What is the ending balance of Accounts Receivable if the beginning balance was $50,000, sales on credit were $75,000, cash collections from customers were $60,000, and bad debt expense was $3,000? a) $52,000 b) $45,000 c) $98,000 d) $81,000 If a company's total assets are $500,000, total liabilities are $300,000, and common stock is $100,000 and $25,000 quarterly dividend payment, what is the amount of retained earnings? a) $50,000 b) $127,000 c) $150,000 d) $200,000

What is the ending balance of Accounts Receivable if the beginning balance was $50,000, sales on credit were $75,000, cash collections from customers were $60,000, and bad debt expense was $3,000? a) $52,000 b) $45,000 c) $98,000 d) $81,000 If a company's total assets are $500,000, total liabilities are $300,000, and common stock is $100,000 and $25,000 quarterly dividend payment, what is the amount of retained earnings? a) $50,000 b) $127,000 c) $150,000 d) $200,000

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

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Assume that an organization asserts that it has $35 million in net accounts receivable. Describe specifically what management is asserting with respect to net accounts receivable.
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A company’s accounts receivable balance after posting net collections from customers is $150,000. Management has determined the following: $100,000 of the accounts that are 1 to 30 days past due are 2% uncollectible; and $50,000 of the accounts that are 31 to 60 days past due are 10% uncollectible. What is the net realizable value of the accounts receivable? $150,000 $148,000 $145,000 $143,000
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Teeter Company began 2022 with accounts receivable of $400,000 and an allowance for uncollectible accounts of $26,000 (credit balance). Bad debt expense for the year was $39,000 and the ending balance in the allowance for uncollectible accounts account was $12,000. What was the amount of accounts receivable written off during the year? A. $53,000 B. $414,000 C. $14,000 D. $453,000
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At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000
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If the Net Realisable Value of Accounts Receivable = $35,000 and the balance of Accounts Receivable = %3D $42,300, then the balance of Allowance for Doubtful Debts must be: Select one: a. $12,900 O b. $13,100 O c. $7,300 O d. $12,400
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