Question

27) Oceanside Company uses the balance sheet approach in esti accounts expense. Its Allowance for Doubtful Accounts has a $1.2 prior to adjusting entries. It has just comp at December 31, 2015. This anal mating uncollectible 00 credit it balance leted an aging analysis of accounts receivable ysis disclosed the following information: Age Percentage Group Considered Total Uncollectible $52,000 196 $30,000 $13,000 Not yet due 1-30 days past due 31-60 past due 2% Doubtful Accounts at What is the appropriate balance for Oceanside's Allowance for December 31, 2015? A) $960 D) $2,160 C $3,360. B) S95,000. 28) Natural resources such as oil or minerals are categorized as intangible assets. A) True B) False 9) To capitalize an expenditure means charging it to an asset account. A) True B) False ted depletion is a contra-equity account and is recorded in the stockholders 30) Accumulat equity section of the balance sheet. A) True B) False 31) Ding Company traded in one of its automobiles for a newer model. This transaction may result in a gain or a loss being recorded on Ding's financial statements A) True B) False 32) The book value of equipment A) Decreases with the passage of time. B) Increases with the passage of time. C) Remains the same with the passage of time. O) May increase or decrease depending upon the economy. 33) Tim bor owns equipment with historical cost of $18,600; the accumulated depreciation is now $10,000. IF the equipment is sold for $9,100, what amount of gain or loss will be recognized at the time of this sale? A) A loss of $800. C) A loss of $9,500 B) A gain of $900. D) A gain of $500

Answer 1

As per the Chegg Policy, Only one question can be answer at a time. So I am giving the answer of first question. Please ask the further question's separately. Thanks.

27. Allowance for doubtful Accounts at December 31, 2015 = $52000*1% + 30000*2% + 13000*8%

= $2,160

Option D. is correct answer.