Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form 815 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans The units of an item available for sale during the year were as follows: Jan. 1 Inventory 21 units at $1,800 May 15 Purchase 29 units at $1,950 Aug. 7 Purchase 10 units at $2,040 Nov. 20 Purchase 15 units at $2,100 1.01K viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans How is the method of determining the cost of inventory and the method of valuing it disclosed in the financial statements? 840 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Does the term last-in in the LIFO method mean that the items in the inventory are assumed to be the most recent (last) acquisitions? Explain 911 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Easy Rider is a wholesaler of motorcycle supplies. An aging of the company’s accounts receivable on December 31, 20Y3, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows 921 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Electronic funds transfer (EFT) could eventually eliminate the use of most checks and minimize float. 866 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Quantum Technologies, a computer consulting firm, has decided to write off the $13,000 balance of an account owed by a customer. Illustrate the effects on the accounts and financial statements to record the write-off (a) assuming that the direct write-off method is used (b) assuming that the allowance method is used 871 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Which of the two methods of accounting for uncollectible accounts provides for the recognition of the expense at the earlier date 847 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans If revenues can be forecast to fall within a tight range of outcomes, then the ratio of cash and near-cash to total assets will be greater for the firm than if the prospective cash inflows might be expected to vary over a wide range. 873 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans After the accounts are adjusted at the end of the fiscal year, Accounts Receivable has a balance of $475,000 and Allowance for Doubtful Accounts has a negative balance of $46,800. Describe how Accounts Receivable and Allowance for Doubtful Accounts are reported on the balance sheet 1.06K viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Although CDs are slightly more risky than Treasury bills, the yield is usually slightly less. 763 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans A negotiable certificate of deposit (CD) is a marketable receipt for funds deposited in a bank. 801 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note 802 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans A banker’s acceptance is a draft drawn on a specific bank by an exporter in order to obtain payment for goods that he has shipped to a customer who maintains an account with that specific bank. 887 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans T-bills and Treasury bonds are guaranteed by the full faith and credit of the United States and are therefore default-free. 851 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Management of a firm’s liquidity involves management of the firm’s investment in current assets. 823 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Which of the following factors does not have a major influence on credit ratings? A) Amount owed as a percent of credit limit 799 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans On an average day, Town Center Hardware receives $2,420 in checks from customers. These checks clear the bank in an average of 2.1 days. The applicable daily interest rate is .025 percent. What is the maximum amount this store should pay to completely eliminate its collection float? Assume each month has 30 days 915 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Hoyes Lumber generally receives three checks a month in the amounts of $1,200, $1,650, and $2,200. The $2,200 check has a two-day collection delay while the others have a one-day delay. Given this information, what is the amount of the average daily float? Assume each month has 30 days. 766 viewsDarshita Changed status to publish August 13, 2020 0 Votes 1 Ans Which of the following factors influence the size of the firm’s investments in accounts receivable? A) Terms of sale 1.06K viewsDarshita Changed status to publish August 13, 2020 « Previous 1 2 3 4 … 128 129 Next »
