Wholesale Stuff Inc sells to retailers on account Sales for the year totaled

Wholesale stuff inc sells to retailers on account

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10. Wholesale Stuff, Inc. sells to retailers on account. Sales for the year totaled $9,900,000. The company uses the aging method for determining bad debt expense. The aging report and related information includes:TimeOutstandingGrossBalancePercentageUncollectible< 30 days$660,0001%30-60 days330,0005%< 60 days110,00010%The unadjusted balance in the allowance account at year end is $1,700 credit. What is the amount of bad debt expense for the year?a. $30,690b.$32,400c. $34,100d. $35,80011. If a company usually sells its accounts receivable, it records any factoring commissions as a(n)
Final ExamACC31212. When accounts receivable are assigned, the risk of ownership13. On September 1, 2015, Excellent Company received an $80,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. On October 1, 2015, thirty days after the note was received, Excellent discounted the note at the bank at 14%. How much cash did Excellent Company receive from the bank?14. Brad’s Market's accountant is preparing its May bank reconciliation and has collected the following data:Per BooksPer BankMay 1 balance$11,600$10,000May deposits24,60021,200May checks27,80029,000Note collected (includes 10% interest)--4,400May service charge--20May 31 balance8,4006,580Additionally, deposits in transit and outstanding checks from April's reconciliation were $4,400 and $2,800, respectively.The correct balance for Cash at May 31 should bea. $10,960b.$12,780c. $11,180d. $13,98015. When completing the bank reconciliation, deposits in transit would be16. A manufacturing company typically has how many inventory accounts?
Final ExamACC31217. Use the following letters to represent items:P = Purchases (net)C = Cost of goods soldB = Beginning inventoryE = Ending inventoryWhich equation is correct?18. A perpetual inventory systema. only records the inventory on hand at the end of the year physical countb. keeps a continuous record of the physical quantities of inventory on handc.does not maintain a continuous record of the physical quantities of inventory on handd. does not maintain a continuous record of the cost of inventory on hand

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