016.
There was no work in process inventory at the beginning or end of the year. Cody's 2016 cost of goods sold is:
Select one:
a. $895,000
b. $910,000
c. $950,000
d. $945,000
e. $865,000
Homework Answers
1. Allowance for doubtful accounts = Opening balance + bad debts expense
= 10000 + 3000000*3%
= $100000
Option e. is correct answer.
2. Cost of goods sold = 430000+200000+300000+35000-15000 = $950000
Option c. is correct answer.
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