Before adjusting entries at 12/31/20, a firm's Accounts Receivable and Allowance for Doubtful Accounts are $800,000 and $10,000 (credit balance), respectively. The firm uses the Aging method for bad debts, and using an aging schedule of accounts receivable, it is determined that $42,000 of the accounts receivable would probably be uncollectible. Bad Debt Expense for the year 2020 is A. None of the other answers are correct. B. $42,000 C. $52,000 D. $32,000 E. $10,000

The books of Lincoln Company provided the following information for 2015: Beginning balances on 1/1/15: Accounts receivable $ 50,000 Allowances for doubtful accounts (a credit) 3,000 Transactions during the year for the 2015: Sales revenue (of which 1/2 were on credit) 2,000,000 Collections on accounts receivable 980,000 Accounts written off as uncollectible 4,000 Lincoln uses the percent of sales method, and past collection experience has indicated that 2% of credit sales normally is not collected. Therefore, an adjusting entry for bad debt expense should be made in the amount of A. $20,000 B. $10,000 C. None of the other answers are correct. D. $500 E. $7,000 Reset Selection Mark for Review What's This?

What follows is a numeric fill in the blank question with 1 blanks. Filifo Co. uses LIFO for inventory reporting. Their COGS for 2012 was $2000. Their LIFO Reserve footnote contains the following table (see below). Dec. 31, 2011 Dec. 31, 2012 Ending Inventory using LIFO: 100 125 LIFO Reserve: 15 20 Ending Inventory using FIFO: 115 145 Based on this information, if Filifo used FIFO instead of LIFO, then COGS for 2012 would be Blank 1. Fill in the blank, read surrounding text. . Mark for Review What's This?

H Corp. has 2020 Revenues of $200,000, Expenses (other than taxes) of $140,000, and an income tax rate of 25%. Based on these numbers, ... A. Tax Expense for 2020 is $45,000, and Net Income (after tax) is $15,000. B. Tax Expense for 2020 is $15,000, and Net Income (after tax) is $45,000. C. None of the other answers are correct. D. Tax Expense for 2020 is $75,000, and Net Income (after tax) is a loss of $15,000. E. Tax Expense for 2020 is $60,000, and Net Income (after tax) is $60,000. Reset Selection

For W Corp., on May 31, 2020, the Office Supplies balance was $1,200. During June, W purchased $600 in additional Office Supplies. At June 30, 2020, actual Office Supplies on hand totaled $900. The Debit part of the adjusting entry related to Office Supplies, required to find Net Income for the month of June, 2020 is A. Dr. Office Supplies $900. B. Dr. Office Supplies $1,900. C. Dr. Office Supplies Expense $1,900. D. None of the other answers are correct. E. Dr. Office Supplies Expense $900.