Bus230AMinitest7AnsKey

Bus230AMinitest7AnsKey - Note: Average Net Receivables =(...

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Bus 230A Minitest 7 Answer Key 1 a   2 c 3 d Allowance for Uncollectible               Accounts Beg. Allowance for Uncollectible Accounts(DR) 1,300 Adjustment Necessary for Correct End. Bal.(CR) 16050 End Allowance for Uncollectible Accounts(CR) End. Bal. 14,750      Bad Debts Expense Bad Debts Expense(DR) 16,050 16,050 End. Bal. 4 d 5 b $925,000x9%x(5/12) =  $34,687.50  6 a 7 c 8 a Current Ratio = Current Assets / Current Liabilities Current Ratio = $56,382/$31,593 = 1.78 :1 9 c 10 c Accounts Receivable Turnover Ratio = Credit Sales / Average Net Receivables
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Unformatted text preview: Note: Average Net Receivables =( Beg. A/R + End. A/R) / 2 A/R Turnover Ratio = $5,350,175/(($2,195,615+$2,765,440)/2) = 2.16 Times 11 d 365 Days / 5.85 Accounts Receivable Turnover Ratio = 62.4 Days 12 c Balance Per Books $7,845 NSF Check (725) Bank Service Charge (25) Note Receivable Collected By Bank 1,465 Adjusted Cash Balance Per Books $8,560...
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