Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On Dec 31 2020, Osama Company estimated that 2% on credit sales will be uncollectible. If credit sales for BD500,000 and has a credit balance

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On Dec 31 2020, Osama Company estimated that 2% on credit sales will be uncollectible. If credit sales for BD500,000 and has a credit balance of allowance for doubtful accounts BD500 If the company has a balance of account receivable ate BD70,000 the Bad Debts Exp is: 12 Points) BD 20,000 BD 10.000 BD15.000 On September 16, 2019, Ahmed Travel Agency sold an airline ticket for BD500 to a customer who paid with Visa Card. If the services charge is 2% The credit Card Exp is 12 points) BD 490 BD 10 3D 450 9 On January 2, 2008, a firm purchased equipment for BD7,500. Depreciation expense for 2008, given the Straight-Line Method, a 5-year useful life, and a salvage value of BD500, is: 12 Points BD1400 BD1,500 . BD 1.000 BD 1.200 TO A firm purchases an asset for BD40,000 and estimates that it will have a useful life of five years and a salvage value of BD5,000. Under the Double Declining Balance Method, the Depreciation Expense for the first year of the asset's useful life is. (2 Points) BD7.000 BD14.000 B.000 BD16.000 11 The book value of an asset is: (2 points) the acquisition cost shown in the asset accountless the estimated salvage value. the market value of the asset. the portion of the asset's cost that has not yet been charged to expense. the replacement cost of the asset 12 The salvage value is the value that the asset is expected to have at the end of its useful life (2 points) True False 13 On Dec 31 2018, Ahmed retires its computer printers, which cost BD10,000. The accumulated depreciation on these printers is BD10,000. The equipment, therefore, is fully depreciated (zero book value). The entry to record this retirement is as follows. (2 points) Enter your answer 14 On April 15 2019, Aman Company discards delivery Truck that cost BD 25,000 and has accumulated depreciation of BD15,000. The entry is: (2 points) Enter your

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

CISA Certified Information Systems Auditor Bundle

Authors: Peter H. Gregory

1st Edition

1260459861, 978-1260459869

More Books

Students also viewed these Accounting questions