Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help with these 3 questions The balance in the Accumulated Depreciation account on the balance sheet represents the Multiple Choice cash fund to be
Please help with these 3 questions
The balance in the Accumulated Depreciation account on the balance sheet represents the Multiple Choice cash fund to be used to replace plant assets. amount charged to depreciation expense since the acquisition of the asset. amount charged to depreciation expense in the current period. amount to be deducted from the cost of plant asset to arrive at its fair market value. After writing off uncollectible accounts, a company reinstates and recovers an account for a customer. What will the entry include to record the recovery.? Multiple Choice Increase to Accounts Receivable Decrease to Allowance Account Increase to cash Increase to Allowance Account On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $71,000 and $2,900, respectively. During Year 2, Kincaid reported $190,000 of credit sales, wrote off $1,750 of receivables as uncollectible, and collected cash from receivables amounting to $227,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. Which of the following describes the effects of writing off the uncollectible accounts? Multiple Choice Decrease assets and stockholders' equity Increase assets and decrease stockholders' equity O Does not affect assets or stockholders' equity O Increase assets and stockholders' equityStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started