Statement? onf he following equals \"income from Continuing Operations\' on the

Question

Statement? onf he following equals "income from Continuing Operations' on the Income A. Net sales- cost of goods sold- operating expenses B. Net sales-cost of goods sold-operating expenses C. Net sales- cost of goods sold-operating expenses D. Net sales- cost of goods sold-operating expenses-income taxes+ gain on expenses expenses -income taxes separately reported items- losses on separately reported items. other revenues-other other revenues-other 42) On January 1, C-Co reported a Beginning balance in allowance for uncollectible of $8,400. During the year, they wrote off Receivable balance was $238,000. They estimate that the allowance for uncollectible accounts should be 3% of accounts how much on December 31? $7,800 in bad debts. On Dec. 31 the Accounts receivable. They should Debit Bad debt expense for A $6,540 B. $7,800 C. $7,140. D. None of the above. 43) On January 1, C-Co reported a Beginning balance in allowance for uncollectible accounts of $8,400. During the year, they wrote off $7,800 in bad debts. On Dec. 31 the Accounts Receivable balance was $238,000. They estimate bad debts using the percentage of sales approach. If Sales were $300,000 and bad debts is estimated at 2% of sales, how much should they Debit bad debt expense for on December 31,? A. $5,400. B. $6,600. C. $7,140 D. $6,000. 44) What is the usual journal entry when writing-off an uncollectible account when using the allowance method? A. Debit Allowance for Doubtful Accounts, credit Accounts Receivable. B. Debit Allowance for Doubtful Accounts, credit Bad Debt Expense. C. Debit Bad Debt Expense, credit Allowance for Doubtful Accounts D. Debit Accounts Receivable, credit Allowance for Doubtful Accounts. 45) Which of the following should not be included in the asset cash on a Balance Sheet? A. Petty cash funds and change funds B. Money orders, certified checks, and personal checks C. Coin, currency, and available funds D. Postdated checks and I. O. U.'s 46) A Cash Over and Short account: not generally accepted B is debited when the petty cash fund proves out over C is debited when the petty cash fund proves out short. D is a contra account to Cash

Explanation / Answer

41) Option B

Income from Continuing operations = Net sales - cost of goods sold - operating expenses + other revenues - other expenses.

42) option A

7140

43) option A

6000

44) Option A

Writing off the uncollectible account :

Allowance for doubtful accounts A/c Dr

To Accounts receivable A/c3

45) Option D

On assets side of balance sheet , cash consists of not only currency but also petty cash funds, money orders and certified checks etc but doesnt include the postdated checks and I.o.U's

46) option c

A cash over and short account is debited when the petty cash fund provens out short.

Particulars Amount($) Balance in allowance for uncollectible accounts 8400 Less : written off during the year -7800 600 (+) Bad debts Expense Dec'31 6540 Ending balance allowance for uncollectible accounts (238000*3%

7140

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