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(Answered) Under the allowance method for estimating uncollectible accounts,


Under the allowance method for estimating uncollectible accounts,
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Under the allowance method for estimating uncollectible accounts, the entry to write off an account (Points : 6),

 

has no effect on net realizable value.,

 

decreases both Accounts Receivable and Uncollectible Accounts, thus decreasing net realizable value.,

 

decreases Accounts Receivable, thus decreasing net realizable value.,

 

increases Allowance for Uncollectible Accounts, thus decreasing net realizable value. ,

 

,

 

,

 

Question 2.2. (TCO 6) Net accounts receivable is calculated as (Points : 6),

 

sales less sales returns and allowances.,

 

accounts receivable plus allowance for uncollectible accounts.,

 

accounts receivable less allowance for uncollectible accounts.,

 

accounts payable plus allowance for uncollectible accounts. ,

 

,

 

,

 

Question 3.3. (TCO 7) Unlike the periodic inventory system, the perpetual inventory system (Points : 6),

 

does not require a physical count of the ending inventory.,

 

includes only the inventory purchased for cash.,

 

provides a continuous record of inventory on hand.,

 

is not required by GAAP. ,

 

,

 

,

 

Question 4.4. (TCO 7) When the FIFO method is used, ending inventory is assumed to consist of the (Points : 6),

 

units with the lowest per unit cost.,

 

units with the highest per unit cost.,

 

oldest units.,

 

most recently purchased units. ,

 

,

 

,

 

Question 5.5. (TCO 8) On January 3, 2013, ZB Corporation acquired equipment for $180,000. The estimated life of the equipment is 5 years. The estimated residual value is $30,000. What is the book value of the asset on December 31, 2014, if ZB Corporation uses the straight-line method of depreciation? (Points : 6),

 

$150,000,

 

$130,000,

 

$120,000,

 

$90,000 ,

 

,

 

,

 

Question 6.6. (TCO 8) When computing depreciation for a plant asset, which of the following must be estimated? (Points : 6),

 

Useful life and residual value,

 

Residual value and current market value,

 

Useful life and current market value,

 

Useful life, current market value, and residual value ,

 

,

 

,

 

Question 7.7. (TCO 9) Short-term notes payable (Points : 6),

 

are shown on the balance sheet with current liabilities.,

 

are shown on the balance sheet after bonds payable.,

 

are shown as a reduction to notes receivable on the balance sheet, with an appropriate footnote disclosure.,

 

are generally due within 3 months, with a maximum time period of 6 months. ,

 

,

 

,

 

Question 8.8. (TCO 9) Monthly sales were $150,000. It was estimated that 4% of the units sold would have to be replaced under warranty. On the date of sale, the company should record a debit to (Points : 6),

 

Sales for $6,000.,

 

Warranty Expense for $6,000.,

 

Warranty Payable for $6,000.,

 

No entry is required since the actual liability amount is not known. ,

 

,

 

,

 

Question 9.9. (TCO 10) The W-2 provides annual information for all of the following except (Points : 6),

 

gross wages.,

 

net wages.,

 

federal withholding.,

 

state withholding.,

 

,

 

,

 

Question 10.10. (TCO 10) The 940 is used to report (Points : 6),

 

Medicare.,

 

Federal Unemployment Tax.,

 

Federal withholding tax.,

 

Social Security.

 


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