Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with these 4 questions PLEASE!!!!! On December 31 of the current year, the unadjusted trial balance of a company using the percent of

image text in transcribedimage text in transcribed

need help with these 4 questions PLEASE!!!!!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables methaod to estimate bad debt included the following: Accounts Receivable, debit balance of $98,700; Allowance for Doubtful Accounts, credit balance of $1,111. What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible? Multiple Choice Q $5,922. $1111. $7.033. $4.81. $3,919. o O O O An asset's book value is $25,200 on January 1, Year 6. The asset is being depreciated $350 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $17.900, the company should record: Multiple Choice Neither a gain or loss is recognized on this type of transaction. A gain on sale of $1,000. A loss on sale of $500. A gain on sale of $500. A loss on sale of $1.000. o o O O O The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $2,960 in the current period and had cumulative pay for prior perlods of $5,920. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period? Multiple Choice O $420.00. $355.20. $64.80. $17760. $0.00. o O O O The partnership agreement for Wilson, Pickett & Nelson, a general partnership, provided that profits or losses be shared between the partners in the ratio of their financial contributions to the partnership. Wilson contributed $100,000, Pickett contributed $50,000 and Nelson contributed $50,000. In the partnership's first year of operation, it incurred a loss of $110,000. What amount of the partnership's loss is allocated to Nelson? Multiple Choice O $50,000 $27500 $0 O O $36,667 O D $40.000

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

Advanced Accounting

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

14th Edition

1260247821, 978-1260247824

More Books

Students also viewed these Accounting questions

Question

Subjective norms, i.e. the norms of the target group

Answered: 1 week ago

Question

The relevance of the information to the interpreter

Answered: 1 week ago