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1-Which of following is true regarding the direct write-off method of accounting for uncollectibles ?A. The direct write-off method does not adhere to GAAP.B. The direct write-off method does not much expenses against revenues very wellC.The direct write-off method does not use an allowance for uncollectible accounts and thus overstates assets on the balance sheet.D. All of the above2.Which method of estimating uncollectible receivables focuses on net credit sales?A. Aging approachB. Percent -of-sales-approachC. Net realizable value approachD. All of above3.On its books, Somerset Company's Cash account shows an ending balance of $ 770. The bank Statement for the current period shows a $ 16 service change and an NSF check for $120. A $270.deposit is in transit, and outstanding checks total $440. What is Somerset's adjusted book balance for Cash?A. $1,074B. $664C. $634D. $4984.Which item(s) appears as a reconciling item(s) to the book balance in bank reconciliation?A. Outstanding ChecksB. Deposits in transitC. Both A and BD.None of the above
The bank will charge a 2 % finance charge on the amount of receivables transferred. The bank will collect receivables straight from customers. The sale criteria are met.
Jim and Linda are your tax clients. They were divorced two years ago, and the divorce decree stated that Jim was to make monthly payments to Linda. The court designated $300 per month as alimony and $200 per month as child support.
Using this information, prepare a budget for May stating the total amount for the May budget. Assume the budget will increase to 23,000 jars of sauce reflecting anticipated sales increase related to a new marketing campaign.
Evaluate cost of the ending work in process of the department
Prepare an Excel format to show how you are evaluating things. Provide detailed information of profitability by product and for year. Then make precise recommendations with financial projections.
When is an ABC approach most advantageous and what are the perceived benefits vs. costs of an ABC system (you are not expected to quantify the costs benefits)
Recording the deposit of social security, Medicare, and income taxed - Compute employers payroll taxes
Do you think that expenditures on human capital should be treated as an asset or an expense? Why or why not?
What criteria would you use to prequalify customers and what are the input and output transactions (excluding reports) that the system must process.
Describe the rationale for the nature of the audit report (qualified or unqualified) rendered
Jay sold land (a capital asset) to an unrelated party for $20,000 cash and a 9% note for $100,000 due in two years. His basis in the land was $40,000. Which of the following statements is correct?
Chang Co. sold a copier costing $7,500 with a two-year parts warranty to a customer on August 16, 2011, for $15,000 cash. Chang uses the perpetual inventory system. On November 22, 2012, the copier requires on-site repairs that are completed the s..
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