Reference no: EM132801692
Questions -
Q1) Over the past five years, a company had average annual credit sales of P320,000 and an average annual net write-offs of P2,000. Credit sales in the current year are P500,000. Using the percentage of credit sales method, what should the company record as an estimate of bad debt expense?
a. 2,000
b. 3,125
c. 1,280
d. 1,875
Q2) Which of the following is not an essential element of an asset?
a. Arising from past event
b. Expected to provide future economic benefits
c. Must be owned by the business
d. A resource controlled
Q3) Under a periodic inventory system, the entry to record a purchase of P60,000, with terms of 2/10, n/30 would include a
a. debit to Purchases Discounts for P1,200.
b. credit to Purchases for P60,000.
c. credit to Accounts Payable for P60,000.
d. debit to Accounts Payable for P58,800.
|
Describe a challenge that a member of the finance team
: Describe a challenge that a member of the finance team may face in securing a local bond in a not for profit health care organization
|
|
Prepare schedule reflecting an incremental analysis
: Prepare schedule reflecting an incremental analysis of this proposal. Indicate the effect the acceptance of this order might have on the company's income
|
|
Total quality processes affect customer satisfaction levels
: Do you feel that total quality processes affect customer satisfaction levels? If so, why? If not, why not? Is the successful implementation of total quality
|
|
Was the stop of the two men by the officers legal
: Two officers were patrolling a high-crime area of a town known for its high incidence of drug dealing. They noticed a man standing by a car speaking.
|
|
What should the company record as an estimate of bad debt
: Over the past five years, a company had average annual credit sales of P320,000, what should the company record as an estimate of bad debt expense
|
|
Why people commit sexual offenses and human trafficking
: Explain what are some of the critical factors that play a role in explaining why people commit sexual offenses, human trafficking, and human exploitaiton?
|
|
What the correct entry to be recorded on august
: The dividend is to be paid on August 15, 2022, to shareholders of record on July 31, 2022. What the correct entry to be recorded on August 15, 2022
|
|
What are total current liabilities shown on balance sheet
: The Interest Payable is due on February? 15, 2025. What are the total current liabilities shown on the balance sheet at December? 31, 2024
|
|
What is the impact of the journal entries on net income
: On 30 June 2018, the land was revalued to £150,000. What is the impact of the journal entries on net income and total comprehensive income for the year
|