29 Jun Question 1. Accounts receivable appear in the balance sheet a. As either current assets or non-curr
Question
1. Accounts receivable appear in the balance sheet
a. As either current assets or non-current assets, depending on whether the allowance method or direct write off method is used to account for uncollectible le accounts.
b. As current assets, immediately after cash and cash equivalents
c. Only if the balance sheet method of estimating uncollectible accounts is used.
d. As current assets, combined with cash and cash equivalents.
2. On April 30, 32009, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value. Refer to the information above. Assume that in its financial statements, Tilton Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in 2009 and 2010 will be:
a. $ 5,000 in 2009 and $10,000 in 2010
b. $7,500 in 2009 and $11,000 in 2010
c. $6,000 in 2009 and $12,000 in 2010
d. $5,500 in 2009 and $11,000 in 2010
3. On April 30, 2009, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value. Refer to the information above. Assume that in its financial statements, Tilton Products uses straight line depreciation and the half-year convention. Refer to the information above. Assume that in its financial statements, Tilton Products uses straight-line depreciation and rounds depreciation for fractional years to the nearest month. Depreciation expenses recognized on this machinery in 2009 and 2010 will be:
a. $10,000 in 2009 and $10,000 in 2010
b. $6,667 in 2009 and $10,000 in 2010
c. $5,833 in 2009 and $10,000 in 2010
d. $2,333 in 2009 and $7,000 in 2010
4. During the current year, Carl Equipment Stores had net sales of $600 million, a cost of goods sold of $500 million, average accounts receivable of $75 million, and average inventory of $50 million. Carl Equipment’s inventory turnover rate is:
a. 10 times
b. 6.7 times
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