x
Info
x
Warning
x
Danger

Accounting Expert Answers & Study Resources : Page 140

The vast field of accounting contributes to one of the largest subjects in our study resources. Accounting flashcards, homework answers for textbooks & other learning aids can increase your competency in this domain instantly. Become a top student with our support. Search Now…

Expert Answers

Ask an Expert

Our Experts can answer your tough homework and study questions.

Answers in as fast as 15 minutes
Post a Question
150245 Resources
0 Students Benefited

11) When an asset is fully depreciated, no further depreciation expense is recorded. 12) Companies are required to use Modified Accelerated Cost Recovery System (MACRS) for tax purposes. 13) Which of the following categories of assets should be depreciated? A) tangible property, plant and equipment, other than land B) intangible property C) land D) natural resources 14).

Homework Answers
27 Views
  • 11) When an asset fully depreciated, no further depreciation expense
  • Accounting
Homework Answers
View Answer

56) Refer to the following bank reconciliation: Bank          Book Balance, June 30, 2014$11,240.00Balance, June 30, 2014$10,200.00 Add:Add: Deposit in transit3,110.00Note collected by bank2,100.00 Interest revenue55.00 Less:Less: Outstanding checks #5061,200.00NSF check85.00 Outstanding checks #510900.00Bank service charge20.00 _________________ Adjusted balance, June 30, 2014$12,250.00Adjusted balance, June 30, 2014$12,250.00 Journalize the adjusting entry for the second reconciling item: interest revenue. 57) Refer to the following bank reconciliation: Bank         Book Balance,.

Homework Answers
28 Views
  • 56) Refer to the following bank reconciliation: Bank          Book Balance, June 30, 2014$11,240.00Balance,
  • Accounting
Homework Answers
View Answer

  Learning Objective 11-1 1) Amounts owed for products or services, due within one year, are current liabilities. 2) Amounts owed for products or services purchased on account are accounts receivable. 3) Unearned revenues relating to a one-year service contract are current liabilities until they are earned. 4) Notes payable are considered long-term debts, usually.

Homework Answers
38 Views
  •   Learning Objective 11-1 1) Amounts owed for products or services, due
  • Accounting
Homework Answers
View Answer

21) The following information is from the 2015 records of Armand Camera Shop: Accounts Receivable, December 31, 2015 $40,000 (debit) Allowance for Bad Debts, December 31, 2015 prior to adjustment 1,500 (debit) Net credit sales for 2015 175,000 Accounts written off as uncollectible during 2015 15,000 Cash sales during 2015 27,000 Bad debts expense is estimated by the percent-of-sales method. The management.

Homework Answers
29 Views
  • 21) The following information from the 2015 records of Armand
  • Accounting
Homework Answers
View Answer

31) A check for which a maker's bank account has inadequate money to pay the check is known as: A) a nonsufficient funds check. B) an outstanding check. C) a restrictive check. D) a canceled check. 32) The following information is available for Jack's Unlimited Company for the current month. Book balance end of the month $6,875 Outstanding.

Homework Answers
30 Views
  • 31) A check for which a maker's bank account has
  • Accounting
Homework Answers
View Answer

11) Charles and Charms, a merchandiser, has an account receivable for $125 which they now decided to be uncollectible. The merchandiser uses the direct write-off method. Which of the following entries is required to record the write-off? A) Bad Debts Expense 125 Accounts Receivable 125 B) Cash 125 Accounts Receivable 125 C) Allowance for Bad Debts 125 Accounts Receivable 125 D) Accounts Receivable 125 Bad Debts Expense 125 12) On January.

Homework Answers
27 Views
  • 11) Charles and Charms, a merchandiser, has an account receivable
  • Accounting
Homework Answers
View Answer

Learning Objective 9-2 1) The direct write-off method of accounting for uncollectible receivables is primarily used by small, non-public companies. 2) The expense associated with the cost of uncollectible accounts receivable is known as bad debts expense. 3) Companies that follow GAAP are required to use the direct write-off method for uncollectible accounts.

Homework Answers
32 Views
  • Learning Objective 9-2 1) The direct write-off method of accounting for
  • Accounting
Homework Answers
View Answer

11) Which of the following are two methods of estimating uncollectible receivables? A) allowance method and amortization method B) aging-of-accounts-receivable method and percent-of-sales method C) gross-up method and direct write-off method D) direct write-off method and percent-of-completion method 12) The entry to write off an account receivable under the allowance method will: A) reduce net income. B).

Homework Answers
27 Views
  • 11) Which of the following two methods of estimating uncollectible
  • Accounting
Homework Answers
View Answer

11) A streamlined process that bypasses paper documents altogether and in which computers of retailers communicate directly with the computers of suppliers to automate routine business transactions is known as: A) Real Time Gross Settlement. B) Electronic Data Interchange. C) Electronic Fund Transfer. D) Evaluated Receipts Settlement. 12) Which of the following statements describes a.

Homework Answers
31 Views
  • 11) A streamlined process that bypasses paper documents altogether and
  • Accounting
Homework Answers
View Answer

Can't find what you're looking for ?

Ask our exprts a study questions, on us.
Get free Homework Help*