Question
Which of the following are classified as Accounts Receivable (more than one possible correct answer)? Monies that customers owe us from sale of merchandise. Loans
- Which of the following are classified as Accounts Receivable (more than one possible correct answer)?
- Monies that customers owe us from sale of merchandise.
- Loans we made to a customer.
- Tax refunds owed to us by the IRS.
- Monies that customers owe us for providing a service.
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262) What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity?
A) $98,000. B) $110,000. C) $165,000. D) $90,000.
- Inventory records for ABC revealed the following:
Date | Transaction | Number of Units | Unit Cost |
Apr. 1 | Beginning inventory | 500 | $2.40 |
Apr. 20 | Purchase | 400 | 2.50 |
ABC sold 700 units of inventory during the month. Ending inventory assuming LIFO would be: A) $480. B) $500. C) $490. D) $470.
- A physical inventory count is necessary to calculate Cost of Goods Sold
- in Perpetual Inventory Accounting but not in Periodic Inventory Accounting
- in neither Periodic Inventory Accounting nor Perpetual Inventory Accounting
- in Periodic Inventory Accounting but not in Perpetual Inventory Accounting
- in both Periodic Inventory Accounting and in Perpetual Inventory Accounting
- ABC sells soccer goals to customers over the Internet. History has shown that 2% of ABC's goals will need repair under the warranty program. For the year, ABC has sold 4,000 goals and 45 have been repaired. If the estimated cost to repair a goal is $200, what would be the warranty liability at the end of the year?
A) $16,000. B) $0. C) $9,000. D) $7,000.
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