At the beginning of the year the balance in the allowance

Assignment Help Accounting Basics

Reference no: EM13575235

1. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $340,000 and Allowance for Doubtful Accounts has a balance of $51,000. What is the net realizable value of the accounts receivable?

A.$51,000 B.$289,000 C.$340,000 D.$391,000

2 The accumulated depletion account is
A. an expense account
B. an intangible asset account
C. reported on the income statement as other expense
D. reported on the balance sheet as a deduction from the cost of the mineral deposit

3.Machinery was purchased on January 1, 2010 for $51,000. The machinery has an estimated life of 7 years and an estimated salvage value of $9,000. Double-declining balance depreciation for 2011 would be
A. $10,929
B. $6,000

C. $10,500

D.$10,408

4.After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $340,000 and Allowance for Doubtful Accounts has a balance of $51,000. What is the net realizable value of the accounts receivable?
A. $51,000
B. $289,000
C. $340,000

5.The Weber Company purchased a mining site for $1,750,000 on July 1, 2014. The company expects to mine ore for the next 10 years and anticipates that a total of 400,000 tons will be recovered. The estimated residual value of the property is $150,000. During 2014 the company extracted 6,500 tons of ore. The depletion expense for 2014 is
A. $17,500
B. $16,000
C. $26,000

D.$15,000

6.In accounting for uncollectible receivables, the balance in Allowance for Doubtful Accounts will directly impact the amount of the adjustment when applying which method?
A. direct write-off method
B. percentage of sales method
C. Analysis of receivables method

D.both (b) and (c)

7.A debit balance in the Allowance for Doubtful Accounts
A. is the normal balance for that account.
B. indicates that actual bad debt write-offs have been less than what was estimated.
C. cannot occur if the percentage of receivables method of estimating bad debts is used.
D. indicates that actual bad debt write-offs have exceeded previous provisions for bad debts.

8.The direct write-off method of accounting for uncollectible accounts
A. emphasizes balance sheet relationships.
B. is often used by small companies and companies with few receivables.
C. emphasizes cash realizable value.

D.emphasizes the matching of expenses with revenues

9.A fixed asset with a cost of $41,000 and accumulated depreciation of $36,000 is traded for a similar asset priced at $50,000. Assuming a trade-in allowance of $4,000, the cost basis of the new asset is
A. $54,000
B. $45,000
C. $51,000
D. $50,000

10.At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $760. During the year, $120 of previously written-off accounts were reinstated and accounts totaling $740 are written-off as uncollectible. The end of the year balance (before adjustment) in the Allowance for Doubtful Accounts should be
A. $760
B. $120
C. $140
D. $740

A machine with a cost of $75,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the double declining-balance method?
A. $17,500
B. $37,500
C. $18,750

D.$16,667

Reference no: EM13575235

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