Buehler Company kind of on June 15 sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20, Chaz Co. retransforms merchandise worth $300 to Buehler Company type of. On June 24, payment is obtained from Chaz Co. for the balance due. What is the amount of cash received?A. $700.B. $680.C. $686.D. Namong the over.
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Which of the adhering to philosophies for negative debts is best described as a balance sheet method?A. Percentage-of-receivables basis.B. Direct write-off strategy.C. Percentage-of-sales basis.D. Both a and also b.
Hughes Company has actually a credit balance of $5,000 in its Allowance for Doubtful Accounts prior to any type of adjustments are made at the end of the year. Based on the review and also aging of its accounts receivable at the end of the year, Hughes estimates that $60,000 of its receivables are uncollectible. The amount of poor debts price which have to be reported for the year is:A. $5,000.B. $55,000.C. $60,000.D. $65,000.
Hughes has actually a delittle balance of $5,000 in its Allowance for Doubtful Accounts before any type of adjustments are made at the end of the year. Based on the testimonial and aging of its accounts receivable at the finish of the year, Hughes estimates that $60,000 of its receivables are uncollectible In this case, the amount of bad debt price that must be reported for the year is:A. $5,000.B. $55,000.C. $60,000.D. $65,000.
Net sales for the month are $800,000, and negative debts are meant to be 1.5% of net sales. The agency supplies the percentage-of -sales basis. If the Allowance for Doubtful Accounts has actually a crmodify balance of $15,000 before adjustment, what is the balance after adjustment?A. $15,000.B. $27,000.C. $23,000.D. $31,000.
In 2017, Roso Carlboy Company had actually net crmodify sales of $750,000. On January 1, 2017, Allowance for Doubtful Accounts had a crmodify balance of $18,000. During 2017, $30,000 of uncollectible accounts receivable were created off. Past suffer suggests that 3% of net crmodify sales come to be uncollectible. What need to be the readjusted balance of Allowance for Doubtful Accounts at December 31, 2017?A. $10,050.B. $10,500.C. $22,500.D. $40,500.
An evaluation and also aging of the accounts receivable of Prince Company kind of at December 31 reveals the following data.A/R $800,000Allowance for doubtful accounts per publications before adjustment 50,000Amounts expected to end up being uncollectible 65,000The cash realizable worth of the accounts receivable at December 31, after adjustment, is:A. $685,000.B. $750,000.C. $800,000.D. $735,000.
Which of the adhering to statements about Visa credit card sales is incorrect?A. The credit card issuer renders the crmodify examination of the customerB. The retailer is not connected in the arsenal procedure.C. Two parties are involved.D. The retailer receives cash more easily than it would from individual customers on account.
Blinka Retailers accepted $50,000 of Citifinancial institution Visa credit card charges for merchandise offered on July 1. Citifinancial institution charges 4% for its credit card usage. The entry to record this transactivity by Blinka Retailers will incorporate a credit to Sales Revenue of $50,000 and a debit(s) to:A. Cash $48,000 and also Service Charge Expense $2,000.B. Accounts Receivable $48,000 and Service Charge Expense $2,000.C. Cash $50,000.D. Accounts Receivable $50,000.
One of the adhering to statements around promissory notes is incorrect. The incorrect statement is:A. The party making the promise to pay is called the maker.B. The party to whom payment is to be made is dubbed the payee.C. A promissory note is not a negotiable instrument.D. A promissory note is frequently forced from high-hazard customers.
Foti Co. accepts a $1,000, 3-month, 6% promissory note in settlement of an account through Bartelt Co. The enattempt to record this transactivity is as complies with.A. Delittle bit Notes Receivable $1,015 and credit Accounts Receivable $1,015.B. Debit Notes Receivable $1,000 and credit Accounts Receivable $1,000.C. Debit Notes Receivable $1,000 and also crmodify Sales Revenue $1,000.D. Delittle Notes Receivable $1,030 and also credit Accounts Receivable $1,030.
Ginter Co. holds Kolar Inc."s $10,000, 120-day, 9% note. The enattempt made by Ginter Co. when the note is built up, assuming no interemainder has been formerly accrued, is:A. Delittle Cash $10,300 and credit Notes Receivable $10,300.B. Debit Cash $10,000 and credit Notes Receivable $10,000.C. Delittle Accounts Receivable $10,300, and also crmodify Notes Receivable $10,000 and also Interemainder Revenue $300.D. Delittle bit Cash $10,300, and also crmodify Notes Receivable $10,000 and Interemainder Revenue $300.
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Accounts and also notes receivable are reported in the present assets area of the balance sheet at:A. cash (net) realizable value.B. net book worth.C. lower-of-cost-or-market worth.D. invoice cost
Olivperiods Company had net credit sales throughout the year of $800,000 and also cost of items offered of $500,000. The balance in accounts receivable at the beginning of the year was $100,000, and also the finish of the year it was $150,000. What were the accounts receivable turnover proportion and the average arsenal period in days?A. 4.0 and also 91.3 days.B. 5.3 and 68.9 days.C. 6.4 and also 57 days.D. 8.0 and also 45.6 days.
Ethical Obligations and Decision-Making in Accounting: Text and Casesfourth EditionRoselyn Morris, Steven Mintz