SuperTutor

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Elementary,Middle School,High School,College,University,PHD

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Accounting,Business & Finance See all
Accounting,Business & Finance,Economics,Engineering,HR Management,Math Hide all
Teaching Since: Apr 2017
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  • MBA, Ph.D in Management
    Harvard university
    Feb-1997 - Aug-2003

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  • Professor
    Strayer University
    Jan-2007 - Present

Category > Accounting Posted 20 Jun 2017 My Price 6.00

QUESTION 22

QUESTION 22 Spoims SaveAnswer Use the data presented below to answer the next 2 questions:
A company sells merchandise only on credit. For the yearended December3 1 , 20 12, the following data is available: Net Credit Sales $950,000
Accounts Receivable, 1I'1r'2012 610,000
Allowance forDoubtfill Accounts, 1!'1.r'2012 34,500 fer.)
Collections during 2012 8T5 ,000
Accounts written of as uncollectible during,I 2012 13,000
Collections on account previously written ofl’ 2,000 The company estimates bad debts at 3% ofnet c reflit sales. 22. Determine the balance ofAccounts Receivable at December3 l , 2012: O 0- $496,000
0 B'S4SS,000
0 0-$0?2,000
0 D'$676,000 O E-$6?4,000 QUESTION 23 Jpoinls Savefinswer Using the information from above...
The “IE ting enm‘ to estimate bad debts would include: 0 A- A debit to Allowance forDoubttm accounts for $20,500
0 B- A credit to Allowance forDoubtfill accounts for $3,000
0 C- A debit to Bad Debt Expense for $28,500
0 D- A credit to Bad Debt Expense for $3,000 0 E' A credit to Accounts Receivable for $1 1,000 QUESTION 24 Jpoims SaveAnswer Which of the following transactions does not afi'ect cash during a period?
0 A' Sale ofa fixed asset resulting in a loss 0 3' ‘Mite—ofi" of an uncollectible account
0 0 Collection ofan accounts receivable
O 0 Sale oftreasury stock at a price in excess ofco st 0 E' Exercise ofthe call option on bonds payable

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SuperTutor
(15)
Status NEW Posted 20 Jun 2017 01:06 AM My Price 6.00

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