The data below is for Music Corporation for 2015. Accounts receivable - January 1, 2015 $236,000 Credit sales during 2015 820,000 Collections from credit customers during 2015 590,000 Customer accounts written off as uncollectible during 2015 8,000 Allowance for doubtful accounts - January 1, 2015 8,700 Estimated uncollectible accounts based on an aging analysis 9,600 Refer to the data for Music
Corporation. If the aging approach is used to estimate bad debts, what is the balance in the Allowance for Doubtful Accounts after the bad debt expense adjustment?
a. $8,000
b. $8,100
c. $8,900
d. $9,600
d
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The following balance sheet information is provided for Gaynor Company: Assets Year 2 Year 1 Cash$4,000 $2,000 Accounts receivable 15,000 12,000 Inventory$35,000 $38,000 Assuming Year 2 cost of goods sold is $153,300, what is the company's inventory turnover?
A. 4.2 times B. 4.4 times C. 4.0 times D. None of these answers is correct.
A finder of mislaid property becomes the caretaker of the property
Indicate whether the statement is true or false
Acts which may be considered unethical in terms of responsible investing criteria include all of the following, except:
A) Funds which are balanced investments B) Failure to promote affirmative action programs C) Gambling D) Manufacturing weapons E) Animal product testing
Practically everything you receive in return for your work or services and any profit from the sale of assets is considered income, whether the compensation is paid in cash, property, or services. Listing these earnings will reveal your
a. total income. b. taxable income. c. gross income. d. capital gains.