102. Brother Bear Corporation’s unadjusted trial balance includes the following balances (assume normal balances): Accounts Receivable &
102. Brother Bear Corporation’s unadjusted trial balance includes the following balances (assume normal balances):
Accounts Receivable $646,000
Allowance for Doubtful Accounts 15,200
Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debts expense will the company record?
103. Manning Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Manning Retailers will include a credit to Sales of $75,000 and a debit(s) to
a. Cash $72,000 and Service Charge Expense $3,000.
b. Accounts Receivable $72,000 and Service Charge Expense $3,000.
c. Cash $72,000 and Interest Expense $3,000.
d. Accounts Receivable $75,000.
104. ABC Company accepted a national credit card for a $3,000 purchase. The cost of the goods sold is $2,400. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income?
a. Increase by $582
b. Increase by $600
c. Increase by $510
d. Increase by $2,910
116. A 60-day note receivable dated June 13 has a maturity date of
a. August 13.
b. August 12.
c. August 11.
d. August 10.
117. The maturity value of a $90,000, 10%, 60-day note receivable dated July 3 is
a. $90,000.
b. $99,000.
c. $105,000.
d. $91,500.
Homework Answers
102. Bad debts are 6%= 6%*646000=$38760
Allowance for bad debts that appear in Financial statements =$15200
So the amount of bad debt expense that shall be recorded =$38760-$15200=$ 23560
103.
A. As the credit card use shall be equal to the cash received, as the manning retailers is being charged for such services by bank. And the bank account of retailer is linked with the bank account hence, cash shall be realised immediately.
104.
Net sale =3000-3%=$2910
Cost of Goods Sold =$2400
Net incom=$510
So the correct answer is C
116. Correct answer is B
August 12
117.
Interest :90000*60/360*10%=$1500
So maturity value is =$90000+$1500
=$91500
Correct answer is D
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102. Brother
Bear Corporation’s unadjusted trial balance includes the following
balances (assume normal balances):
Accounts
Receivable &
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