DuLarge Marine manufactures diesel engines for shrimp trawlers and other small commercial boats. One of their CNC machines has caused several problems. Over the past 30 weeks, the machine has broken down as indicated below
Number of breakdowns per week 0 1 2 3 4
Frequency (Number of weeks that breakdowns occurred) 8 3 5 9 5
What is the expected number of breakdowns per week?
A) 1
B) 2
C) 6
D) 10
E) 30
B
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The matching rule
a. results in the recording of a known amount for bad-debt losses. b. necessitates the recording of an estimated amount for bad debts. c. requires that all bad-debt losses be recorded when an individual customer defaults. d. is violated when the allowance method is employed.
The amortization of a bond premium can correctly be presented in the statement of cash flows in which of the following ways?
a. A positive adjustment to net income in determining cash flows from operating activities b. A use of cash in determining cash flows from investing activities c. A source of cash in determining cash flows from financing activities d. A negative adjustment to net income in determining cash flows from operating activities
A push system means providing the next station with exactly what is needed when it is needed
Indicate whether the statement is true or false
Using its aging of accounts receivable, Age Old, Inc. estimates that $90,000 of its $4,000,000 of accounts receivable will be uncollectible. Prior to making its adjusting entry, the unadjusted Allowance for Doubtful Accounts has a credit balance of $1,000. After the adjustment, the:
A. Bad Debt Expense will equal $90,000. B. Allowance for Doubtful Accounts will have a $91,000 credit balance. C. Allowance for Doubtful Accounts will have a $90,000 credit balance. D. Allowance for Doubtful Accounts will have an $89,000 credit balance.