Collection of a $1,000 Accounts Receivable A) increases an asset $1,000; decreases an asset $1,000. B) decreases a liability $1,000; increases stockholders' equity $1,000. C) decreases an asset $1,000; decreases a liability $1,000. D) increases an asset $1,000; decreases a liability $1,000.
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Collection of a $1,000 Accounts Receivable
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- collecting 300 dollars of account receivable 1. no effect on total asset 2. decrease an asset and Decrease liability 3. Decrease an asset increase equity 4. increase asset Decrease liabilitya. The following item is not a debt: Dividends payable in shares. Advances paid by clients on contracts. Accumulated estimated warranty costs. The portion of a long-term obligation to be paid within the next year. b. Accounts payable: They are not reported at their present value. When they report their net amount, a Purchase Discounts account is used; when they are reported at their gross amount, the account of Losses due to discounts on purchases is used. All of the above. None of the above.Using the allowance method, the effect on the current year’s financial statements of writing off an account receivable generally is to a. Decrease total assets.b. Decrease net income.c. Both a. and b.d. Neither a. nor b.
- takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Which statement is not true? Oa. Disclosures related to receivables are reported on the financial statement notes. Ob. Current assets are normally reported in order of their liquidity. Oc. All receivables that are expected to be realized in cash beyond 265 days are reported in the non-current assets section. Od. Cash and cash equivalents are the first items reported under current assets.Please do not give solution in image format thanku25) Under the direct-write-off method, uncollectible accounts expense is recognized A. As a percentage of net sales during the period. B. As a percentage of net credit sales during the period. C. As indicated by aging the accounts receivable at the end of the period. D. As specific accounts receivable are determined to be worthless.
- TB MC Qu. 11-92 (Static) Consider the following items: (a) Decrease in... Consider the following items: (a) Decrease in accounts receivable (b) Issuance of common stock (c) Increase in interest receivable d) Purchase of land (e) Decrease in accounts payable f) Gain on the sale of equipment g) Depreciation expense h) Payment of dividends i) Decrease in utilities payable j) Increase in inventory How many of these items would be added to net income when using the indirect method to prepare the operating activities section of the statement of cash flows? Multiple Choice O 2 O 4 O 1 O 3Why is the answer C in detail pleaseUnder the allowance method for uncollectible receivables, the entry to record uncollectible-account expense has what effect on the financial statements?a. Decreases assets and has no effect on net incomeb. Increases expenses and increases stockholders’ equityc. Decreases net income and decreases assetsd. Decreases stockholders’ equity and increases liabilities
- Provide correct answer general Accounting questionElegant Universal uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Universal considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.