Test 2 Practice Test Answers

# Test 2 Practice Test Answers - s Receivable Beginning = = =...

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1) d 2) a 3) b 4) b 5) a 6) d 7) d 8) a 9) b 10)c 11)b 12)a 13)c 14)a 15)b 16)b 17)c 18)d (10,000 – 300) + (8,000 – [3,000 x 2%]) -1,000 = \$16,640. 19)a Cost of goods Sold = Beginning Inventory + Purchases – Ending Inventory  = 14,000 + 6,000 – 9,000 = 11,000. 20)C 21)d 22)b 23)b 24)b   ( 29 ( 29 s Receivable   Beginning 500,000 1 Revenue   Sales   Net Ratio Turnover s Receivable 2 5 s Receivable   Beginning 2 s Receivable   Ending

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Unformatted text preview: s Receivable Beginning = = = + + 645 , 30 1 . 2 ; 000 , 2 25)d 26)c 27)b 28)b \$9,000 – 4,250 29)b 0-30 days old 30-60 days old 60-90 days old More than 90 days old Total \$50,000 \$35,000 \$20,000 \$10,000 Chance of non-collection 2% 5% 10% 25% Allowance \$1,000 \$1,750 \$2,000 \$2,500 Total: \$1,000 + \$1,750 + \$2,000 + \$2,500 = \$7,250 30)d...
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## This note was uploaded on 04/02/2008 for the course ACCT 201 taught by Professor Shleifer during the Spring '08 term at Clemson.

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Test 2 Practice Test Answers - s Receivable Beginning = = =...

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