
SI - Chapter 7

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Business
•
University
•
Hard
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1.
FLASHCARD QUESTION
Front
How does the year-end adjustment to recognize uncollectible accounts expense affect the elements of the financial statements?
Back
Decrease total assets and decrease stockholders’ equity.
2.
FLASHCARD QUESTION
Front
What is the net realizable value of accounts receivable immediately after writing off a $710 uncollectible account from an initial balance of $24,200 in Accounts Receivable and $2,500 in Allowance for Doubtful Accounts?
Back
$24,200 - $710 - $2,500 = $21,990
3.
FLASHCARD QUESTION
Front
What is the amount of uncollectible accounts expense recognized on the Year 2 income statement for Grande Company, given the following details: On January 1, Year 2, there was a $14,000 balance in Accounts Receivable and a zero balance in Allowance for Doubtful Accounts. During Year 2, $64,000 of service was provided on account, and $60,500 cash was collected from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account?
Back
$1,280
4.
FLASHCARD QUESTION
Front
What is the amount of cash inflow from customers that would appear in the operating activities section of the cash flow statement if the balance in Accounts Receivable at the beginning of the year was $16,000, $64,000 of credit sales were made, the ending balance in Accounts Receivable was $10,000, and uncollectible accounts expense was $4,000?
Back
$70,000
5.
FLASHCARD QUESTION
Front
Why is the amount of cash collected from customers important for financial reporting, and where is it shown in the cash flow statement?
Back
It reflects the company’s ability to convert accounts receivable into cash and is shown in the operating activities section of the cash flow statement.
6.
FLASHCARD QUESTION
Front
Some businesses refer to uncollectible accounts as __.
Back
bad debts
7.
FLASHCARD QUESTION
Front
Canceling the balance of a customer account because the customer does not pay.
Back
writing off an account
8.
FLASHCARD QUESTION
Front
Define: Uncollectible Accounts
Back
Accounts no longer collectible
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