Homework Answers
29) Balance after adjustment = 55000+11000 = 66000
so answer is c) $66000
30) Net account receivable = Sales-Sales return = 4000-400 = $3600
So answer is d) $3600
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29. Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts ar...
50. Equipment with a cost of $640,000 has an estimated salvage value of $40,000 and an estimated life of 4 years...
50. Equipment with a cost of $640,000 has an estimated salvage value of $40,000 and an estimated life of 4 years or 15,000 hours. It is to be depreciated using the units-of- activity method. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours? A) $160,000. B) $180,800. C) $132,000. (D) $150,000. 48. Using the following data for Stevenson Industries, compute the return on assets. Net Income $ 180,000 Total Assets...
Metlock sells softball equipment. On November 14, they shipped $4900 worth of softball uniforms to Grouper...
Metlock sells softball equipment. On November 14, they shipped $4900 worth of softball uniforms to Grouper Middle School, terms 5/10, n/30. On November 21, they received an order from Douglas High School for $2100 worth of custom printed bats to be produced in December. On November 30, Grouper Middle School returned $410 of defective merchandise. Metlock has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet...
Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $46500. If the...
Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $46500. If the balance of the Allowance for Doubtful Accounts is a $5300 debit before adjustment, what is the balance after adjustment? $51800 $46500 $5300 $41200
Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $40000. If the...
Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $40000. If the balance of the Allowance for Doubtful Accounts is $8000 debit before adjustment, what is the balance after adjustment? a. $48000 b. $32000 c. $8000 d. $40000
Using the percentage of receivables method for recording bad debt expense, estimated uncollectible accounts are $70,000....
Using the percentage of receivables method for recording bad debt expense, estimated uncollectible accounts are $70,000. If the balance of the Allowance for Doubtful Accounts is $14,000 debit before adjustment what is the balance after adjustment? a.) $14,000 b.) $84,000 c.) $70,000 d.) $56,000 According to the key, the answer is C... but I think it's wrong, unless I'm missing something here.
25. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are...
25. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $14,000. If the balance of the Allowance for Doubtful Accounts is $3,000 debit before adjustment what is the amount of bad debt expense for that period? A) $3,000 B) $14,000 C) $11,000 D) $17,000
Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $15,000. If the...
Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $2,000 credit before adjustment, what is the amount of bad debt expense for that period?
Using the percentage of sales method for recording bad debts expense, estimated uncollectible accounts are $11,000....
Using the percentage of sales method for recording bad debts expense, estimated uncollectible accounts are $11,000. If the balance of the Allowance for Doubtful Accounts is $2,000 credit before adjustment, what is the amount of bad debts expense for that period? OA. $13,000 O B. $11,000 OC $2,000 O D. $9,000
Question 14 (2 points) Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts...
Question 14 (2 points) Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $45,000. If the balance of the Allowance for Doubtful Accounts is $6,000 balance before adjustment, what is the amount of bad debt expense for that period? a) $39,000 b) $51,000 c) $6,000 d) $45,000
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....
50. Equipment with a cost of $640,000 has an estimated salvage value of $40,000 and an estimated life of 4 years or 15,000 hours. It is to be depreciated using the units-of- activity method. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours? A) $160,000. B) $180,800. C) $132,000. (D) $150,000. 48. Using the following data for Stevenson Industries, compute the return on assets. Net Income $ 180,000 Total Assets...
Metlock sells softball equipment. On November 14, they shipped $4900 worth of softball uniforms to Grouper Middle School, terms 5/10, n/30. On November 21, they received an order from Douglas High School for $2100 worth of custom printed bats to be produced in December. On November 30, Grouper Middle School returned $410 of defective merchandise. Metlock has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet...
25. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $14,000. If the balance of the Allowance for Doubtful Accounts is $3,000 debit before adjustment what is the amount of bad debt expense for that period? A) $3,000 B) $14,000 C) $11,000 D) $17,000
Using the percentage of sales method for recording bad debts expense, estimated uncollectible accounts are $11,000. If the balance of the Allowance for Doubtful Accounts is $2,000 credit before adjustment, what is the amount of bad debts expense for that period? OA. $13,000 O B. $11,000 OC $2,000 O D. $9,000
Question 14 (2 points) Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $45,000. If the balance of the Allowance for Doubtful Accounts is $6,000 balance before adjustment, what is the amount of bad debt expense for that period? a) $39,000 b) $51,000 c) $6,000 d) $45,000
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....
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