32 days - ANS A business has terms of 2/10, n/30. Its accounts receivable turnover ratio is
11.4. The days'
sales in accounts receivable for payment is (rounded to the nearest day)
cash receipts and general - ANS The collection of a written-off account involves entries in what
two journals?
September 10 - ANS Nelson Corp. signed a 90-day, 10% note for $6,800.00 on June 12. The
maturity date of the
note is
$0.38 per mile - ANS Taylor, Inc., purchased a truck that it expects to drive 100,000 miles over
its useful life. The
cost of the truck is $53,000.00, and its estimated salvage value is $15,000.00. The company
plans for a useful life of 5 years. The depreciation rate that would be used for the units-of
production method is
debt financing - ANS Obtaining capital by borrowing money for a period of time is called
$11,600.00 - ANS On January 1, Item A-64 had 1,000 units in inventory at a unit price of $8.00.
The first purchase
during the year was 1,000 units at $9.00 per unit. The second purchase was 1,000 units at
$10.00.
The December 31 inventory consisted of 1,400 units. The market price is $11.00. The cost of
the ending inventory using LIFO is
$9.00 - ANS On January 1, Item A-64 had 1,000 units in inventory at a unit price of $8.00. The
first purchase
during the year was 1,000 units at $9.00 per unit. The second purchase was 1,000 units at
$10.00.
The December 31 inventory consisted of 1,400 units. The market price is $11.00. The
weighted-average unit price is
assessed value - ANS An asset's value for property tax purposes is known as the
$4,400.00 credit - ANS The debit balance in Allowance for Uncollectible Accounts is $800.00.
Based on an aging of
accounts receivable, the company expects that $3,600.00 of accounts receivable will become
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