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FinMan10e_BTest_ch08 - 10th Edition FINANCIAL MANAGERIAL...

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10th Edition FINANCIAL & MANAGERIAL ACCOUNTING CORPORATE FINANCIAL ACCOUNTING Warren/Reeve/Duchac Chapter Test 8B Score % Name Course Section NOTE: Each of the 20 correct answers is assigned a weight of 5%. FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY—50% B
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TEST 8B (Concluded) INSTRUCTIONS: Answer the following questions or complete the statements by writing the appropriate words or amounts in the Answers column. For Scoring QUESTIONS/STATEMENTS Answers 0. The selling of a company’s receivables is called ...................................... factoring 0. ____ 1. At the end of the fiscal year, after the accounts are closed, Accounts Receivable has a balance of $1,500,000, and Allowance for Doubtful Accounts has a balance of $125,000. What is the expected net realizable value of the receivables? .......................................................... $ 1. ____ 2. Allowance for Doubtful Accounts has a credit balance of $12,500 at the
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end of the year, before adjustments. Sales for the year amounted to $1,750,000, and sales returns and allowances amounted to $50,000. If uncollectible accounts expense is estimated at 1% of net sales, the
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