1. What is the maturity value of a60-day, 9% note for $6,000? (Points : 1) $6,54
ID: 2505241 • Letter: 1
Question
1. What is the maturity value of a60-day, 9% note for $6,000? (Points : 1)
$6,540
$6,000
$6,090
$5,910
2. The allowance method of accountingfor receivables that appear to be uncollectible: (Points : 1)
records an expense for uncollectible receivables in advance of their actual
write-off.
is rarely used in practice
results when a company sells its receivables
All of these choices are true of the allowance method
3. Businesses that sell most of their
goods or services for cash and accept only credit cards would use
which method of accounting for uncollectible receivables? (Points :
The direct write-off
The allowance method
Either the direct write-off or the allowance method
These businesses would not use any method as they have no bad
debts
4. When the estimate based on the
sales approach to estimating uncollectibles is used: (Points :1)
any
existing balance in the allowance for doubtful accounts is not
taken into consideration.
any
existing balance in the allowance for doubtful accounts must be
taken into consideration.
only
a credit balance in the allowance for doubtful accounts must be
taken into consideration.
only
a debit balance in the allowance for doubtful accounts must be
taken into consideration.
5. Accounts Receivable has a balance
of $378,000 and the Allowance for Doubtful Accounts has a positive
balance of $1,200 at fiscal year end prior to adjustment. If the
estimate based on the sales approach to estimating uncollectibles
is $13,780, the amount of uncollectible accounts expense is
__________. (Points : 1)
$14,980
$12,580
$13,780
$1,200
6. Which of the following types of
inventory accounts do manufacturing companies have? Work in
Process, Material or Finished Goods? (Points : 1)
Yes,
Yes, Yes
No,
Yes, Yes
No,
Yes, Yes
No,
Yes, No
7. When the first-in, first-out (FIFO)
method is used to value inventory, cost of goods sold: (Points :
1)
is
made up of the earliest costs.
is
made up of the most recent costs.
is
made up of the average of earliest and most recent costs.
None
of the above
8. Use the following data to calculate
the cost of ending inventory under Average Cost.
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(Points : 1)
$750
$825
$675
$600
9. Which inventory cost flow
assumption would value ending inventory at more recent costs?
(Points : 1)
LIFO
FIFO
Average
Specific
Identification
10. Use the following data to value
inventory under the lower of cost or market rule, applied on an
individual basis.
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(Points : 1)
$6,700
$6,000
$5,900
$6,800
Explanation / Answer
1. What is the maturity value of a60-day, 9% note for $6,000? (Points : 1)
=6000*9%*(60/360)
=$6090
2. The allowance method of accountingfor receivables that appear to be uncollectible: (Points : 1)
= records an expense for uncollectible receivables in advance of their actual
write-off.
3. Businesses that sell most of their
goods or services for cash and accept only credit cards would use
which method of accounting for uncollectible receivables? (Points :
= These businesses would not use any method as they have no bad
Debts
4. When the estimate based on the
sales approach to estimating uncollectibles is used: (Points :1)
= any
existing balance in the allowance for doubtful accounts is not
taken into consideration.
5. Accounts Receivable has a balance
of $378,000 and the Allowance for Doubtful Accounts has a positive
balance of $1,200 at fiscal year end prior to adjustment. If the
estimate based on the sales approach to estimating uncollectibles
is $13,780, the amount of uncollectible accounts expense is
__________. (Points : 1)
= 1200 + 13780
=14980
6. Which of the following types of
inventory accounts do manufacturing companies have? Work in
Process, Material or Finished Goods? (Points : 1)
=Yes,
Yes, Yes
7. When the first-in, first-out (FIFO)
method is used to value inventory, cost of goods sold: (Points :
1)
= is
made up of the earliest costs.
8. Use the following data to calculate
the cost of ending inventory under Average Cost.
= no image sorry
Give me the details I will solve it
9. Which inventory cost flow
assumption would value ending inventory at more recent costs?
(Points : 1)
= FIFO
10. Use the following data to value
inventory under the lower of cost or market rule, applied on an
individual basis.
= no image sorry
Give me the details I will solve it
Question 8 & 10 do not contains anty details. the image is not valid.
GIVE ME THE DETAILS IN THE COMMENT BOX I WILL SOLVE IT.
AND RATE THE ANSWER FOR MY EFFORTS IN THE REST 8 ANSWERS.
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