29 Jul QUESTION:6.WHICH OF THE FOLLOWING IS TRUE OF THE ALLOWANCE
Question:6.Which of the following is true of the Allowance for Uncollectible Accounts account?It is a nominal or income statement account.It is a contra-revenue account.It may have a debit balance at year end following the adjustment for estimated uncollectible accounts receivable.Its balance following the year end adjustment should reflect an estimate of the amount of ending accounts receivable that will ultimately prove to be uncollectible.none of these17.A debit balance in the Allowance for Uncollectible Accounts account before the year end adjustment for the current year’s uncollectible accounts expense meansthat the prior year’s estimated uncollectible accounts receivable must have been overestimated.that the prior year’s estimated uncollectible accounts receivable must have been underestimated.that the current year’s write-offs of uncollectible accounts receivable were less than the prior year’s ending allowance for uncollectible accounts balance.that the direct write-off rather than the allowance method was used to account for uncollectible receivables.The following information is for Raisa Company.Original Cost Net Realizable Value Normal Profit Replacement CostInventory Item A$3,900 $3,800 $400 $3,300After making any necessary lower-of-cost-or-market adjustment, at what amount will Item A be reported in Raisa’s books?3,4003,9003,8003,300Use the following information for the next 3 questions. Jimbo’s buys spicy hot dogs in bulk and sells them to street vendors. The owner’s January inventory transactions are as follows:1/1Beginning inventory2,000 cases at $10/case1/8Sales1,700 cases1/11Purchases1,000 cases at $11/case1/14Sales1,100 cases1/21Purchases1,200 cases at $12/case1/26Sales1,100 casesAssuming the perpetual LIFO inventory method is used from inception, the amount of Cost of Goods Sold for the 1/14 sale would be$11,000.$11,800.$12,100.$13,200.none of these13.Assuming the perpetual LIFO inventory method is used from inception, determine the cost of Jimbo’s ending January inventory.$300$3,000$3,200$3,600none of these
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