Reference no: EM13825374
Bent Inc. had credit sales of $675,000 for March. Accounts receivable of $6,000 were determined to be worthless and were written off during March. Accounts receivable total $575,000 at March. 31. Management feels that based on past experience, approx. 2% of net credit sales will prove to be uncollectable.
Assuming they use the direct write off methos of accounting for uncollectable accounts, uncollectible accounts expense for March is:
$13,5000
$6,000
$11,500 or
$17,500
As of december 31, Valley Co. has $16,920 cash in its checking account as well as the following:
credit card slips signed by customers......... $1,400
money market fund balance.........................$10,000
investment in US Treasury bills, maturing in 90 days....... $40,000
customer checks received but not yet deposite............. $1,800
Invest in ATT 10% bonds, maturing in June 2016........... $60,000
What should be shown on the December 31, 2015 balance sheet as "cash and cash equvalents"?
$53,200
$70,120
$130,120 or
$113,200
Part e.
On april 30, 2014 Titan purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value.
Based on this, in the year 2020, Titan sells the machinery for $4,500. At the date of sale, the machinery had been depreciated by Titan to its estimated residual value of $8k. This sale results in....
a. $3,5000 loss on both the companys financial statements and income tax return
b. no gain or loss in either the financial statements or income tax return
c. a $3,500 loss in the financial statements and a $3,500 gain in the income tax return
d. A 3,500 loss in the financial statemets but no loss or gain on the tax return
Part f.
Early in the year, Amazon purchased River mine for $30,000,000. The mine was estimated to contain 400,000 tons of ore and to have a residual value of $7,500,000 after mining operations are done. During that year, 115,000 tons of ore were removed. At the year-end, the book value of the mine is which of the following?
a. 22,500,000
b. 6,468,750
c. 23,532,250 or
d. 30,000,000
and which of the following would NOT be amortized?
Goodwill
Copyright
Franchise fee
Patent
Balance sheet as cash and cash equvalents
: As of December 31, Valley Co. has $16,920 cash in its checking account as well as the following: What should be shown on the December 31, 2015 balance sheet as "cash and cash equvalents"?
|
Explore the a policy maker arguing that dewa
: The question belongs to Economics, particularly to Micro-economics and it is explore about a policy maker arguing that DEWA is a monopolist which charges higher price and delivers lower output.
|
Exercise of the power of eminent domain
: The case of Kelo vs. City of New London recently gave the US Supreme Court the opportunity to deal with the main issues involved in the exercise of the power of eminent domain.
|
Case study analysis-hallstead jewelers
: This is a Harvard Case Study that related to Accounting, mainly to Management Accounting. In this case, Hallstead Jewelers is facing decrease in margin of safety through decrease in sales, compared to last year
|
Cash and cash equvalents
: Bent Inc. had credit sales of $675,000 for March. Accounts receivable of $6,000 were determined to be worthless and were written off during March. Assuming they use the direct write off methos of accounting for uncollectable accounts, uncollectible ..
|
The city with the higher cpi must have a higher cost
: If one city has a higher CPI than another city, the city with the higher CPI must have a higher cost of living. a. true b. false
|
Toolings reports net sales-cost of goods sold
: Toolings reports net sales of $325,000, gross profit of $175,000 and net income of $15,000. The company has a cost of goods sold of:
|
Case study: best value in harrogate borough council
: Case Study: Best Value In Harrogate Borough Council
|
The discount rate and buy government securities
: If the Federal Reserve System wanted to tighten the money supply, the most powerful combination of actions would be to a. raise reserve requirements, lower the discount rate, and buy government securities b. raise reserve requirements, lower t..
|