Select one a 161 b 297 c 252 d 276 4371912276

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Select one: a. $161 b. $297 c. $252 d. $276 ($437/19)*12=$276 Feedback Your answer is correct. The correct answer is: $276
Question 2 Correct Mark 10.00 out of 10.00 Flag question
Question text You have purchased 100 units of product X, which has a list price of $13.60 per unit. Because you are a wholesaler, you are granted a trade discount of 19.3%. The cash discount terms are 2/6, n/45. How much will you pay in total for product X assuming that you pay for the product within 4 days of purchase? Select one:
Question 3 Correct Mark 10.00 out of 10.00 Flag question Question text Which of the following entities is charged with the development and promulgation of financial accounting standards in the United States? Select one:
c. GASB d. SEC Feedback Your answer is correct. The correct answer is: FASB Question 4 Correct Mark 10.00 out of 10.00 Flag question Question text Jay 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=4,205 b. $8,505 c. $5,423 d. $4,300 Feedback Your answer is correct. The correct answer is: $4,205 Question 5
Correct Mark 10.00 out of 10.00 Flag question Question text ABC 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? Select one: a. $246,800 b. $240,000 c. $276,800 d. $239,200 Feedback Your answer is correct. The correct answer is: $246,800 Question 6 Incorrect Mark 0.00 out of 10.00 Flag question Question text In which order are current assets listed on the balance sheet?
Select one: a. cash, inventories, short-term investments, accounts receivable b. cash, accounts receivable, inventories, short-term investments c. cash, short-term investments, accounts receivable, inventories d. cash, inventories, accounts receivable, short-term investments Feedback Your answer is incorrect. The correct answer is: cash, short-term investments, accounts receivable, inventories Question 7 Correct Mark 10.00 out of 10.00 Flag question Question text At 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? Select one: a. $11,000 Liabilities increased $35,100. Assets increased $43,000. The only way that is possible is if equity increased $7,900. That means Retained Earnings was $7,900. Retained Earnings plus Dividends equal Net Income. $7,900+$3,100=$11,000.

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