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

Managerial accounting and financial accountingcompare and

Managerial Accounting and Financial Accounting Compare and Contrast Managerial Accounting and Financial Accounting. Be sure to discuss how managerial accounting is useful for providing information for at least one of the ...

1 which of the following statements about equity is

1. Which of the following statements about equity is correct? A. If equity is negative, debt exceeds total assets B. If equity is negative, total assets exceed debt C. If equity is negative, equity exceeds assets D. If e ...

1 a psychologist studied the number of puzzles subjects

1. A psychologist studied the number of puzzles subjects were able to solve in a five minute period while listening to soothing music. Let X be the number of puzzles completed successfully by a subject. X had the followi ...

Accountingabsorption and variable costing please respond to

Accounting Absorption and Variable Costing: Please respond to one of the following: Option 1 Create a situation for determining performance evaluations and bonuses where absorption-costing operating income is used both t ...

Assignmentto write discussion post min 350 words for each

Assignment To write discussion post. Min 350 words for each task. Do not use any direct quotes and/or cut and pasted information (i.e. your discussion is to be 100% your thoughts, ideals and insights). A minimum 350 word ...

How do finance and accounting play a role in ethics and

How do finance and accounting play a role in ethics and sustainable positive social change? How might you use accounting or finance to support this role that you described above?

Current developments in accounting thought - additional

Current Developments in Accounting Thought - Additional Assignment Question 1 - Mather and Peison (2006) report that public debt contracts tend to have a lower average number of accounting based debt covenants as well as ...

Cost benefit1 a cost-benefit analysis is a process by which

Cost Benefit 1. A cost-benefit analysis is a process by which business decisions are analyzed. The benefits of a given situation or business-related action are summed, and then the costs associated with taking that actio ...

How much did you borrow for your house if your monthly

How much did you borrow for your house if your monthly mortgage payment for a 30 year mortgage at 6.65% APR is $1,600?? A $218,080 B $202,503 C $186,926 D $233,658 E $249,235 F $264,812 Shady Rack Inchas a bond outstandi ...

Problem 3-2 lo 2 simple equity method adjustments

Problem 3-2 (LO 2) Simple equity method adjustments, consolidated worksheet. On January 1, 2015, Paro Company purchases 80% of the common stock of Solar Company for $320,000. Solar has common stock, other paid-in capital ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen