Question
CAN SOMEONE PLEASE HELP ME WITH THESE ASAP You have the following information for BEST SALES for 2011 and 2010: 2011 2010 Sales $5,000,000 $800,000
CAN SOMEONE PLEASE HELP ME WITH THESE ASAP
You have the following information for BEST SALES for 2011 and 2010:
| 2011 | 2010 |
|
Sales | $5,000,000 | $800,000 |
|
Bad Debts Expense | 100,000 | 40,000 |
|
|
|
|
|
Accounts Receivable (gross) | $400,000 | $200,000 | (Adjusted Balances at December 31) |
Allowance for Bad Debts | 10,000 | 20,000 | (Adjusted Balances at December 31 |
Using the following information above answer these questons:
1.
BEST SALES 2011 balance sheet information shows that:
Gross receivables as of the balance sheet date are $500,000. | ||
Net realizable value of receivables as of the balance sheet date is $400,000. | ||
Net realizable value of receivables as of the balance sheet date is $410,000. | ||
Net realizable value of receivables as of the balance sheet date is $390,000. | ||
None of the above. |
2.
On the basis of the information provided for BEST SALES:
Sales for 2011 were lower than those for 2010. | ||
The net realizable value of accounts receivable as of the year-end decreased from 2010 to 2011. | ||
For 2011, BEST SALES recorded bad debts expense totaling $100,000. | ||
Accounts receivable written off in 2011 totaled $10,000. | ||
None of the above. |
3.
On the basis of the information provided for BEST SALES:
Accounts receivable written off in 2011 totaled $10,000. . | ||
Accounts receivable written off in 2011 totaled $100,000. | ||
Accounts receivable written off in 2011 totaled $110,000. | ||
Accounts receivable written off in 2011 totaled $120,000. | ||
None of the above. |
4.
On the basis of the information provided for BEST SALES:
Accounts receivable written off in 2011 totaled $10,000. . | ||
Accounts receivable written off in 2011 totaled $100,000. | ||
Accounts receivable written off in 2011 totaled $110,000. | ||
Accounts receivable written off in 2011 totaled $120,000. | ||
None of the above. |
5.
On the basis of the information provided for BEST SALES:
Accounts receivable written off in 2011 totaled $10,000. . | ||
Accounts receivable written off in 2011 totaled $100,000. | ||
Accounts receivable written off in 2011 totaled $110,000. | ||
Accounts receivable written off in 2011 totaled $120,000. | ||
None of the above. |
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