Question
1. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $340,000 and Allowance for
1. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $340,000 and Allowance for Doubtful Accounts has a balance of $51,000. What is the net realizable value of the accounts receivable?
A.$51,000 B.$289,000 C.$340,000 D.$391,000
2 The accumulated depletion account is
A. | an expense account | |
B. | an intangible asset account | |
C. | reported on the income statement as other expense | |
D. | reported on the balance sheet as a deduction from the cost of the mineral deposit |
Machinery was purchased on January 1, 2010 for $51,000. The machinery has an estimated life of 7 years and an estimated salvage value of $9,000. Double-declining balance depreciation for 2011 would be
A. | $10,929 | |||||||||||||||||||||||||||||||||||||||||||||||||
B. | $6,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
C. | $10,500 | |||||||||||||||||||||||||||||||||||||||||||||||||
D. | $10,408 After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $340,000 and Allowance for Doubtful Accounts has a balance of $51,000. What is the net realizable value of the accounts receivable?
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The direct write-off method of accounting for uncollectible accounts
A. | emphasizes balance sheet relationships. | |||||||||||||
B. | is often used by small companies and companies with few receivables. | |||||||||||||
C. | emphasizes cash realizable value. | |||||||||||||
D. | emphasizes the matching of expenses with revenues A fixed asset with a cost of $41,000 and accumulated depreciation of $36,000 is traded for a similar asset priced at $50,000. Assuming a trade-in allowance of $4,000, the cost basis of the new asset is
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At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $760. During the year, $120 of previously written-off accounts were reinstated and accounts totaling $740 are written-off as uncollectible. The end of the year balance (before adjustment) in the Allowance for Doubtful Accounts should be
A. | $760 | |
B. | $120 | |
C. | $140 | |
D. | $740 |
A machine with a cost of $75,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the double declining-balance method?
A. | $17,500 | |
B. | $37,500 | |
C. | $18,750 | |
D. | $16,667 Please only answers the ones you are sure about |
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