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 to Larson Company. On July 23 payment is received from Stuart Co. for the balance due. What is the amount of cash received?
a. $600
b. $576
c. $580
d. $1,000
Homework Answers
1) Notes receivable would not be classified as an "other receivable"
2) Notes or accounts receivables that result from sales transactions are often called - Trade receivables
3) $600
Add Answer to:
Which of the following receivables
would not be classified as an "other receivable"?
a. Advance to...
Larson Company on July 15 sells merchandise on account to Stuart Co. for $1,000, terms 2/10,...
Larson Company on July 15 sells merchandise on account to Stuart Co. for $1,000, terms 2/10, n/30. On July 20 Stuart Co. returns merchandise worth $400 to Larson Company. On July 26 payment is received from Stuart Co. for the balance due. What is the amount of cash received? a. $600 b. $588 c. $580 d. $1,000
ment Multiple Choice Question 58 Which of the following receivables would not be classified as an...
ment Multiple Choice Question 58 Which of the following receivables would not be classified as an "other receivable"? Refundable income tax Interest receivable Advance to an employee Notes receivable
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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...
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thanks in advance. You are the audit supervisor of Hasel Co, which is a manufacturing company....
thanks in advance. You are the audit supervisor of Hasel Co, which is a manufacturing company. You are currently planning the audit of trade receivables for the year ended 31 December 20x8. At 31 December, Hasel’s trade receivables balance was $6.500.000. Hasel Co has more than 600 customers, including nine customers owing more than $250.000 each. Tests of control revealed weaknesses in Hasel’s internal control over sales and trade receivables. In prior year audits, confirmations revealed misstatements in several customers’...
Exam 1 18. Which of the following would require a compound joumal entry? b. c. d...
Exam 1 18. Which of the following would require a compound joumal entry? b. c. d To record merchandise returned that was previously purchased on account To record sales on accou. To record purchases of eventory when a discount is offered for prompt payment. To record collection of accounts receivable when a cash discount is taken 19. Under the allowance method, writing of an uncollectible account affects only balance sheet accounts b. affects both balance sheet and income statement accounts....
Brief Exercise 9-01 Presented below are three receivables transactions. Indicate whether these receivables are reported as...
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1.An aging of a company's accounts receivable indicates that $13.000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1.200 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $13,000. b. debit to Allowance for Doubtful Accounts for $11,800. c. debit to Bad Debt Expense for $11,800. d. credit to Allowance for Doubtful Accounts for $13,000. 2.Cost of goods sold is determined only at the...
ment Multiple Choice Question 58 Which of the following receivables would not be classified as an "other receivable"? Refundable income tax Interest receivable Advance to an employee Notes receivable
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...
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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....
Exam 1 18. Which of the following would require a compound joumal entry? b. c. d To record merchandise returned that was previously purchased on account To record sales on accou. To record purchases of eventory when a discount is offered for prompt payment. To record collection of accounts receivable when a cash discount is taken 19. Under the allowance method, writing of an uncollectible account affects only balance sheet accounts b. affects both balance sheet and income statement accounts....
Brief Exercise 9-01 Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. a. Sold merchandise on account for $64,000 to a customer. b. Received a promissory note of $57,000 for services performed. c. Advanced $10,000 to an employee. Click if you would like to Show Work for this question: Open Sh Accounts receivable Notes receivable Other receivables LINK TO TEXT
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