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You passed this Milestone20 questions were answered correctly.3 questions were answered incorrectly.1Based on the above aging schedule, what amount wouldbe recorded in accounts receivable at 31-60 days?$150,000$75,000$15,000$120,000CONCEPTAllowance Method: Aging Receivables2Which of the following examples can be classified as an accounts receivable?Terry sent a specialty cage supplier a payment on account.Terry issued a paycheck to his receptionist.Terry took a $500 deposit for the upcoming stay of the boa constrictor.Terry placed an order for food for the spotted genet. The terms of sale were cash in advance.CONCEPTAccounts Receivable Subsidiary LedgersAccounts Payable Subsidiary Ledgers3
Which asset below never has residual value?CONCEPTDepreciation4LONG TERM ASSETASSET: FORKLIFTCOSTACCUMULATED DEPRECIATIONPREPAID INSURANCEMAINTENANCEBOOK VALUEBased on the following information from a company's asset record, what is the book value of the forklift?CONCEPTFinancial Reporting of Long Term Assets5
Jill purchased a lot (i.e., land) for $35,000 on which to build her store.What kind of activity on a statement of cash flows does this exemplify?