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ACC 101_Review Activity

Quiz
•
Business
•
University
•
Hard
John Servidad
Used 4+ times
FREE Resource
18 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
44,760
30,560
29,708
45,612
2.
DRAG AND DROP QUESTION
1 min • 2 pts
During 2008, Carbondale Inc. had sales on account of $132,000, cash sales of $54,000, and collections on account of $84,000. In addition, they collected $1,450 which had been written off as uncollectible in 2007. As a result of these transactions, the change in the accounts receivable balance indicates a (a)
3.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
In 2008, Carpenter Company had net credit sales of 1,125,000. On January 1, 2008, Allowance for Doubtful Accounts had a credit balance of $27,000. During 2008, $45,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivables basis). If the accounts receivable balance at December 31 was $300,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2008?
$30,000
$112,500
$48,000
$45,000
4.
DROPDOWN QUESTION
2 mins • 2 pts
A company has net credit sales of $900,000 for the year and it estimates that uncollectible accounts will be 2% of sales. If Allowance for Doubtful Accounts has a credit balance of $1,000 prior to adjustment, its balance after adjustment will be a credit of (a)
5.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
In reviewing the accounts receivable, the net realizable value is $16,000 before the write-off of a $1,500 account. What is the net realizable value after the write-off?
$16,000
$1,500
$17,500
$17,500
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Present value is
the value now of a future amount.
the amount that must be invested now to produce a known future value.
always smaller than the future value.
all of these.
7.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
ABC Co. received the following notes receivable on January 1, 2021:
9-month, 10% note from Alpha Company 5,000
6-month, noninterest bearing note from Beta Inc. 10,000
14%, 3-year note from Charlie Corp. 20,000
Market rate of interest 10%
PV of 1 at 10% 0.75
At what amount will the notes be initially recognized?
35,000
30,000
28,750
33,750
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