Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Which of the following is included in the category of other receivables?

27/10/2020 Client: arwaabdullah Deadline: 3 days

1) Which of the following is included in the category Other receivables?

A) Loans to employees

B) Accounts receivables

C) Notes receivables

D) Investments

2) GAAP prefers companies to use the:

A) direct write-off method to evaluate bad debts.

B) allowance method to evaluate bad debts.

C) amortization method to evaluate bad debts.

D) 360-day method to evaluate bad debts.

3) Which of the following are the two methods of accounting for uncollectible receivables?

A) The direct write-off method and the liability method

B) The asset method and the sales method

C) The allowance method and the liability method

D) The allowance method and the direct write-off method

4) The Allowance for uncollectible accounts currently has a credit balance of $200. The company's management estimates that 2.5% of net credit sales will be uncollectible. Net credit sales are $115,000. What will be the amount of Uncollectible account expense reported on the income statement?

A) $3,275

B) $3,075

C) $2,875

D) $2,675

5) A newly created design business called Smart Art is just finishing up its first year of operations. During the year, there were credit sales of $40,000 and collections of $36,000. One account for $650 was written off. Smart Art uses the percent-of-sales method to account for uncollectible account expense, and has decided to use a factor of 2% for their year-end adjustment of uncollectible account expense. At the end of the year, what is the ending balance in Accounts receivable?

A) $4,000

B) $36,000

C) $3,350

D) $39,350

6) A newly created design business called Smart Art is just finishing up its first year of operations. During the year, there were credit sales of $40,000 and collections of $36,000. One account for $650 was written off. Smart Art uses the aging method to account for uncollectible account expense, and has calculated an amount of $200 as their estimate of uncollectible amounts at year-end. At the end of the year, what is the ending balance in Accounts receivable?

A) $4,000

B) $36,000

C) $3,350

D) $39,350

7) A newly created design business called Smart Art is just finishing up its first year of operations. During the year, there were credit sales of $40,000 and collections of $36,000. One account for $650 was written off. Smart Art uses the aging method to account for uncollectible account expense, and has calculated an amount of $200 as their estimate of uncollectible amounts at year-end. At the end of the year, what is the ending balance in the Allowance for uncollectible accounts?

A) $150

B) $800

C) $200

D) $1,450

8) Accounts receivable has a balance of $16,000 and the Allowance for uncollectible accounts has a credit balance of $1,700. What is Net accounts receivable before and after a $60 account receivable is written off?

A) $14,300 before and $14,240 after

B) $14,300 before and $14,300 after

C) $16,000 before and $15,940 after

D) $16,000 before and $16,000 after

9) Under the direct write-off method, a customer who doesn't pay their bills is written off with what journal entry?

A) Debit Accounts receivable and credit Uncollectible account expense

B) Debit Uncollectible account expense and credit Cash

C) Debit Uncollectible account expense and credit Accounts receivable

D) Debit Lost revenue and credit Accounts receivable

10) Archer Company and Zorro Company both have significant amounts of accounts receivable at any time, and both experience uncollectible accounts from time to time. Archer uses the percent-of-sales method to account for uncollectible accounts, and Zorro uses the direct write-off method. Which of the following statements is FALSE?

A) Zorro Company's method complies with GAAP.

B) Archer Company's method will provide better matching of revenues and expenses.

C) Archer Company's net income is more accurate due to their accounting method.

D) Zorro Company's method does not provide good matching of revenues and expenses.

11) Which of the following exists if the maker of a promissory note fails to pay the note on the due date?

A) A discounted note

B) A depreciated note

C) An amortized note

D) A dishonored note

12) What is the maturity value of a 3-month, 12% note for $20,000?

A) $20,000

B) $22,400

C) $21,200

D) $20,600

13) What is the maturity value of a note?

A) The principal amount minus interest due

B) The principal amount plus interest due

C) The face amount of the note

D) The principal amount times the interest rate

14) On October 1, 2014, Allen Jewelry Company accepted a 4-month, 10% note for $2,400 in settlement of an overdue account receivable. If the company accrues interest at year-end only, how much interest revenue should be accrued on December 31, 2014?

A) $80

B) $60

C) $240

D) $40

15) Which of the following is included in the denominator of the acid-test ratio?

A) All current liabilities except accounts payable

B) Total liabilities

C) Total current liabilities

D) Total current assets

16) Which of the following is included in the cost of a plant asset?

A) Amounts paid to ready the asset for its intended use

B) Regular maintenance cost

C) Normal repair cost

D) Wages of workers who use the asset

17) Which of the following would be capitalized and depreciated, rather than expensed?

A) Modification for new use

B) Paint job

C) Replacement of tires

D) Normal repair of engine

18) Which of the following items should NOT be depreciated, depleted, or amortized?

A) Natural resources

B) Land

C) Tangible property, plant, and equipment, other than land

D) Intangible property

19) On January 1, 2013, Zane Manufacturing Company purchased a machine for $40,000. The company expects to use the machine a total of 24,000 hours over the next 6 years. The estimated sales price of the machine at the end of 6 years is $4,000. The company used the machine 8,000 hours in 2013 and 12,000 in 2014.

What is the book value of the machine at the end of 2014 if the company uses straight-line depreciation?

A) $10,000

B) $28,000

C) $17,778

D) $20,000

20) Which of the following items is included in the journal entry if a company sells equipment at a price equal to its book value?

A) A debit to Loss on sale of equipment

B) A credit to Equipment for its original cost

C) A credit to Accumulated depreciation

D) A debit to Equipment for its book value

21) Which of the following items should be depleted?

A) Intangible property

B) Land

C) Natural resources

D) Tangible property, plant, and equipment, other than land

22) Azimuth Company purchases a small business for $500,000. The market value of the business's assets are $850,000, and the market value of the liabilities are $400,000. How much goodwill should Azimuth record?

A) None

B) $500,000

C) $450,000

D) $50,000

23) The decline in value of a copyright is accounted for by:

A) depreciation.

B) amortization.

C) depletion.

D) deterioration.

24) Which of the following intangible assets bars other manufacturers from using the same name for a product?

A) Trademark

B) Patent

C) Copyright

D) Franchise

25) Which of the following accounting methods is usually used to compute amortization expense?

A) Declining-balance

B) Units-of-production

C) Straight-line

D) First-In, First-Out

26) On September 1, 2012, Algernon Company sold a truck for $15,000 cash. The truck was originally purchased for $40,000, had an estimated salvage value of $4,000 and an estimated life of 6 years. Algernon had recorded depreciation of $30,000 through the end of 2011 using Straight-Line. First, Algernon had to update the depreciation prior to sale. Then Algernon recorded the sale transaction. What was the effect of that transaction on the net income of the company?

A) No gain or loss

B) Gain of $9,000

C) Gain of $15,000

D) Loss of $9,000

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Quality Homework Helper
Top Writing Guru
Top Essay Tutor
University Coursework Help
Top Grade Essay
Essay Writing Help
Writer Writer Name Offer Chat
Quality Homework Helper

ONLINE

Quality Homework Helper

Hi dear, I am ready to do your homework in a reasonable price.

$122 Chat With Writer
Top Writing Guru

ONLINE

Top Writing Guru

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$120 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$125 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$122 Chat With Writer
Top Grade Essay

ONLINE

Top Grade Essay

Working on this platform from a couple of time with exposure of dynamic writing skills gathered with years experience on different other websites.

$122 Chat With Writer
Essay Writing Help

ONLINE

Essay Writing Help

I am a qualified and experienced Writer, Researcher, Tutor, analyst and Consultant. I hold MBA (Strategic Management) (Finance and Marketing) & CPA.K (Accounting and Finance.)

$122 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Hilton hotels customizes rooms and lobbies according to location - Systemic ethical issues chocolate slavery - Discussion ASAP - Negligent Tort Liability - Kaitlyn's ice cream shoppe financial projection - Pearson education 2010 edexcel gcse science activity pack - ENG106_Proposal as a guest editorial - The healthcare quality book 3rd edition ebook - MeetMe vs Facebook - Csec english sba plan of investigation - How professional associations and state regulatory boards view online therapy - A woman's hands bezwoda poem - Speed of sunlight from the sun to earth - Knights templar school watchet - Biology 101 quiz 9 liberty university - Race class and gender an anthology 10th edition - Writing Help - Fujitsu display link driver - Cmgt 5 - Wacc market value of equity - Nist 800-84 - What ice cream flavor am i - What does under god mean in the pledge - Decimal to binary java code - Taelln411 answers - Code of ethics social work - Is light potential energy - Essentials of negotiation lewicki pdf - How to unlock landbank iaccess - Achieving a cost advantage over rivals entails - 2 paragraph 10/09/2020 - Management accounting course syllabus - Earthen brother of boreas - The last dance encountering death and dying 10th edition - Local Governance Structure - Stores material within the cell - Locate a bad news message somewhere on the internet - Advanced issues in risk management - Nur 304b discussion - Bay of fires tigress pinot noir chardonnay - Describe homo erectus's cranial and postcranial anatomical characteristics - Fe2o3 systematic name - Block style business letter template word - DISCUSSION #3 - Cirque du soleil financial problems - 4.010 kg in pounds and ounces - Comparison between icp oes and aas - It 210 final project case scenario - Order # 9177 - Video Assingment - Bullard house negotiation analysis - 3 pigs in animal farm - How to serve divorce papers in australia - Pastina company sells various types of pasta to grocery chains - Ionic equation for magnesium and hydrochloric acid - What elements make romeo and juliet a tragedy - Game - Emerging threats and countermeasures - Fpga vs asic design flow - A plus algebra 1 answers - Reverse Outline - Fireangel st 622 warranty - 15.2 linking verbs practice 2 answer key - Feast watson prooftint colours - Therapeutic communication questions and answers pdf - How does wireshark differ from netwitness investigator - Boronia park public school - Cloud Computing Discussion 2 - New belgium brewing case study - Foundation of information system - Summary - Bus route 14 newcastle - Signature assignment classroom management plan - A railroad car of mass - Easa part 145 approval - Tea bags for welders flash - Political Science Paper (for Essays Guru) - 1 Discussion question 300 words + with 1 response 200 words - Is inspector goole a ghost - Bus route 24 newcastle - Help 1 - 12/70 park street st kilda west - Pop up volcano worksheet - Quality tactics and the logistics and supply chain functions - Activity based cost allocation - The trial of tempel anneke summary - Windshield survey - Mark kyle webber wentzel - How to manage black and white thinking - Diet Analysis - Re5 exam questions and answers pdf 2018 - Financial management challenges and ethics - Among us always imposter mod menu - Printer not activated error code 30 cantax - Bradfords honiton tool hire - Bsbwor502 lead and manage team effectiveness assessment - Kim Woods only - Middle passage robert hayden analysis - Educating psyche mini ielts answers - Laser pointer nz jaycar