ACC 291 FINAL EXAM 30/30 (A+ WORK PROVIDED HERE) 100%

Jul 20th, 2016
Studypool Tutor
Price: $20 USD

Tutor description

1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? A. Bad Debts Expense 15000 Allowances for Doubtful Accounts 15000 B. Bad Debts Expense 12000 Allowances for Doubtful Accounts 12000 C. Bad Debts Expense $12,000 Accounts Receivable $12,000 D. Bad Debts Expense $15,000 Accounts Receivable $15,000 2) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period? A. $15,000 B. $12,000 C. $18,000 D. $8,000 3) Intangible assets A. should be reported under the heading Property, Plant, and Equipment B. should be reported as a separate class

Word Count: 1523
Showing Page: 1/8
ACC 291 FINAL EXAM 30/30 (A+ WORK PROVIDED HERE) 100%1) Hahn Company uses the percentage of sales method for recording bad debts expense. For theyear, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% isthe sales percentage to use. What adjusting entry will Hahn Company make to record the baddebts expense?A. Bad Debts Expense 15000 Allowances for Doubtful Accounts 15000B. Bad Debts Expense 12000 Allowances for Doubtful Accounts 12000C. Bad Debts Expense $12,000 Accounts Receivable $12,000D. Bad Debts Expense $15,000 Accounts Receivable $15,0002) Using the percentage of receivables method for recording bad debts expense, estimateduncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is$3,000 credit before adjustment, what is the amount of bad debts expense for that period?A. $15,000B. $12,000C. $18,000D. $8,0003) Intangible assetsA. should be reported under the heading Property, Plant, and EquipmentB. should be reported as a separate classification on the balance sheetC. should be reported as Current Assets on the balance sheetD. are not reported on the balance sheet because they lack physical substance4) Intangible assets are the rights and privileges that result from ownership of long-lived assetsthatA. must be generated internallyB. are depletable natural resourcesC. do not have physical substanceD. have been exchanged at a gain5) The book value of an asset is equal to theA

Review from student

Studypool Student
" Excellent job "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1831 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors