Question
In: Accounting
13. Accelerated Solutions has the following data for the year ended December 31, Year 1: Accounts...
13. Accelerated Solutions has the following data for the year
ended December 31, Year 1:
|
Accounts receivable (January 1, Year 1) |
$ 350,000 |
|
Credit sales |
1,200,000 |
|
Collections from credit customers |
850,000 |
|
Customer accounts written off as uncollected |
10,000 |
|
Allowance for doubtful accounts (January 1, Year 1) |
35,000 |
|
Estimated uncollected accounts based on an aging analysis (December 31, Year 1) |
50,000 |
Refer to Accelerated Solutions. If the aging approach is used to estimate bad debts, what is the balance in the allowance for doubtful accounts after the bad debt expense adjustment?
|
|
a. |
$10,000 |
|
|
b. |
$15,000 |
|
|
c. |
$25,000 |
|
|
d. |
$50,000 |
|
14. MicroScan Technologies reported the following
information:
|
||||||||||||
|
Refer to MicroScan Technologies. How much cash was received for interest during Year 2?
|
||||||||||||
|
15. AT&U Company has the following data for the year ended
December 31, Year 1:
|
||||||||||||
|
Refer to AT&U Company. If the company estimates its bad debt to be 2% of net credit sales, what will be the balance in the allowance for doubtful accounts after the adjustment for bad debt expense?
|
|
Solutions
Expert Solution
| 13) | Correct Option :d.$50000 | |||||
| Estimated uncollected accounts based on an aging analysis (December 31, Year 1) is $50000 | ||||||
| The allownace for doubtful account should show balance be $50000. | ||||||
| 14) | cash was received for interest during Year 2 | |||||
| Interest receivable, December 31, Year 1 | $ 11,500 | |||||
| Add: Interest Revenue | $ 16,000 | |||||
| Less:Interest receivable, December 31, Year 2 | $ 8,000 | |||||
| Cash Received | $ 19,500 | |||||
| Correct Option : d.19500 | ||||||
| 15) | ||||||
| Sales | $ 2,500,000 | |||||
| Less: | ||||||
| Sales return and allowances | $ -50,000 | |||||
| Net Sales | $ 2,450,000 | |||||
| Estimated Bad Debts = 2% of net sales | ||||||
| Which is = $2450000*2% | ||||||
| =$49000 | ||||||
| Therefore allowance balance should be $49000 | ||||||
| Correct Option : C.$49000 | ||||||
| 16) | Straight line method depreciation rate =1/5 =20% | |||||
| Double declsing method = 20%* 2 =40% | ||||||
| Depeciation expenses for year 1 =$80000*40% | ||||||
| =$32000 | ||||||
| Correct Option : d.32000 | ||||||
| Please upvote. | ||||||
ekkarill92 answered 3 years agoRelated Solutions
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