Two methods of estimating uncollectible receivables are ________.
A) the allowance method and the amortization method
B) the aging-of-accounts-receivable method and the percent-of-sales method
C) the gross-up method and the direct write-off method
D) the direct write-off method and the percent-of-completion method
B) the aging-of-accounts-receivable method and the percent-of-sales method
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List three variables that are used in segmenting business markets
What will be an ideal response?
Andre's Tennis Club sells season memberships for $1,500 each. During January of 2012, 50 season memberships were sold. As of March 31, 2012, only $45,000 of season membership fees had been collected from customers. The tennis season runs for 6 months starting April 01, 2012. Which one of the following is an amount reported on the Balance Sheet dated March 31, 2012?
A) Unearned tennis membership revenue of $45,000 B) Unearned tennis membership revenue of $37,500 C) Accounts Receivable $75,000 D) Tennis membership revenue of $45,000
Which of the following statements is false?
a. In computing labor standards, items such as fringe benefits and unemployment taxes should be included. b. In compiling material standards, both the quality of the material and the price per unit should be considered. c. Overhead costs are assigned to separate cost pools based on cost drivers. d. Overhead cost are not usually shown on a standard cost sheet.
On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $383,793. The journal entry to record the issuance of the bond is:
A. Debit Cash $400,000; debit Discount on Bonds Payable $16,207; credit Bonds Payable $416,207. B. Debit Cash $383,793; debit Premium on Bonds Payable $16,207; credit Bonds Payable $400,000. C. Debit Cash $383,793; credit Bonds Payable $383,793. D. Debit Bonds Payable $400,000; debit Bond Interest Expense $16,207; credit Cash $416,207. E. Debit Cash $383,793; debit Discount on Bonds Payable $16,207; credit Bonds Payable $400,000.