Which of the following topics involves a contingent liability?
a. Installment accounts receivable
b. A discounted note receivable
c. Securitization
d. Credit card sales
B
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At the beginning of 2018, Uptown Travel Company has the following account balances:
Accounts receivable $45,000 (Debit) Allowance for Bad Debts $6000 (Credit) During the year, credit sales were $850,000. Cash collected on credit sales was $770,000, and $17,000 was written off. Uptown uses the aging-of-receivables method to record bad debts expense. The amount estimated as uncollectible was $26,000. The amount of Bad Debts Expense for 2018 is _______ A) $37,000 B) $26,000 C) $11,000 D) $9000
What is the normal year-end treatment of immaterial variances recognized in a cost accounting system utilizing standards?
a. Reclassified to deferred charges until all related production is sold b. Closed to cost of goods sold in the period in which they arose c. Allocated among cost of goods manufactured and ending work in process inventory d. Capitalized as a cost of ending finished goods inventory
Calculate the gross profit for August using absorption costing.
Arianell, Inc. reports the following information for August:
A) $845,000
B) $740,000
C) $700,000
D) $655,000
The changes in the balance of Work in Process Inventory and the total manufacturing costs for a period are used to compute cost of goods manufactured
Indicate whether the statement is true or false