Acc 291 Final Exam - Go to the Link to Get the Answers

ACC/291 Final Exam Copy and paste this link to reap the answers: hypertext transfer protocol://studentoffortune.com/question/1555580/tutorial 1) Hahn Company uses the percentage of gross gross revenue method for recording bad debts outgo. For the year, cash sales atomic number 18 $300,000 and credit sales be $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting shape will Hahn Company make to record the bad debts expense? A. Bad Debts Expense 15000 Allowances for provisional Accounts 15000 B. Bad Debts Expense 12000 Allowances for obscure Accounts 12000 C. Bad Debts Expense $12,000 Accounts due $12,000 D. Bad Debts Expense $15,000 Accounts receivable $15,000 2) Using the percentage of receivables method for recording bad debts expense, estimated high-risk accounts are $15,000. If the rest of the Allowance for Doubtful Accounts is $3,000 credit forward adjustment, what is the amount of bad debts expense for that period? A. $15,000 B. $12,000 C. $18,000 D. $8,000 3) Intangible additions A. should be reported under the heading Property, Plant, and Equipment B. should be reported as a separate classification on the relaxation rag C. should be reported as Current Assets on the balance sheet D.

are not reported on the balance sheet because they inadequacy physical substance 4) Intangible summations are the rights and privileges that result from ownership of persistent pluss that A. must be generated internally B. are depletable natural resources C. do not shake up physical substance D. have been exchanged at a ga in 5) The book value of an asset is equa! l to the A. assets market value less its historic occur B. red-hot book value relied on by utility(prenominal) markets C. successor hail of the asset D. assets cost less compile depreciation 6) Gains on an exchange of be assets that has commercial substance are A. deducted from the cost of the new asset acquired B. deferred C. not possible D. recognized immediately 7) Ordinary repairs are...If you operate to get a full essay, order it on our website: OrderCustomPaper.com

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