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An aging of a company's accounts receivable indicates that

12/11/2021 Client: muhammad11 Deadline: 2 Day

An Aging Of A Company's Accounts Receivable Indicates That $14,000 Are Estimated To Be Uncollectible. If Allowance For Doubtful Accounts Has A $1,100 Credit Balance, The Adjustment To Record Bad Debts For The Period Will Require A

Question 1

An aging of a company's accounts receivable indicates that $14,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,100 credit balance, the adjustment to record bad debts for the period will require a

[removed]

credit to Allowance for Doubtful Accounts for $14,000.

[removed]

12

[removed]

14

[removed]

debit to Bad Debt Expense for $12,900.

Question 2

A company has net credit sales of $750,000 for the year and it estimates that uncollectible accounts will be 2% of sales. If Allowance for Doubtful Accounts has a credit balance of $2,000 prior to adjustment, its balance after adjustment will be a credit of

[removed]

$15,040.

[removed]

$13,000.

[removed]

$15,000.

[removed]

$17,000.

Question 3

The maturity value of a $50,000, 9%, 60-day note receivable dated July 3 is

[removed]

$59,000.

[removed]

$50,750.

[removed]

$50,000.

[removed]

54,500.

uestion 4

Reck Company receives a $15,000, 3-month, 8% promissory note from Fey Company in settlement of an open accounts receivable. What entry will Reck Company make upon receiving the note?

[removed]

Notes Receivable


15,000


Interest Receivable


300



Accounts Receivable—Fey Company


15,000


Interest Revenue


300

[removed]

Notes Receivable


15,000



Accounts Receivable—Fey Company


15,000


[removed]

Notes Receivable


15,300



Accounts Receivable—Fey Company


15,000


Interest Revenue


300

[removed]

Notes Receivable


15,300



Accounts Receivable—Fey Company


15,300


Question 5

Gagner Clinic purchases land for $175,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?

[removed]

$157,200

[removed]

$175,000

[removed]

$179,700

[removed]

$157,500

Question 6

Carey Company buys land for $50,000 on 12/31/13. As of 3/31/14, the land has appreciated in value to $50,700. On 12/31/14, the land has an appraised value of $51,800. By what amount should the Land account be increased in 2014?

[removed]

$1,100

[removed]

$0

[removed]

$1,800

[removed]

$700

Question 7

Engler Company purchases a new delivery truck for $55,000. The sales taxes are $4,000. The logo of the company is painted on the side of the truck for $1,600. The truck license is $160. The truck undergoes safety testing for $290. What does Engler record as the cost of the new truck?

[removed]

$60,890

[removed]

$61,050

[removed]

$59,000

[removed]

$60,600

Question 8

A company purchased factory equipment on April 1, 2014 for $160,000. It is estimated that the equipment will have a $20,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2014 is

[removed]

$12,000.

[removed]

$16,000.

[removed]

$14,000.

[removed]

$10,500.

Question 9

A factory machine was purchased for $375,000 on January 1, 2014. It was estimated that it would have a $75,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 40,000 hours in the 5 years. The company ran the machine for 4,000 actual hours in 2014. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2014 would be

[removed]

$60,000.

[removed]

$37,500.

[removed]

$30,000.

[removed]

$75,000.

Question 10

Farr Company purchased a new van for floral deliveries on January 1, 2014. The van cost $56,000 with an estimated life of 5 years and $14,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the balance of the Accumulated Depreciation account at the end of 2015?

[removed]

$35,840

[removed]

$13,440

[removed]

$26,880

[removed]

$8,960

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