ACC 220 UMUC Finals Section 2 Latest Version

Aug 7th, 2016
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ACC 220 UMUC Finals Section 2 Latest Version 1. After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to: 2. Malloy Company estimates uncollectible accounts using the percentage-of-receivables method and expects that 5 percent of outstanding receivables will be uncollectible for 2015. The balance in Accounts Receivable is $200,000, and the allowance account has a $3,000 credit balance before adjustment at year-end. The uncollectible accounts expense for 2015 will be: 3. Malloy Company issued its own $10,000, 90-day, non interest-bearing note to a bank. If the note is discounted at 10 percent, the proceeds to Malloy are: 4. On 2015 July 1, Malloy Company purchased equipment for $400,000, and installation and testing costs totaled $40,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of $40,000. If Malloy uses the double-declining-depreciation method, the depreciation exp

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1.After the bank reconciliation is prepared, the entry to record bank servicecharges would have a credit to:a. Bank Service Charge Expenseb. Cashc. Petty Cashd. Cash Short and Overe. None of the above2.Malloy Company estimates uncollectible accounts using the percentage-ofreceivables method and expects that 5 percent of outstanding receivables will beuncollectible for 2015. The balance in Accounts Receivable is $200,000, and theallowance account has a $3,000 credit balance before adjustment at year-end. Theuncollectible accounts expense for 2015 will be:a $7,000b. $10,000c. $13,000d. $9,850e. None of the above3.Malloy Company issued its own $10,000, 90-day, non interest-bearing note to abank. If the note is discounted at 10 percent, the proceeds to Malloy are:a. $10,000b. $9,000c. $9,750d. $10,250e. None of the above4.On 2015 July 1, Malloy Company purchased equipment for $400,000, andinstallation and testing costs totaled $40,000. The equipment has an estimated useful lifeof 10 years and an estimated salvage value of $40,000. If Malloy uses the doubledeclining-depreciation method, the depreciation expense for 2010 is:a. $88,000b. $72,000c. $36,000d. $44,000e. $40,0005.The result of recording a capital expenditure as a revenue expenditure is an:a. Overstatement of current year's expenseb. Understatement of current year's expensec. Understatement of subsequent year's net incomed. Overstatement of current year's net incomee. None of t

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