Entries by mary WAMBUGU

Assume beginning inventory of $25,000 (250 units), a purchase on January 3 of $35,000 (300 units), and a purchase on January 18 of $40,000 (310 units).

August 28, 2019 in /by

(Multiple Choice)Assume beginning inventory of $25,000 (250 units), a purchase on January 3 of $35,000 (300 units), and a purchase on January 18 of $40,000 (310 units).  500 units were sold on January 15.  Using perpetual FIFO, January’s ending inventory is:  A.   $36,000. B.   $37,833. C.   $45,000. D.   $45,833. E.   None of these.   Looking […]

 

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The allowance method generally is considered preferable to the direct write-off method because the allowance method: A. recognizes expense when a specific account is determined to be uncollectible.

August 28, 2019 in /by

(Multiple Choice)The allowance method generally is considered preferable to the direct write-off method because the allowance method: A.   recognizes expense when a specific account is determined to be uncollectible. B.   reflects the actual facts as they have taken place. C.   relies on estimates which are always accurate and stable among years. D.   recognizes the expense […]

 

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The beginning warranty liability was $25,000. Sales of $5,000,000 were made, and 2% of sales is the estimated warranty cost.

August 28, 2019 in /by

(Multiple Choice)The beginning warranty liability was $25,000.  Sales of $5,000,000 were made, and 2% of sales is the estimated warranty cost.  The ending balance of the warranty liability was $35,000 (credit).  How much warrant work was performed? A.   $10,000. B.   $90,000. C.   $100,000. D.   $110,000. E.   None of these.   Looking for a Similar Assignment? […]

 

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The journal entry to record $100 annual of annual depreciation on a three-year old truck would require: A. a credit to Accumulated Depreciation for $300. B. a debit to Retained Earnings for $200.

August 28, 2019 in /by

(Multiple Choice)The journal entry to record $100 annual of annual depreciation on a three-year old truck would require: A.   a credit to Accumulated Depreciation for $300. B.   a debit to Retained Earnings for $200. C.   a debit to Depreciation Expense for $100. D.   All of the above. E.   None of these. (Multiple Choice) Residual value […]

 

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