ACC 291 - ACC 291 Final Exam Guide 1 Hahn Company uses the...

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Chapter 9 / Exercise 8
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ACC 291 Final Exam Guide1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense?A.Bad Debts Expense ................................$15,000Allowances for Doubtful Accounts ................................$15,000B.Bad Debts Expense ................................$12,000Allowances for Doubtful Accounts ................................$12,000C.Bad Debts Expense ................................$12,000Accounts Receivable .................................................$12,000D.Bad Debts Expense ................................$15,000Accounts Receivable .................................................$15,000
2) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period?
3) Intangible assets
4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that
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Chapter 9 / Exercise 8
New Perspectives Microsoft Office 365 & Excel 2019 Comprehensive
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5) The book value of an asset is equal to theA. asset’s market value less its historic costB. blue book value relied on by secondary marketsC. replacement cost of the assetD. asset’s cost less accumulated depreciation
6) Gains on an exchange of plant assets that has commercial substance are
7) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as
8) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as
9) When an interest-bearing note matures, the balance in the Notes Payable account isA. less than the total amount repaid by the borrowerB. the difference between the maturity value of the note and the face value of the noteC. equal to the total amount repaid by the ownerD. greater than the total amount repaid by the owner

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