a. Allowance for Uncollectible Accounts xx

Uncollectible Accounts Expense xx

b. Allowance for Uncollectible Accounts xx

Accounts Receivable xx

c. Uncollectible Accounts Expense xx

Allowance for Uncollectible Accounts xx

d. Uncollectible Accounts Expense xx

Accounts Receivable xx

a.

b.

c.

d.

e.none of these

20.

Sales taxes collected from customers upon the sale of merchandise are typically included on the selling companys books as

.a revenue.

.an expense.

.a liability.

.both a revenue and an expense

.both an expense and a liability

21.

Han Company had the following data for the year.

Accounts receivable, beginning of year $150,000

Cash collected from credit customers 830,000

Accounts receivable, end of year 180,000

Allowance for bad debts, beginning of year 30,000

Allowance for bad debts, end of year 53,000

Credit sales for the year 868,000

What was Han Companys BAD DEBT EXPENSE for the year?

31,000

8,000

38,000

30,000

22.

Lorien Company is a U.S. consulting company that keeps its financial records in U.S. dollars. On November 1 of Year 1, Lorien provided consulting services to a Thai company on account. The fee for the services was 500,000 Thai baht. Lorien COLLECTED the cash, in Thai baht, on March 1 of Year 2. The exchange rate for the Thai baht (relative to the U.S. dollar) was as follows on the indicated dates.

November 1, Year 1 one Thai baht = $0.020

December 31, Year 1 one Thai baht = $0.015

March 1, Year 2 one Thai baht = $0.018

Assume that Lorien has no other foreign currency transactions and that all necessary journal entries are recorded correctly. What amount of FOREIGN EXCHANGE gain or loss should Lorien report for Year 2?

1,000 loss

1,000 gain

2,500 loss

2,500 gain

1,500 loss

1,500 gain

3,500 loss

3,500 gain

23.

At the beginning of Year 1, the companys inventory level was stated correctly. At the end of Year 1, inventory was understated by $2,000. At the end of Year 2, inventory was overstated by $450. Reported net income was $3,000 in Year 1 and $3,000 in Year 2. The correct amount of net income in Year 1 and in Year 2 is

$2,000 in Year 1 and $2,450 in Year 2

$1,000 in Year 1 and $5,450 in Year 2

$1,000 in Year 1 and $3,450 in Year 2

$1,000 in Year 1 and $550 in Year 2

$5,000 in Year 1 and $550 in Year 2

$5,000 in Year 1 and $2,550 in Year 2

$5,000 in Year 1 and $1,000 in Year 2

$5,000 in Year 1 and $5,000 in Year 2

24.

The following information is for Raisa Company.

Original Cost Net Realizable Value Normal Profit Replacement Cost

Inventory Item $3,900 $3,800 $400 $3,300

A

After making any necessary lower-of-cost-or-market adjustment, at what amount will Item A be reported in Raisas books?

3400

3,900

3,800

3,300

25.

At the end of the year, Ryanes Company had the following information.

Write-offs of verified bad debts during the year $ 13,000

Accounts receivable, end of year 135,000

Credit sales for the year 150,000

Allowance for bad debts (before year-end adjusting entry)4,000 debit

Historically, Ryanes has sometimes used the percentage of sales method and has sometimes used the allowance method in estimating bad debt expense. The percentages that Ryanes has used are as follows.

Percentage of sales method 4.0%

Allowance method 2.5%

For this year, which ONE of the following statements is correct with respect to the comparison of bad debt expense computed using the percentage of sales method and the allowance method?

Bad debt expense using the percentage of sales method is HIGHER by $1,375.

Bad debt expense using the percentage of sales method is HIGHER by $2,625.

Bad debt expense using the percentage of sales method is HIGHER by $2,250.

Bad debt expense using the percentage of sales method is HIGHER by $5,375.

Bad debt expense using the allowance method is HIGHER by $1,375.

Bad debt expense using the allowance method is HIGHER by $1,750.

Bad debt expense using the allowance method is HIGHER by $1,975.

Bad debt expense using the allowance method is HIGHER by $3,375

please i need help as soon as possible