Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management And Compliance Audit A Complete Guide

Authors: Gerardus Blokdyk

2020 Edition

0655927727, 978-0655927723

More Books

Students also viewed these Accounting questions