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zubka84 [21]
3 years ago
11

Gross Accounts Receivable is $10,000. Allowance for Doubtful Accounts has a credit balance of $200. Net sales for the year are $

150,000. In the past, 2% of sales had proved uncollectible. What would be the adjusted balance of the Allowance account under the income statement approach?
$2,800

$1,400

$3,000

$3,200

Which type of account is an Allowance for Doubtful Accounts?
Question 10 options:

Asset

Contra-asset

Contra-revenue

Revenue

Fit City estimates it will collect $2,300 of the $2,425 owed by customers. The difference of $125 represents the
Question 13 options:

Gross Accounts Receivable.

Value of the Current Unpaid Receivables.

Allowance for Doubtful Accounts.

Net Realizable Value.

The beginning Merchandise Inventory account appears in the _______ on the worksheet.
Question 15 options:

adjustment column

All of the above

trial balance and the balance sheet columns

trial balance and adjustment columns
Business
2 answers:
cluponka [151]3 years ago
6 0
1. <span>$3,000

2. </span><span>Contra-revenue

3. </span><span>Value of the Current Unpaid Receivables.

4. T</span><span>rial balance and the balance sheet columns</span>
lukranit [14]3 years ago
4 0

The answer to each section of the question is below:

The Allowance for Doubtful Accounts will have a balance of $3,000. This is determined because net sales are $150,000 and 2% of past sales are uncollectible. 150,000 x .02 = $3,000, which would be the amount of Allowance that the company would want on the books.

The Allowance for Doubtful Accounts is a contra-asset account because it offsets the asset account of Accounts Receivable.

The correct answer is Allowance for Doubtful Accounts.

The beginneing Merchandise Inventory account appears in both the trial balance and balance sheet columns.

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If the government agreed to purchase the surplus output and introduced a guaranteed price floor of $40, then most likely the government <span>'s total support payments to producers would be $4000 per week. We have a 180 quantity demanded and we have 280 quantity supplied, we will get the surplus by subtracting the supply by demand. So, 280 - 180 = 100 x price of 40 = 4000.</span>
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Which of the following best describes the ordered pairs listed below? (-5, -7), (0, -12), (-5, -19), (8, -20)
viva [34]
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Lein's net income is $200,000 and its operating cash flows are $240,000. The company reports total assets of $1.6 million and $1
yarga [219]

Answer:

14.1%

Explanation:

Cash return on assets is the ratio of a company's operating cash flow to its average total assets. It shows how a company is generating cash flow from its assets and compares a company’s profitability with other companies.

Cash return on assets = operating cash flow / average total assets

Given that:

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6 0
3 years ago
Which of the following will usually be found on an income statement prepared using absorption costing? Contribution Margin/ Gros
chubhunter [2.5K]

Answer:

C) No/Yes

Explanation:

An income statement (profit and loss account) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. It indicates how the revenues are transformed into the net income or net profit

Absorption cost is a method of calculating the cost of a product or enterprise by taking into account indirect expenses (overheads) as well as direct costs.

How do you calculate total period cost under absorption costing?

Income statement shows Sales – Cost of Goods sold = Gross Margin (or Gross Profit) – Operating Expenses = Net Income and is based on the number of units SOLD.

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Which of the following are criteria for determining whether to record an asset as a fixed asset? a.must be short-lived and tangi
Brut [27]

Answer:

The correct answer is letter "D": must be long-lived and used by the company in its normal operations.

Explanation:

Fixed assets are tangible resources used by a corporation to produce profits. To qualify as a fixed asset, the item can not be consumed or sold in less than one year and be part of the daily operations of the business. Fixed assets are listed on the balance sheet of the company and are subject to depreciation.

Examples of fixed assets include <em>buildings, factories, leasehold improvements, computers, electronic hardware, furniture, automobiles, </em>and <em>construction equipment.</em>

5 0
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