Question
Odaine Inc footnotes had the following line item: 12/31/2012 12/31/2011 Allowance for Doubtful Accounts $700 $750 Odaine also disclosed that Bad Debt Expense was $1200
Odaine Inc footnotes had the following line item: 12/31/2012 12/31/2011
Allowance for Doubtful Accounts $700 $750
Odaine also disclosed that Bad Debt Expense was $1200 in 2012 and $990 in 2011. There were no recoveries of previously-written off accounts in either year. What were total write-offs of uncollectable accounts for the year ended 12/31/2012?
$1,250
$1,150
$210
$1,200
$950
JannaChan Ltd.s Statement of Cash Flows had the following line items:
2012 | 2011 | |||
Bad Debt Expense, net | $1,500 | $1,350 | ||
Increase in Accts Receivable | $(6,600) | $(4,900) |
JannaChan reported Sales of $150,000 during the year ended 12/31/2012. There were no write-offs or recoveries during 2012. How much cash did JannaChan collect from customers during the year ended 12/31/2012?
$143,400
$156,600
$150,000
$148,500
$141,900
A retail company, Telmo-Mart, had the following line item on its Balance Sheet:
12/31/2012 | 12/31/2011 | |||
Inventory | $2,500 | $2,200 |
Telmo-Marts Income Statement had the following line item:
2012 | 2011 | |||
Cost of Goods Sold | $65,000 | $59,000 |
How much inventory did Telmo-Mart purchase during the year ended 12/31/2012?
$65,300
$64,700
$58,700
$65,000
$59,300
Nguyen Co. incurred the following costs during the quarter:
Raw materials used in production | $132,000 | |
Marketing materials used by sales staff | $114,000 | |
Wages of factory workers | $191,000 | |
Salaries of sales staff | $391,000 | |
Depreciation on factory and production equipment | $152,000 | |
Depreciation on headquarters building | $132,000 | |
Manufacturing overhead | $172,000 |
How much of these costs would have been recorded in Nguyen's Work in Process Inventory account during the quarter?
$495,000
$647,000
$488,000
$779,000
$1,252,000
A manufacturing company, Kutty Industries Ltd., had the following line items in a footnote:
12/31/2012 | 12/31/2011 | |||
Raw Materials | $150 | $140 | ||
Work in Process | $215 | $200 | ||
Finished Goods | $250 | $240 | ||
$615 | $580 | |||
LIFO Reserve | $(100) | $(60) | ||
Total Inventory | $515 | $520 |
Kutty Industries Income Statement had the following line item:
2012 | 2011 | |||
Cost of Goods Sold | $1,850 | $1,725 |
What would Kutty Industriess Cost of Goods Sold had been if they had used the FIFO inventory method for the year ended 12/31/2012?
$1,950
$1,810
$1,750
$1,890
$1,850
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