ACC 291 Final Exam New

Jul 20th, 2016
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1. An aging of a company’s accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $3,300. b. credit to Allowance for Doubtful Accounts for $4,500. c. debit to Bad Debt Expense for $4,500. d. debit to Allowance for Doubtful Accounts for $3,300. 2. The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? a. 36.5 b. 60.8 c. 96.1 d. 48.7 3. Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer. They paid $400 for shipping and sales tax of $3,000. Stine estimates that the machinery will have a useful life of 10 years and a residu

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ACC 291 Final Exam New1. An aging of a companys accounts receivable indicates that $4,500 are estimated to beuncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, theadjustment to record bad debts for the period will require aa. debit to Bad Debt Expense for $3,300.b. credit to Allowance for Doubtful Accounts for $4,500.c. debit to Bad Debt Expense for $4,500.d. debit to Allowance for Doubtful Accounts for $3,300.2. The financial statements of the Melton Manufacturing Company reports net sales of$300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year andend of year, respectively. What is the average collection period for accounts receivable indays?a. 36.5b. 60.8c. 96.1d. 48.73. Stine Company purchased machinery with a list price of $64,000. They were given a 10%discount by the manufacturer. They paid $400 for shipping and sales tax of $3,000. Stineestimates that the machinery will have a useful life of 10 years and a residual value of$20,000. If Stine uses straight-line depreciation, annual depreciation will bea. $4,100.b. $4,072.c. $6,100.d. $3,760.4. On January 1, a machine with a useful life of five years and a residual value of $40,000 waspurchased for $120,000. What is the depreciation expense for year 2 under the doubledeclining-balance method of depreciation?a. $28,800.b. 23,040.c. 48,000.d. 38,400.5. As a recent graduate of State University youre aware that IFRS requires componen

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