13, Peform a horizontal analysis on the following information ( Yes it is same info)...
50.1K
Verified Solution
Link Copied!
Question
Accounting
13, Peform a horizontal analysis on the following information ( Yes it is same info)
2015 2016
Cash $500,000 $200,000
Accounts Receivable 900,000 800,000
Inventory 700,000 500,000
Long term assets 2,200,000 2,500,000
Total Assets 4,300,000 4,000,000
14, A company had the following sales transactions
a, Total debit card sales = $200,000
b, Total credit card sales = $400,000
c, Total cash sales = $800,000
d, Total check sales = $100,000
There is a 2 % on all credit card transactions. Calculate total sales recorded for the year.
15, Shupe Ink. estimates uncollectible accounts based on the percentage of AR. What effect will recording the estimate (the expence) of uncollectible accounts have on the accounting equation. (increase, decrease no effect)
16, At December 31, Gill Co reported AR of $238,000 and an followance for uncollectible account of $600 ( credit balance ). An analysis of AR suggests that the allowance be 3% of AR. Meke sure adjusting entry to bring the allowance to the correct level.
17, Which accounting principle does the direct write-off method violate?
18, The allowance for uncollectible accounts is
a, an expence
b, a contra asset account
c, a contra revenue account
d, a liability account
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
