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1. Calistoga Produce estimates bad debt expense at 1/2 % of credit sales. Company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2007. In 2008, Calistoga's credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in bad accounts was written off. Calistoga's 2008 bad debt expense is:

a. $1,720.
b. $1,650.
c. $1,505.
d. $1,575.

2. Calistoga Produce estimates bad debt expense at 1/2 % of credit sales. Company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2007. In 2008, Calistoga's credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in bad accounts was written off. Calistoga's accounts receivable at December 31, 2008, are:

a. $467,000.
b. $473,280.
c. $465,280.
d. $469,280.

3. Calistoga Produce estimates bad debt expense at 1/2 % of credit sales. Company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2007. In 2008, Calistoga's credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in bad accounts was written off. Calistoga's adjusted allowance for uncollectible accounts at December 31, 2008, is:

a. $1,575.
b. $1,505.
c. $1,650.
d. $1,720.

4. Largest expense on retailer's income statement is typically:

a. Salaries and wages.
b. Cost of goods sold.
c. Income tax expense.
d. Depreciation expense.

5. In periodic inventory system, cost of goods sold is determined:

a. each time a sale occurs.
b. each time a purchase occurs.
c. at the end of the accounting period.
d. None of the above

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920817

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