ACC 291 Final Exam Wileyplus.docx - Multiple Choice...

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Multiple Choice Question 86Incorrect.An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a credit to Allowance for Doubtful Accounts for $4,500.debit to Bad Debt Expense for $4,500.debit to Allowance for Doubtful Accounts for $3,300.debit to Bad Debt Expense for $3,300. Multiple Choice Question 182Correct.The financial statements of the Melton Manufacturing Company reports net sales of $300,000 & accounts receivable of $50,000 & $30,000 at the beginning of the year & end of year, respectively. What is the average collection period for accounts receivable in days? Multiple Choice Question 119Correct.Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer. They paid $400 for shipping & sales tax of $3,000. Stine estimates that the machinery will have a useful life of 10 years & a residual value of $20,000. If Stine uses straight-line depreciation, annual depreciation will be Multiple Choice Question 207Correct.On January 1, a machine with a useful life of five years & a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? IFRS Multiple Choice Question 01Correct. As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A
friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation? Multiple Choice Question 198Correct.Given the following account balances at year end, compute the total intangible assets on the balance sheet of Janssen Enterprises.Cash$1,500,000Accounts Receivable4,000,000Trademarks1,000,000Goodwill2,500,000Research & Development Costs Multiple Choice Question 146Correct.Bonds with a face value of $300,000 & a quoted price of 97¼ have a selling price of

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