Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. On January 1, machine with useful life of 5 years and residual value of $2,000 was bought for $10,000. Compute the depreciation expense for year 2 under straight-line depreciation?

a. $2,000.
b. $6,000.
c. $1,600.
d. $4,800.

2. Net income results when:

a. Revenues = Expenses
b. Revenues > Expenses
c. Assets > Liabilities
d. Revenues < Expenses

3. Retained earnings at the end of period is equal to:

a. assets plus liabilities.
b. net income.
c. retained earnings at the beginning of the period plus net income minus liabilities.
d. retained earnings at the beginning of the period plus net income minus dividends.

4. Respective normal account balances of Purchases, Freight-In and Purchases Discount are:

a. debit, credit, debit.
b. credit, debit, debit.
c. credit, credit, credit.
d. debit, debit, credit.

5. Allowance for Doubtful Accounts is essential because

a. a liability results when a credit sale is made.
b. management requires to accumulate all credit losses over the years.
c. when recording uncollectible accounts expense, it is not possible to know which specific accounts will not pay.
d. uncollectible accounts which are written off should be accumulated in a separate account.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921391

Have any Question? 


Related Questions in Accounting Basics

Accounting and societyrequirementsbackgroundin their annual

Accounting and Society Requirements: Background: In their annual report, companies are required to include a remuneration report that documents the remuneration packages of the chief executive officer, other key executiv ...

Accounting information systemsfor this assignment research

Accounting Information Systems For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case. Explain how the firm's accounting information syste ...

1 identify which of the following statements is truea a

1. Identify which of the following statements is true. A. A partnership exists as long as there are at least two individuals or entities engaged in the active conduct of a trade or business or a financial operation, and ...

Question 1 tonys textile company sells shirts for men and

Question 1: Tony's Textile Company sells shirts for men and boys. The average selling price and variable cost for each product are as follows: Men's Boy's Selling Price $28.80 Selling Price $24.00 Variable Cost $20.40 Va ...

Assignmentsongo dealers sells clothing and began trading

Assignment SONGO DEALERS sells clothing and began trading operations on 1 April 20X3. All amounts are paid by cheque, unless otherwise stated. The entity uses the perpetual inventory system and maintains a gross profit p ...

Exercise recording receivables and identifying their effect

Exercise: Recording receivables and identifying their effect on financial statements Davos Company performed services on account for $160,000 in 2016. Davos collected $120,000 cash from accounts receivable during 2016, a ...

1 what was the hospitals original profit forecast assume

1. What was the hospital's original profit forecast (assume away any issues with depreciation, taxes, etc.)? Halfway through the fiscal year, what is the hospital's revised projection for FY11 profits? 2. Which inpatient ...

1 ahn nguyen a vietnamese joint stock company has net

1. Ahn Nguyen, a Vietnamese Joint Stock Company has net income of 52,000 Vietnamese Dong, () and the following items: Depreciation Expense   16,000 Accounts Receivable Increase                    12,000 Inventory Decreas ...

Last year cmc recorded a deferred tax asset related to

Last year, CMC recorded a deferred tax asset related to product warranties and a deferred tax asset related to accelerated depreciation. A 75% valuation allowance was also established. However, with an upcoming internati ...

Assignmentpart iexplain what you learn about the

Assignment PART I Explain what you learn about the disclosures of your SEC 10-K company relating to Income Taxes. Your comments should relate to net income or loss as well as to the balance sheet treatment and disclosure ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro