Question
The Tanner Company has provided the following information after year-end adjustments: Allowance for doubtful accounts increased $24,200. Accounts receivable increased $455,000 during the year. Accounts
The Tanner Company has provided the following information after year-end adjustments:
- Allowance for doubtful accounts increased $24,200.
- Accounts receivable increased $455,000 during the year.
- Accounts written off as uncollectible totaled $26,500.
- Sales totaled $2,630,000.
- Sales discounts were $113,000.
What was the amount of Tanners net sales?
Multiple Choice
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$2,490,500.
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$2,035,500.
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$2,517,000.
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$2,543,500.
Lauer Corporation has provided the following information about one of its laptop computers:
Date | Transaction | Number of Units | Cost per Unit | ||
1/1 | Beginning Inventory | 210 | $ | 910 | |
5/5 | Purchase | 310 | $ | 1,010 | |
8/10 | Purchase | 410 | $ | 1,110 | |
10/15 | Purchase | 255 | $ | 1,160 | |
During the year, Lauer sold 1,025 laptop computers.
What was ending inventory using the FIFO cost flow assumption?
Multiple Choice
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$185,100.
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$145,600.
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$165,600.
On October 1, 2019, Adams Company paid $4,920 for a two-year insurance policy with the insurance coverage beginning on that date. As of December 31, 2019, which of the following account balances are correct after adjusting entries have been made?
Multiple Choice
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Prepaid insurance $0, and Insurance expense $4,920.
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Prepaid insurance $4,920, and Insurance expense $0.
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Prepaid insurance $4,305, and Insurance expense $615.
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Prepaid insurance $2,460, and Insurance expense $2,460.
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$185,600.
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