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The objectives of financial reporting are to provide information Answer • Question 2 0 out of 6.29 points 2. Investors and creditors are interested in the probability that their original investment or loan will eventually be returned, and that they will receive a reasonable return while their funds are invested or borrowed. These expectations are collectively referred to as: Answer • Question 3 6.29 out of 6.29 points 3. The basic purpose of generally accepted accounting principles is to: Answer • Question 4 6.29 out of 6.29 points 4. The concept of adequate disclosure means that: Answer • Question 5 0 out of 6.29 points 5. Which of the following is correct if a company purchases equipment for $70,000 cash? Answer • Question 6 0 out of 6.29 points 6. If a transaction causes an asset account to decrease, which of the following related effects may occur? Answer • Question 7 0 out of 6.29 points 7. If cash increases during a year, it must mean that: A) There was positive net income on the income statement B) Retained earnings increased C) The net worth of a company increased. D) None of the three statements above must necessarily be true. Answer • Question 8 6.29 out of 6.29 points 8. On June 27, Healthy Life Services, Inc. performed extensive tests on lab specimens submitted by several customers and sent invoices totaling $5,200, due in 30 days: Answer • Question 9 6.29 out of 6.29 points 9. Master Equipment has a $17,400 liability to Arrow Paint Co. When Master Equipment makes a partial payment of $7,600 on this liability, which of following is true about the journal entry made by Master to record this transaction? Answer • Question 10 6.29 out of 6.29 points 10. On June 18, Baltic Arena paid $6,600 to Marvin Maintenance, Inc. for cleaning the arena following a monster truck show held on June 9th. This transaction: Answer • Question 11 6.29 out of 6.29 points Use the following to answer questions 11-13: Montauk Oil Co. reports these account balances at December 31, 2010 Accounts Payable………………………………………….. $ 110,000 Accounts Receivable………………………………………. 100,000 Buildings………………………………………………………. 240,000 Capital Stock…………………………………………………. 340,000 Cash……………………………………………………………. 80,000 Equipment…………………………………………………….. 160,000 Land……………………………………………………………. 200,000 Notes Payable……………………………………………….. 260,000 Retained Earnings………………………………………….. 70,000 On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 on its accounts payable. 11. Refer to the above data. In a trial balance prepared at December 31,2010, the total of the debit column is: A) $1,540,000. B) $700,000. C) $1020,000. D) $780,000. Answer • Question 12 6.29 out of 6.29 points Use the following to answer questions 11-13: Montauk Oil Co. reports these account balances at December 31, 2010: Accounts Payable………………………………………….. $ 110,000 Accounts Receivable………………………………………. 100,000 Buildings………………………………………………………. 240,000 Capital Stock…………………………………………………. 340,000 Cash……………………………………………………………. 80,000 Equipment…………………………………………………….. 160,000 Land……………………………………………………………. 200,000 Notes Payable……………………………………………….. 260,000 Retained Earnings………………………………………….. 70,000 On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable. 12. Refer to the above data. In a trial balance prepared on January 3, 2011, the total of the debit column is: A) $740,000. B) $1,570,000. C) $760,000. D) $370,000. Answer • Question 13 6.29 out of 6.29 points Use the following to answer questions 11-13: Montauk Oil Co. reports these account balances at December 31, 2010: Accounts Payable………………………………………….. $ 110,000 Accounts Receivable………………………………………. 100,000 Buildings………………………………………………………. 240,000 Capital Stock…………………………………………………. 340,000 Cash……………………………………………………………. 80,000 Equipment…………………………………………………….. 160,000 Land……………………………………………………………. 200,000 Notes Payable……………………………………………….. 260,000 Retained Earnings………………………………………….. 70,000 On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable. 13. Refer to the above data. On January 3, 2011, total liabilities are: A) $370,000. B) $350,000. C) $300,000. D) $70,000. Answer • Question 14 0 out of 6.29 points 14. The concept of materiality: Answer • Question 15 6.286 out of 6.286 points 15. As of January 31, Logan Company owes $600 to We-Rent-All for equipment used during January. If no adjustment is made for this item at January 31, how will Logan’s financial statements be affected? Answer • Question 16 6.29 out of 6.29 points 16. Rose Corp. has a note receivable from Jewel Co for $80,000. The note matures in 5 years and bears interest of 6%. Rose is preparing financial statements for the month of June. Rose should make an adjusting entry : Answer • Question 17 6.286 out of 6.286 points Use the following to answer questions 17-19: Rockville Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31: (1) A one-year bank loan of $360,000 at an annual interest rate of 12% had been obtained on December 1. (2) The company’s pays all employees up-to-date each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day’s pay amounting to $5,900. (3) On December 1 rent on the office building had been paid for four months. Monthly rent is $3,000. (4) Depreciation of office equipment is based on a lifetime of six years. The balance in the Office Equipment account is $7,200; no change has occurred in the account during the year. (5) Fees of $7,600 were earned during the month for clients who had paid in advance. 17. What amount of interest expense has accrued on the bank loan? A) $2,400 B) $3,000. C) $3,600. D) $4,200. Answer • Question 18 0 out of 6.29 points Use the following to answer questions 17-19: Rockville Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31: (1) A one-year bank loan of $360,000 at an annual interest rate of 12% had been obtained on December 1. (2) The company’s pays all employees up-to-date each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day’s pay amounting to $5,900. (3) On December 1 rent on the office building had been paid for four months. Monthly rent is $3,000. (4) Depreciation of office equipment is based on a lifetime of six years. The balance in the Office Equipment account is $7,200; no change has occurred in the account during the year. (5) Fees of $7,600 were earned during the month for clients who had paid in advance. 18. By what amount will the book value of the office equipment decline after the appropriate December adjustment is recorded? A) $1,200. B) $0. C) $100. D) Some other amount. Answer • Question 19 0 out of 6.286 points Use the following to answer questions 17-19: Rockville Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31: (1) A one-year bank loan of $360,000 at an annual interest rate of 12% had been obtained on December 1. (2) The company’s pays all employees up-to-date each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day’s pay amounting to $5,900. (3) On December 1 rent on the office building had been paid for four months. Monthly rent is $3,000. (4) Depreciation of office equipment is based on a lifetime of six years. The balance in the Office Equipment account is $7,200; no change has occurred in the account during the year. (5) Fees of $7,600 were earned during the month for clients who had paid in advance. 19. Failure to make the appropriate adjustment to the Salary Expense account will result in: A) Understating net income for December by $5,900. B) Understating net income for January by $5,900. C) Overstating total liabilities at December 31. D) Overstating the balance in Cash at December 31. Answer • Question 20 6.286 out of 6.286 points Use the following to answer questions 20-21: Shown below is a trial balance for Dependable, Inc., on December 31, after the first year of operations, after adjusting entries: Trial Balance Dependable, Inc. December 31, 2005 Cash $ 6,200 Accounts receivable 5,100 Office equipment 9,000 Accumulated Depreciation $ 2,400 Accounts payable 3,100 Capital Stock 9,000 Retained earnings -0- Dividends 3,000 Fees earned 18,200 Salaries expense 6,400 Advertising expense 1,300 Depreciation expense 1,700 $32,700 $32,700 20. Refer to the above data. Net income for the period equals: Answer • Question 21 0 out of 6.286 points 21. Refer to the above data. Retained earnings at December 31 equals; Answer • Question 22 6.286 out of 6.286 points 22. If current assets are $140,000 and current liabilities are $100,000, the current ratio will be: A) 71%. B) $40,000. C) 1:4:1. D) $240,000 Answer • Question 23 6.286 out of 6.286 points 23. If current assets are $90,000 and current liabilities are $30,000, working capital will be: A) 33.3%. B) 3:1. C) $60,000. D) $120,000. Answer • Question 24 6.286 out of 6.286 points 24. The following information is available: Sales…………………………………………………… $300,000 Net Income………………………………………….. $ 15,000 Retained Earnings………………………………….. $ 30,000 Avg. Stockholders’ Equity……………………….. $100,000 Dividends…………………………………………….. $ 5,000 What is the return on equity? A) 5%. B) 20%. C) 25%. D) 15%. Answer • Question 25 6.29 out of 6.29 points 25. The cost of delivering merchandise to the customer is: Answer • Question 26 6.286 out of 6.286 points 26. Emily Products uses a perpetual inventory system. At year-end the Inventory account had a balance of $257,000, but a complete year-end physical inventory indicated goods on hand costing only $251,000. Emily should: Answer • Question 27 0 out of 6.286 points 27. At the beginning of the year, California Coat Co. had an inventory of $100,000. During the year, the company purchased merchandise costing $650,000. Net sales for the year totaled $1,000,000, and the gross profit rate was 45%. The cost of goods sold and the ending inventory, respectively, were: Answer • Question 28 6.286 out of 6.286 points 28. At the beginning of 2005, Hudson Hardware has an inventory of $200,000. Because sales growth was strong during 2004, the owner wants to increase inventory on hand to $250,000 at December 31, 2005. If net sales for 2005 are expected to be $1,000,000, and the gross profit rate is expected to be 35%, compute the cost of the merchandise the owner should expect to purchase during 2005. A) $600,000. B) $700,000. C) $900,000. D) Some other amount. Answer • Question 29 0 out of 6.286 points 29. If cost of goods sold is $240,000 and the gross profit rate is 40%, what is the gross profit? A) $160,000 B) $560,000 C) $240,000 D) Some other amount. Answer • Question 30 0 out of 6.286 points 30. In order to achieve internal control over cash receipts: Answer • Question 31 6.286 out of 6.286 points Use the following to answer questions 31-32: The Cash account in the ledger of Novake, Inc. showed a balance of $9,300 at June 30. The bank statement, however, showed a balance of $11,700 at the same date. The only reconciling items consisted of a $2,100 deposit in transit, a bank service charge of $20, and a large number of outstanding checks. 31. Refer to the above data. What is the “adjusted cash balance” at June 30? Answer • Question 32 0 out of 6.286 points 32. Refer to the above data. Upon completion of the bank reconciliation, a journal entry will be required to update the depositor’s accounting records. This entry will include: Answer • Question 33 0 out of 6.286 points 33. Romeo Inc. had accounts receivable of $250,000 and an allowance for doubtful accounts of $9,700 just before writing off as worthless an account receivable from Juliet Company of $1,500. After writing off this receivable what would be the balance in Romeo’s Allowance for Doubtful Accounts? Answer • Question 34 6.286 out of 6.286 points 34. On January 1, Pierce Farms established a petty cash fund of $450, which it replenishes at the end of each month. When a surprise count of the petty cash fund is made on March 5, the petty cash box contains $80 in cash and receipts for the following items: Delivery expense…………………………………… $28 Typewriter repairs…………………………………. 45 Office supplies……………………………………… 26 This situation indicates: A) Approximately $270 of petty cash has been invested in cash equivalents. B) There were approximately $270 in cash disbursements made from the petty cash fund for the first two months of the year. C) The petty cash expense recognized for the month of March is approximately $270. D) There is approximately $270 of petty cash that is missing and unaccounted for at March 5. Answer • Question 35 6.286 out of 6.286 points 35. Juliet Inc. had accounts receivable of $300,000 and an allowance for doubtful accounts of $18,500 just before writing off as worthless an account receivable from Arrow Company of $1,200. The net realizable values of the accounts receivable before and after the write-off were: A) $281,500 before and $280,300 after. B) $281,500 before and $281,500 after. C) $300,000 before and $298,800 after. D) $318,500 before and $317,300 after. Answer

The objectives of financial reporting are to provide information

Answer

• Question 2

0 out of 6.29 points

 

2. Investors and creditors are interested in the probability that their original investment or loan will eventually be returned, and that they will receive a reasonable return while their funds are invested or borrowed. These expectations are collectively referred to as:

Answer

 

• Question 3

6.29 out of 6.29 points

 

3. The basic purpose of generally accepted accounting principles is to:

Answer

 

• Question 4

6.29 out of 6.29 points

 

4. The concept of adequate disclosure means that:

Answer

 

• Question 5

0 out of 6.29 points

 

5. Which of the following is correct if a company purchases equipment for $70,000 cash?

Answer

 

• Question 6

0 out of 6.29 points

 

6. If a transaction causes an asset account to decrease, which of the following related effects may occur?

Answer

 

• Question 7

0 out of 6.29 points

 

7. If cash increases during a year, it must mean that:

A) There was positive net income on the income statement

B) Retained earnings increased

C) The net worth of a company increased.

D) None of the three statements above must necessarily be true.

Answer

 

• Question 8

6.29 out of 6.29 points

 

8. On June 27, Healthy Life Services, Inc. performed extensive tests on lab specimens submitted by several customers and sent invoices totaling $5,200, due in 30 days:

Answer

 

• Question 9

6.29 out of 6.29 points

 

9. Master Equipment has a $17,400 liability to Arrow Paint Co. When Master Equipment makes a partial payment of $7,600 on this liability, which of following is true about the journal entry made by Master to record this transaction?

Answer

 

• Question 10

6.29 out of 6.29 points

 

10. On June 18, Baltic Arena paid $6,600 to Marvin Maintenance, Inc. for cleaning the arena following a monster truck show held on June 9th. This transaction:

Answer

 

• Question 11

6.29 out of 6.29 points

 

Use the following to answer questions 11-13:

Montauk Oil Co. reports these account balances at December 31, 2010

 

Accounts Payable………………………………………….. $ 110,000

Accounts Receivable………………………………………. 100,000

Buildings………………………………………………………. 240,000

Capital Stock…………………………………………………. 340,000

Cash……………………………………………………………. 80,000

Equipment…………………………………………………….. 160,000

Land……………………………………………………………. 200,000

Notes Payable……………………………………………….. 260,000

Retained Earnings………………………………………….. 70,000

On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 on its accounts payable.

11. Refer to the above data. In a trial balance prepared at December 31,2010, the total of the debit column is:

A) $1,540,000.

B) $700,000.

C) $1020,000.

D) $780,000.

 

 

 

 

Answer

 

• Question 12

6.29 out of 6.29 points

 

Use the following to answer questions 11-13:

Montauk Oil Co. reports these account balances at December 31, 2010:

Accounts Payable………………………………………….. $ 110,000

Accounts Receivable………………………………………. 100,000

Buildings………………………………………………………. 240,000

Capital Stock…………………………………………………. 340,000

Cash……………………………………………………………. 80,000

Equipment…………………………………………………….. 160,000

Land……………………………………………………………. 200,000

Notes Payable……………………………………………….. 260,000

Retained Earnings………………………………………….. 70,000

On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable.

12. Refer to the above data. In a trial balance prepared on January 3, 2011, the total of the debit column is:

A) $740,000.

B) $1,570,000.

C) $760,000.

D) $370,000.

 

 

 

 

Answer

 

• Question 13

6.29 out of 6.29 points

 

Use the following to answer questions 11-13:

Montauk Oil Co. reports these account balances at December 31, 2010:

Accounts Payable………………………………………….. $ 110,000

Accounts Receivable………………………………………. 100,000

Buildings………………………………………………………. 240,000

Capital Stock…………………………………………………. 340,000

Cash……………………………………………………………. 80,000

Equipment…………………………………………………….. 160,000

Land……………………………………………………………. 200,000

Notes Payable……………………………………………….. 260,000

Retained Earnings………………………………………….. 70,000

On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable.

 

13. Refer to the above data. On January 3, 2011, total liabilities are:

A) $370,000.

B) $350,000.

C) $300,000.

D) $70,000.

 

 

 

 

 

Answer

 

• Question 14

0 out of 6.29 points

 

14. The concept of materiality:

Answer

 

• Question 15

6.286 out of 6.286 points

 

15. As of January 31, Logan Company owes $600 to We-Rent-All for equipment used during January. If no adjustment is made for this item at January 31, how will Logan’s financial statements be affected?

Answer

 

• Question 16

6.29 out of 6.29 points

 

16. Rose Corp. has a note receivable from Jewel Co for $80,000. The note matures in 5 years and bears interest of 6%. Rose is preparing financial statements for the month of June. Rose should make an adjusting entry :

Answer

 

• Question 17

6.286 out of 6.286 points

 

Use the following to answer questions 17-19:

Rockville Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31:

(1) A one-year bank loan of $360,000 at an annual interest rate of 12% had been obtained on December 1.

(2) The company’s pays all employees up-to-date each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day’s pay amounting to $5,900.

(3) On December 1 rent on the office building had been paid for four months. Monthly rent is $3,000.

(4) Depreciation of office equipment is based on a lifetime of six years. The balance in the Office Equipment account is $7,200; no change has occurred in the account during the year.

(5) Fees of $7,600 were earned during the month for clients who had paid in advance.

17. What amount of interest expense has accrued on the bank loan?

A) $2,400

B) $3,000.

C) $3,600.

D) $4,200.

 

 

 

 

Answer

 

• Question 18

0 out of 6.29 points

 

Use the following to answer questions 17-19:

Rockville Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31:

(1) A one-year bank loan of $360,000 at an annual interest rate of 12% had been obtained on December 1.

(2) The company’s pays all employees up-to-date each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day’s pay amounting to $5,900.

(3) On December 1 rent on the office building had been paid for four months. Monthly rent is $3,000.

(4) Depreciation of office equipment is based on a lifetime of six years. The balance in the Office Equipment account is $7,200; no change has occurred in the account during the year.

(5) Fees of $7,600 were earned during the month for clients who had paid in advance.

 

18. By what amount will the book value of the office equipment decline after the appropriate December adjustment is recorded?

A) $1,200.

B) $0.

C) $100.

D) Some other amount.

Answer

 

• Question 19

0 out of 6.286 points

 

Use the following to answer questions 17-19:

Rockville Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31:

(1) A one-year bank loan of $360,000 at an annual interest rate of 12% had been obtained on December 1.

(2) The company’s pays all employees up-to-date each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day’s pay amounting to $5,900.

(3) On December 1 rent on the office building had been paid for four months. Monthly rent is $3,000.

(4) Depreciation of office equipment is based on a lifetime of six years. The balance in the Office Equipment account is $7,200; no change has occurred in the account during the year.

(5) Fees of $7,600 were earned during the month for clients who had paid in advance.

19. Failure to make the appropriate adjustment to the Salary Expense account will result in:

A) Understating net income for December by $5,900.

B) Understating net income for January by $5,900.

C) Overstating total liabilities at December 31.

D) Overstating the balance in Cash at December 31.

 

 

 

 

 

 

Answer

 

• Question 20

6.286 out of 6.286 points

 

 

 

Use the following to answer questions 20-21:

Shown below is a trial balance for Dependable, Inc., on December 31, after the first year of operations, after adjusting entries:

 

Trial Balance Dependable, Inc.

December 31, 2005

Cash $ 6,200

Accounts receivable 5,100

Office equipment 9,000

Accumulated Depreciation $ 2,400

Accounts payable 3,100

Capital Stock 9,000

Retained earnings -0-

Dividends 3,000

Fees earned 18,200

Salaries expense 6,400

Advertising expense 1,300

Depreciation expense 1,700

$32,700 $32,700

20. Refer to the above data. Net income for the period equals:

 

 

 

Answer

 

• Question 21

0 out of 6.286 points

 

 

 

 

21. Refer to the above data. Retained earnings at December 31 equals;

Answer

 

• Question 22

6.286 out of 6.286 points

 

22. If current assets are $140,000 and current liabilities are $100,000, the current ratio will be:

A) 71%.

B) $40,000.

C) 1:4:1.

D) $240,000

Answer

 

• Question 23

6.286 out of 6.286 points

 

23. If current assets are $90,000 and current liabilities are $30,000, working capital will be:

A) 33.3%.

B) 3:1.

C) $60,000.

D) $120,000.

Answer

 

• Question 24

6.286 out of 6.286 points

 

24. The following information is available:

Sales…………………………………………………… $300,000

Net Income………………………………………….. $ 15,000

Retained Earnings………………………………….. $ 30,000

Avg. Stockholders’ Equity……………………….. $100,000

Dividends…………………………………………….. $ 5,000

 

What is the return on equity?

A) 5%.

B) 20%.

C) 25%.

D) 15%.

 

Answer

 

• Question 25

6.29 out of 6.29 points

 

25. The cost of delivering merchandise to the customer is:

Answer

 

• Question 26

6.286 out of 6.286 points

 

26. Emily Products uses a perpetual inventory system. At year-end the Inventory account had a balance of $257,000, but a complete year-end physical inventory indicated goods on hand costing only $251,000. Emily should:

Answer

 

• Question 27

0 out of 6.286 points

 

27. At the beginning of the year, California Coat Co. had an inventory of $100,000. During the year, the company purchased merchandise costing $650,000. Net sales for the year totaled $1,000,000, and the gross profit rate was 45%. The cost of goods sold and the ending inventory, respectively, were:

Answer

 

• Question 28

6.286 out of 6.286 points

 

28. At the beginning of 2005, Hudson Hardware has an inventory of $200,000. Because sales growth was strong during 2004, the owner wants to increase inventory on hand to $250,000 at December 31, 2005. If net sales for 2005 are expected to be $1,000,000, and the gross profit rate is expected to be 35%, compute the cost of the merchandise the owner should expect to purchase during 2005.

A) $600,000.

B) $700,000.

C) $900,000.

D) Some other amount.

Answer

 

• Question 29

0 out of 6.286 points

 

29. If cost of goods sold is $240,000 and the gross profit rate is 40%, what is the gross profit?

A) $160,000

B) $560,000

C) $240,000

D) Some other amount.

Answer

 

• Question 30

0 out of 6.286 points

 

30. In order to achieve internal control over cash receipts:

Answer

 

• Question 31

6.286 out of 6.286 points

 

Use the following to answer questions 31-32:

The Cash account in the ledger of Novake, Inc. showed a balance of $9,300 at June 30. The bank statement, however, showed a balance of $11,700 at the same date. The only reconciling items consisted of a $2,100 deposit in transit, a bank service charge of $20, and a large number of outstanding checks.

 

 

 

31. Refer to the above data. What is the “adjusted cash balance” at June 30?

 

Answer

 

• Question 32

0 out of 6.286 points

 

32. Refer to the above data. Upon completion of the bank reconciliation, a journal entry will be required to update the depositor’s accounting records. This entry will include:

Answer

 

• Question 33

0 out of 6.286 points

 

33. Romeo Inc. had accounts receivable of $250,000 and an allowance for doubtful accounts of $9,700 just before writing off as worthless an account receivable from Juliet Company of $1,500. After writing off this receivable what would be the balance in Romeo’s Allowance for Doubtful Accounts?

Answer

 

• Question 34

6.286 out of 6.286 points

 

34. On January 1, Pierce Farms established a petty cash fund of $450, which it replenishes at the end of each month. When a surprise count of the petty cash fund is made on March 5, the petty cash box contains $80 in cash and receipts for the following items:

Delivery expense…………………………………… $28

Typewriter repairs…………………………………. 45

Office supplies……………………………………… 26

This situation indicates:

A) Approximately $270 of petty cash has been invested in cash equivalents.

B) There were approximately $270 in cash disbursements made from the petty cash fund for the first two months of the year.

C) The petty cash expense recognized for the month of March is approximately $270.

D) There is approximately $270 of petty cash that is missing and unaccounted for at March 5.

 

 

Answer

 

• Question 35

6.286 out of 6.286 points

 

35. Juliet Inc. had accounts receivable of $300,000 and an allowance for doubtful accounts of $18,500 just before writing off as worthless an account receivable from Arrow Company of $1,200. The net realizable values of the accounts receivable before and after the write-off were:

A) $281,500 before and $280,300 after.

B) $281,500 before and $281,500 after.

C) $300,000 before and $298,800 after.

D) $318,500 before and $317,300 after.

Answer

 

 

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