5. Question 5 A company had a balance in Gross Accounts Receivable of $200,000 on 12/31/2011. The balance in Gross Accounts Receivable was $300,000 on 12/31/2012. During 2012, the company…
4. Question 4 A company had credit sales of $500,000 during the third quarter of 2013. It had to write-off $300 of accounts as uncollectible during the quarter, and had…
8. Question 8 A company that sells transmogrifiers uses FIFO for its inventory accounting. It had 100 transmogrifiers in Inventory on 12/31/2011 with a total cost of $160,000. The company…
6. Question 6 Which of the following accounts are part of Inventory for manufacturing firms? (check all that apply) 1 / 1 point Cost of Goods Sold Work in Process …
1. Question 1 At what point are companies required to recognize Bad Debt Expense for financial reporting purposes? 1 / 1 point At the point the account is written-off One hour…
9. Question 9 A company that sells flux capacitors uses LIFO for its inventory accounting. It had 100 flux capacitors in Inventory on 12/31/2011 with a total cost of $100,000….
8. Question 8 A company that sells transmogrifiers uses FIFO for its inventory accounting. It had 100 transmogrifiers in Inventory on 12/31/2011 with a total cost of $160,000. The company…
4. Question 4 A company had credit sales of $500,000 during the quarter ended 9/30/2013. It had to write-off $300 of accounts as uncollectible during the quarter, and had no…
3. Question 3 A company’s customers owe it a total of $10,000 on 12/31/2012. On the same date, the company has an Allowance for Doubtful Accounts of $1,000. How much…
2. Question 2 Which of the following transactions do not involve cash? (check all that apply) 1 / 1 point Recording Bad Debt expense Collections from customers obviously involve cash. Recoveries…
