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Question 4Question textJay Inc. estimates uncollectible accounts using the percentage-of-receivables method and expects that 3.5% of outstanding receivables will be uncollectible for 2016. The balance in Accounts Receivable is $243,000, and the Allowance for Doubtful Accounts has a credit balance of $4,300 before adjustments at year-end. The Bad Debt Expense for 2016 will be:Select one:a. $4,205 (243,000*3.5%)-4,300=4,205b. $8,505 c. $5,423 d. $4,300 FeedbackYour answer is correct.The correct answer is: $4,205
Question 5Question textABC Inc. was incorporated two years ago by issuing 1,000 shares of common stock at $200 and borrowing $30,000 from a bank on a long-term note. Last year, ABC reported net income of $10,000 and paid a cash dividend of $800. During the year, the company also borrowed an additional $7,600 from the bank. What was total assets on ABC's balance sheet at the end of the year last year? Question 6Question textIn which order are current assets listed on the balance sheet? Question 7Question textAt the beginning of the year, Company ABC reported total liabilities of $185,300. At the end of the year, the company reported total liabilities of $220,400. Total assets at the end of the year were $43,000 larger than at the beginning of the year. Assuming that the company declared and paid a $3,100 dividend during the year, what was net income (loss) for the year?
Question 8Question textBased on the information below and considering that this company paid $322,500 in cash to its suppliers during the year, what is the company's cost of goods sold for 2015?1/1/201512/31/2015Inventory$23,400$34,560Accounts payable $354,000$223,000Select one:a. $180,340 b. $311,340 c. $322,500 d. $442,340 FeedbackYour answer is incorrect.The correct answer is: $180,340